Tue, Oct 21, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Category | Currencies more

Czech virtual currency starts trading

Posted on 20 August 2014 by VRS  |  Email |Print

Czech virtual currency CzechCrownCoin (CZC) started to be traded publicly today, its first limited issue amounting to 100,000 Kč. The initial price stood at 0.25 CZC against the Czech crown at noon. By 12:30 it was already 1 Kč higher.
After each limited issue is sold, another one will follow for a period of ten days. After that, an exchange office will be opened at the www.czechcrowncoin.cz website, where the currency will be traded for the price reached during the sale of the first issue………………………………………..Full Article: Source

Scottish independence: Attacks on currency plans

Posted on 19 August 2014 by VRS  |  Email |Print

The leaders of the No campaign warned of the dangers of independence as they took to the streets of Scotland yesterday to mark the final month of the campaign. Labour shadow foreign secretary Douglas Alexander accused Alex Salmond during a campaign event in Glasgow of “burying his head in the sand” on critical issues such as the SNP’s plan to share the pound in a formal currency union with the remainder of the UK, EU membership and funding for public services.
Chief Secretary to the Treasury Danny Alexander pledged UK government funds for key industries if Scots vote No………………………………………..Full Article: Source

Bitcoin Currency: The New Frontier for the CFPB

Posted on 19 August 2014 by VRS  |  Email |Print

The Consumer Financial Protection Bureau (CFPB) has unparalleled powers over nearly every consumer financial product and service. Given that virtual currencies can serve as a form of electronic money, the CFPB has, predictably, decided to weigh in on this topic.
A CFPB statement this week warned people about the dangers of private digital currencies such as Bitcoin, XRP, and Dogecoin. It started perfectly reasonably, noting that: “In a nutshell, while virtual currencies offer the potential for innovation, a lot of big issues have yet to be resolved – some of which are critical. If you are interested in using or buying virtual currencies, you should be aware of the associated risks.”……………………………………….Full Article: Source

Are The Dollar’s Global Currency Days Numbered?

Posted on 18 August 2014 by VRS  |  Email |Print

Many countries agree that the U.S. politicizes the dollar by punishing nations who don’t abide by U.S. sanctions. With this American approach comes isolation, and the risk of the dollar being replaced as global currency.
It’s not going to happen tomorrow, in a year or even five years. But it’s conceivable, even likely, that within ten years, the U.S. dollar will cease to become the reference currency for international transactions. The reason for this is that the U.S. government and American judges have politicized the dollar to an extreme in a world where the country backing it is no longer as dominant as it once was………………………………………..Full Article: Source

5 ways to save on currency exchange

Posted on 18 August 2014 by VRS  |  Email |Print

When you’re traveling overseas, it’s easy to get hit with extra fees and expensive exchange rates in switching currencies. Some currency-exchange kiosks in airports and tourist areas offer bad rates, taking more of your money. And some credit cards and banks can add fees when you buy something with your credit card.
Your best bet is to bring a credit card that doesn’t charge currency-exchange fees, and some cash for backup. Don’t carry wads of cash. Your credit card offers protection against fraudulent charges and can be replaced if lost or stolen (unlike cash)………………………………………..Full Article: Source

Economist: SNP’s currency union plan will fail

Posted on 15 August 2014 by VRS  |  Email |Print

Alex Salmond’s Plan A for a currency union is doomed to failure and will bust up within a year costing the Scottish economy £100 billion, one of the world’s leading economists has claimed. Unemployment and a seven year slump would be the inevitable result of Mr Salmond’s plans for a formal currency union with the rest of the UK.
Professor Ronnie MacDonald, an adviser to central banks and the IMF, believes that a reliance on North Sea oil would unbalance Scotland’s economy making the non-oil sector uncompetitive………………………………………..Full Article: Source

Virtual Currency: Not Just A Phase

Posted on 15 August 2014 by VRS  |  Email |Print

Virtual currencies are definitely trending. You know that’s true when even the politicians are jumping on the bandwagon. It won’t be long until Ed and Dave are asking if they can pay for their Cornish pasties with Bitcoins.
Maybe we’re not quite there yet, but the fact that in the run-up to a general election, the Treasury is looking at measures to make the UK a centre for virtual currency trade shows how much interest there is in digital/virtual/crypto currencies………………………………………..Full Article: Source

Currency still the big independence issue

Posted on 14 August 2014 by VRS  |  Email |Print

Alex Salmond’s performance against Alistair Darling in the recent STV debate is casting a long shadow over political discourse in the run-up to next month’s referendum. The First Minister’s handling of the currency issue and his failure to give in to demands to outline his Plan B is beginning to colour every aspect of the independence issue.
The focus on currency will only intensify following the comments by Mark Carney, the Governor of the Bank of England, who yesterday suggested that uncertainty over the currency could cause financial instability………………………………………..Full Article: Source

Struggling Ukrainian Currency Left With ‘No Anchor’ Amid Insurgency

Posted on 14 August 2014 by VRS  |  Email |Print

Ukraine’s currency is sinking as the country’s economy wilts under the weight of the pro-Russian insurgency in its east. There’s little to suggest that’s going to change any time soon.
The Ukrainian hryvnia hit a record low on Tuesday at more than 13 to the dollar, as investors worried that Moscow’s humanitarian convoy to Ukraine’s east may presage a Russian invasion. The currency rebounded modestly on Wednesday, according to Ukraine’s interbank trading monitor………………………………………..Full Article: Source

Rouble leads emerging currency weakness

Posted on 14 August 2014 by VRS  |  Email |Print

The rouble fell half a percent on Tuesday, leading broad-based losses on most emerging currencies on fears that Russia’s decision to send humanitarian aid to eastern Ukraine could eventually lead to a military invasion.
President Vladimir Putin’s spokesman said Kiev had agreed to Russia sending the convoy of about 280 trucks to east Ukraine, where government forces are closing in on pro-Russian separatists in two eastern regions. But a Kiev government source, said there had been no such agreement………………………………………..Full Article: Source

Ukraine currency at record low to dollar

Posted on 13 August 2014 by VRS  |  Email |Print

Ukraine’s currency hit its weakest level against the dollar on Tuesday after Moscow said 280 Russian relief trucks would enter the country. On Monday, Kiev agreed to an international humanitarian convoy to the east of the country, but said on Tuesday that it would refuse entry to Russian trucks and consider their arrival as an act of aggression.
The hryvnia weakened by more than 4 per cent to 13.4 per dollar in afternoon trading, having previously touched its all-time weakest level of 13.7150. The rouble also weakened 0.78 per cent to touch 36.194 against the dollar………………………………..Full Article: Source

Brazil’s Real Rises as Currency Swap Rollover Offering Increased

Posted on 12 August 2014 by VRS  |  Email |Print

Brazil’s real climbed as the central bank signaled that it will sustain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover. The real advanced 0.3 percent to 2.2755 per dollar in Sao Paulo. Swap rates, a gauge of expectations for interest-rate moves, fell seven basis points, or 0.07 percentage point, to 11.59 percent on contracts maturing in January 2017.
The central bank extended the maturity on all of the 10,000 currency swap contracts that it offered today, rolling over $494.2 million, compared with 8,000 available in prior daily auctions. The real dropped 1.1 percent last week as turmoil in Iraq sank demand for emerging-market assets……………………………………Full Article: Source

Growing Currency Mismatch

Posted on 12 August 2014 by VRS  |  Email |Print

Investors and policy makers generally seem to recognize that the prolonged period of low interest rates and low volatility provides fertile ground for its opposite. It facilitates excessive risk taking. The excessive risk taking can take on many forms and employs various vehicles.
Recently Yellen singled out a couple of sectors in the equity market that may excessive. In the past, other Fed officials have cited specific sectors of the credit market, like the high yield bond market, that did not seem sustainable……………………………………Full Article: Source

A Crypto Currency Backed By Gold? How Retail Gold Investors Can Benefit From Bitcoin’s Technology

Posted on 12 August 2014 by VRS  |  Email |Print

If you were to ask most investment professionals to explain the difference between bitcoin, lowercase, and Bitcoin, upper case, they would probably stare at you blankly.
But for Jan Skoyles, recently promoted from Head of Research to CEO at The Real Asset Company, who provide a platform for retail investors to gain access to the gold bullion markets, the distinction is the basis for a new kind of wealth-management that provides an alternative to the regulated financial services industry……………………………………Full Article: Source

Currency collapse ‘would cost Scots £30bn’

Posted on 11 August 2014 by VRS  |  Email |Print

Taxpayers in an independent Scotland would be hit with a £30 billion bill if Alex Salmond got his way on a currency union with the rest of the UK because the deal would “inevitably break up”, sending shockwaves through the economy, an economist has warned.
The first minister has been on the back foot on the currency issue since the leaders of the Westminster parties vetoed his plan for a union and he was unable to explain his “plan B” during a televised debate with Alistair Darling……………………………………..Full Article: Source

Currency union ‘not in Scotland’s interests’, says: Alistair Darling

Posted on 11 August 2014 by VRS  |  Email |Print

A formal currency union would not be in the interests of an independent Scotland, the leader of the campaign to keep the United Kingdom together has said, stepping up pressure on nationalist plans to keep the pound. With just over five weeks to go until the September 18 independence referendum, uncertainty over what currency would be used if Scotland leaves the United Kingdom remains a major campaign issue.
Britain’s three main political parties have ruled out a formal currency union, but Scottish nationalist leader Alex Salmond has said that Scotland “cannot be stopped from keeping the pound”……………………………………..Full Article: Source

Commodity dollars clash

Posted on 08 August 2014 by VRS  |  Email |Print

Many traders lump the Australian and Canadian dollars together in the broad category of so-called “commodity dollars.” In many ways, this categorization makes sense: both currencies have higher yields than many of their rivals and their economies depend on exporting commodities to one of the largest economies in the world (China in the case of Australia and the U.S. for Canada).
Though they share some similarities, the performance of the two currencies can often diverge based on idiosyncratic economic data. This week marks major clash between the two commodity dollars. Traders have/will get a look at employment data out of both Australia and Canada, as well the latest look at the RBA’s economic outlook and Canadian Building Permits and Ivey PMI data………………………………………..Full Article: Source

Scottish independence: Keeping pound without currency union ‘would see banks relocate’

Posted on 08 August 2014 by VRS  |  Email |Print

Dr Angus Armstrong says going it alone with the pound after independence would leave Scotland’s financial institutions without an effective lender of last resort. Keeping the pound without a formal currency union would force major banks to relocate from Scotland after independence, one of the country’s leading economists predicted.
Dr Angus Armstrong warned that if a separate Scotland goes it alone with the pound – so-called sterlingisation – the lack of an effective lender of last resort would see financial institutions flee south………………………………………..Full Article: Source

Brazil’s Neves to allow currency to float freely if elected

Posted on 08 August 2014 by VRS  |  Email |Print

If Aecio Neves wins the presidency this October, he would allow Brazil’s currency to float freely, leaving the market to set the exchange rate in a move that would likely help local industries struggling with a strong real.
Mansueto Almeida, a top economic adviser to the Neves campaign, told Reuters on Thursday that a free floating real will help restore balance to Brazil’s external accounts and make Brazilian manufacturers more competitive………………………………………..Full Article: Source

U.K. to Examine Virtual Currency Regulation

Posted on 07 August 2014 by VRS  |  Email |Print

The UK government will look into how virtual and digital currencies could or should be regulated, the UK Chancellor of the Exchequer said at the launch of a fintech industry body in London.
Speaking Wednesday at the launch event of Innovate Finance in Level39, Canary Wharf’s Group accelerator for fintech startups, George Osborne said the government will look at the potential virtual and digital currencies have for encouraging innovation in the UK’s financial sector, as well as the potential risks………………………………………..Full Article: Source

Alex Salmond defends Plan B currency stance after losing Scottish debate on TV

Posted on 07 August 2014 by VRS  |  Email |Print

First Minister Alex Salmond warns that without the pound an independent Scotland would refuse to take its share of UK debt and claims debate was a success for Yes camp. Alex Salmond today continued to refuse to name his Plan B currency for a separate Scotland after holding a post-mortem discussion with advisers over his surprise defeat in the independence TV debate.
The First Minister arrived an hour and a half late at a conference for businessmen who support separation this morning, his first public engagement since he lost the STV showdown with Alistair Darling………………………………………..Full Article: Source

Currency stability key in Romanian rate cut

Posted on 06 August 2014 by VRS  |  Email |Print

Negligible inflation and a desire to maintain exchange rate stability in spite of capital inflows were the key factors prompting Romania to cut interest rates to an all-time low, analysts said on Tuesday.
On August 4, the National Bank of Romania (BNR) reduced its key policy rate to 3.25 per cent from 3.50 per cent. Reuters quoted Governor Mugur Isarescu as telling reporters that more easing was possible………………………………………..Full Article: Source

Cash-strapped Cubans fret over dual currency

Posted on 06 August 2014 by VRS  |  Email |Print

“The decision to unify Cuba’s dual currency and exchange rate cannot be postponed,” says Joaquin Infante, advisor to the head of the Cuban Association of Economists. The interview with Infante touches on one of the hottest issues of concern to Cubans who have to cope with wages that have not kept up with the cost of living particularly in the last decade.
Most affected are public employees who still make up the majority of the labor force and retirees living on government pensions that are insufficient to cover even basic necessities such as food, electricity, and cooking gas, much less a new pair of shoes………………………………………..Full Article: Source

Bitcoin trades slump as cryptocurrency’s rise stalls

Posted on 06 August 2014 by VRS  |  Email |Print

Elevated Bitcoin prices have deterred new investors and seen transaction fall back to 2012 levels. The ascent of digital currency Bitcoin has been halted. Transaction levels have been crumbling this year, and priced in dollars total volumes are now back to the levels seen in 2012.
Widely touted as a rival to traditional state-issued currencies, cryptocurrencies such as Bitcoin became increasingly popular late last year………………………………………..Full Article: Source

Currency lull no fun for forex investors

Posted on 05 August 2014 by VRS  |  Email |Print

Recent months have not been much fun for foreign exchange investors. Volatility collapsed to historic lows as major currency pairs have traded in narrower ranges, with flows and risk-taking dropping sharply. Corporate treasuries might welcome the seemingly reduced need to spend money on hedges, but most will also realise their increased vulnerability to any sudden spikes.
In the minds of many market participants it is clear who is “to blame” for low volatility, namely central banks. While the official side might dispute this simplistic view, it would seem quite clear that monetary policy has at the very least contributed substantially to anaesthetised markets………………………………………..Full Article: Source

Britcoin surging: A digital currency that claims to uphold “British morals”

Posted on 05 August 2014 by VRS  |  Email |Print

Another day and another cryptocurrency is surging. However, this crypto is not one that has received the attention of Bitcoin, Darkcoin, Peercoin - and understandably so given its size and age.
This month-old crypto is none other than Britcoin, a digital currency that “upholds British morals”, according to its creator William Thomas. Quite how a decentralised peer-to-peer digital currency upholds the morals of a certain part of the planet’s surface, Thomas fails to specify………………………………………..Full Article: Source

Eventual end of US dollar and return of Commodity currency

Posted on 04 August 2014 by VRS  |  Email |Print

All modern currencies are fiat. The numeraire of the moment floats in a cesspool of policy designed for management and intervention. Money and value become hollowed out concepts. The eventual return to a sound relationship between human productivity and the value of money will be unloved, to say the least.
In the geopolitical front now we are witnessing countries move away from the U.S. Dollar, like Russia (and China more recently). But we are seeing an aggressive attempt to maintain its influence - often appearing to dovetail with other geopolitical motives………………………………………..Full Article: Source

Ghana seeks IMF help after currency falls 40%

Posted on 04 August 2014 by VRS  |  Email |Print

Ghana, the country that epitomised the ‘Africa rising’ narrative of strong economic growth and improved governance, is to seek help from the International Monetary Fund. The reversal of fortunes underlines the challenges the continent still faces. The west African nation will turn to the fund for financial assistance after its currency plunged roughly 40 per cent this year against the US dollar, making the cedi the worst performing currency in the world in 2014.
Ghana is the second sub-Saharan African country to turn to the IMF for help this year, after Zambia announced in June that it would seek talks with the Washington-based multilateral body………………………………………..Full Article: Source

Eurasian Economic Union plans to adopt common currency unit

Posted on 04 August 2014 by VRS  |  Email |Print

The Eurasian Economic Union of Russia, Belarus and Kazakhstan might adopt it’s a common currency unit, the Rossiiskaya Gazeta newspaper writes in its Monday issue. The daily cites Bembya Khulkhachiyev, director of the Eurasian Economic Union’s financial policy department, as saying that the Union was planning to make a wider use of the national currencies of the three member states with an eye to create a common payment system. If these tasks are solved successfully, the issue of a common currency unit might be raised, he said.
Currently, the Eurasian Economic Union, according to Khulkhachiyev, makes 50% of internal settlements in roubles, 40% - in U.S. dollars, eight to nine percent - in euros. The share of other currencies barely reaches one percent………………………………………..Full Article: Source

Currency Funds Slid in June on U.S. Economic Doubt, Parker Says

Posted on 01 August 2014 by VRS  |  Email |Print

Foreign-exchange funds lost 1 percent in June as reports cast doubt on the strength of the U.S. economic recovery, according to Parker Global Strategies LLC.
Of the 34 funds that reported results, 24 had losses, the company said in a statement today. Money managers’ performance ranged from losing as much as 7.1 percent to a return of 2.4 percent, the Stamford, Connecticut, company said in statement. The company’s index is down 4.4 percent for the past 12 months………………………………………..Full Article: Source

If Women Had Their Own Currency, Here’s What It Would Be Worth

Posted on 01 August 2014 by VRS  |  Email |Print

After a little girl asked President Obama why there aren’t any women on U.S. Currency, he said Wednesday that adding some female faces to our cash sounded like a “pretty good idea.” Almost immediately, all of our fantasies came alive on the web. What would, let’s say, Ruth Bader Ginsberg look like on a $20 bill? Where would we spend our Beyonce $10 dollar bill first? Will our grandmas give us a Susan B. Anthony $5 bill on our birthdays and tell us not to spend it all at once?
But then we remembered: because of the wage gap, a dollar for a woman is not the same as a dollar for a man. Although the true extent of the gender pay gap is widely disputed even among feminists, President Obama said in the 2014 State of the Union that women make only 77 cents for every dollar a man makes………………………………………..Full Article: Source

More U.S. Businesses Adopting China’s Currency

Posted on 01 August 2014 by VRS  |  Email |Print

Many U.S. businesses that sell their goods overseas have it easy. Their distant customers and suppliers are happy or at least willing to trade in U.S. dollars.
But is the dominance of the US dollar coming to an end–or fading–as the spending power of China’s growing middle class increases? And does that mean U.S. businesses will have to become more open to accepting other currencies. A recent study by HSBC raises some questions worth pondering………………………………………..Full Article: Source

World’s Worst Currency Drops as Ghana Pulls Back From IMF Aid

Posted on 31 July 2014 by VRS  |  Email |Print

Ghana’s cedi, the world’s worst-performing currency this year, weakened as the government ruled out an International Monetary Fund bailout, stoking concern it will miss targets to narrow a budget deficit.
The currency retreated for the first time in five days against the dollar, dropping as much as 6.4 percent, after Deputy Finance Minister Mona Quartey said the government of the world’s second-biggest cocoa producer plans to sell a third Eurobond next month rather than take IMF aid. Returns on Ghana’s dollar debt are the lowest in Africa this year, according to Bloomberg indexes………………………………………..Full Article: Source

Currency union ‘deception’ blasted

Posted on 31 July 2014 by VRS  |  Email |Print

Alex Salmond has been accused of a “huge deception” over his plans for a currency union after a Yes vote. Two leading figures from the banking industry have hit out at Scotland’s First Minister following his insistence that Westminster will agree to a deal to allow an independent Scotland to continue to use the pound.
Chancellor George Osborne and his Labour and Liberal Democrat counterparts have already stated that they would not agree to such an arrangement - but this has been dismissed as “bluff and bluster” by the SNP leader. Now, Sir Martin Jacomb, the former chairman of Prudential, and Sir Andrew Large, a former deputy governor of the Bank of England, have said that a currency union is “not compatible with Scotland being politically independent and is therefore not on offer”………………………………………..Full Article: Source

Brazil Real Intervention Out of Sync With Slowdown, IMF Says

Posted on 30 July 2014 by VRS  |  Email |Print

The International Monetary Fund said Brazilian central bank President Alexandre Tombini shouldn’t shore up the real as Latin America’s largest economy stalls and inflation accelerates.
Adjusting for inflation, Brazil’s currency was 5 percent to 15 percent stronger than “implied by fundamentals and desirable policies” in 2013, IMF economists wrote in a research report published today. The real has appreciated 5.9 percent this year against the dollar while inflation accelerated to a 13-month high and economic growth slowed………………………………………..Full Article: Source

How to Blend In a Currency Hedge

Posted on 30 July 2014 by VRS  |  Email |Print

Looking across developed markets today, a common thread is that central bank policies have pushed interest rates to very low levels to support their economies. Looking at the major central banks—the U.S., the European Central Bank (ECB) and the Bank of Japan (BOJ)—it appears that Europe and Japan are still expanding their accommodative policies, while the U.S. is reducing and is anticipated to be the first among these banks to raise interest rates.
This change has important implications for currencies that play a role in international equity returns. We believe it is important to maintain a globally diversified international equity portfolio, but we question the rationale of being fully exposed to foreign currencies………………………………………..Full Article: Source

States debate regulating digital currency

Posted on 29 July 2014 by VRS  |  Email |Print

Now that consumers can use digital currencies like bitcoin to buy rugs from Overstock.com, pay for Peruvian pork sandwiches from a food truck in Washington, D.C. and even make donations to political action committees, states are beginning to explore how to regulate the emerging industry.
Digital currencies — also known as virtual currencies or cash for the Internet —allow people to transfer value over the Internet, but are not legal tender. Because they don’t require third-party intermediaries such as credit card companies or PayPal, merchants and consumers can avoid the fees typically associated with traditional payment systems………………………………………..Full Article: Source

Global Currency Trading Falls Amid Volatility Drop, Market Probe

Posted on 29 July 2014 by VRS  |  Email |Print

Foreign-exchange volumes in the U.S., U.K. and Australia fell in April from a year earlier, according to reports from the world’s biggest central banks, amid subdued price swings and a probe into trading activity. Average daily currency turnover in North America was $811.1 billion, a 20 percent drop from a record $1 trillion in April 2013 and a 0.6 percent decline from October, the Federal Reserve-sponsored Foreign Exchange Committee said in a statement on its website, citing a twice-yearly survey.
In the U.K., April’s $2.4 trillion in turnover was 6 percent below the record high of $2.6 trillion a year earlier, the Bank of England’s Foreign Exchange Joint Standing Committee said. Daily U.K. trading rose 7 percent from October………………………………………..Full Article: Source

China Currency Gaining Among American Corporations

Posted on 28 July 2014 by VRS  |  Email |Print

Here’s a good one for those who think the dollar’s days are numbered. A survey released last week by HSBC Global says more U.S. multinationals are closing trade transactions in…you guessed it…the Chinese yuan.
Of course, this sort of news is right up HSBC’s alley. They are one of the premier financial centers in Hong Kong, where much of the off-shore Chinese currency transactions take place. It’s like a dream come true for the old colonial bank: the yuan increasingly being taken seriously as a viable trade currency………………………………………..Full Article: Source

Virtual Currency Clashes With The Real World

Posted on 28 July 2014 by VRS  |  Email |Print

Last Thursday, the Superintendent Of Financial Services for the state of New York, Benjamin M. Lawsky, proposed regulations for virtual currency companies operating in the state. Lawsky proposed a “BitLicense” plan, which includes rules on consumer protection, the prevention of money laundering, and cybersecurity. It is the first such proposal by a state to create guidelines specifically for virtual currency.
“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” Lawsky said in a statement. “Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets.”……………………………………….Full Article: Source

Strong Currency Hits Corporate Profits in South Korea

Posted on 25 July 2014 by VRS  |  Email |Print

South Korea’s corporate sector reported disappointing profits Thursday due to a strong local currency that’s making it harder to compete in overseas markets at a time of lackluster global growth.
Hyundai Motor, SK Hynix Inc., a chip maker and steelmaker Posco all blamed the currency for sizeable declines in net profits during the second quarter. LG Electronics Inc., whose net profit doubled in the quarter due to a revival of its smartphone business, said profits would have been larger still if the won hadn’t been so strong………………………………………..Full Article: Source

U.K. Talks on Currency-Rigging Settlement Accelerate

Posted on 25 July 2014 by VRS  |  Email |Print

Talks to reach the first settlement in the currency-rigging probe are accelerating, with Britain’s markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the situation said.
The Financial Conduct Authority is in negotiations with banks including Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. and UBS AG, said the people, who asked not to be identified because the discussions are private. Royal Bank of Scotland Group Plc and HSBC Holdings Plc may also be part of the group settlement, one of the people said………………………………………..Full Article: Source

Lithuania gets final approval to adopt euro currency

Posted on 24 July 2014 by VRS  |  Email |Print

EU ministers have given the final stamp of approval for Lithuania to join the eurozone next year. Amid fears of unjustified price hikes, the Baltic state will be the 19th nation to adopt the single currency.
Lithuania’s adoption of the euro currency was finalized on Wednesday as European Union ministers gave the green light for the Baltic State to join the bloc on January 1, 2015. The ministers’ approval was the final hurdle in Lithuania’s accession process into the eurozone………………………………………..Full Article: Source

The currency conundrum

Posted on 24 July 2014 by VRS  |  Email |Print

The European Central Bank (ECB) is under pressure from eurozone politicians to introduce quantitative easing (QE) to reduce the value of the euro against the dollar. Politicians say a fall of 10 per cent from $1.35 to $1.20-1.25 is needed to help eurozone companies export and tackle low inflation.
But not everyone is convinced a European version of QE would weaken the euro and, in the meantime, the strength of the euro and sterling against the dollar (and emerging market currencies) is having a major impact on investments………………………………………..Full Article: Source

Could GBP/USD Exchange Rate Tumble on Stronger US Currency?

Posted on 23 July 2014 by VRS  |  Email |Print

Currency News UK - Pound to Dollar Currency Predictions: will cable tumble into the 1.5000’s? Big news stories dominated last week’s session, with the shooting down of Malaysia Airlines flight MH17 and the international reaction to it, along with the ongoing situation in Iraq and an escalation of violence in Gaza. The latest GBP USD exchange rate today trades at 1.70669.
In amongst all of these risk events came a set of interesting comments from US Federal Reserve Chair Janet Yellen which could prove to have a marked effect on the relative value of the US Dollar during coming months………………………………………..Full Article: Source

Tedious Journey towards W’African Single Currency

Posted on 23 July 2014 by VRS  |  Email |Print

Since 1987 when the Economic Community of West African States (ECOWAS) Monitoring Cooperation Program (EMCP), saddled with the responsibility of introducing a common currency in the sub-region, was adopted, the body has continued to push for the implementation of the policy.
Those involved in this project strongly believe that a common currency for the West African Monetary Zone (WAMZ) would facilitate trade in the region and also stimulate growth. The proposed currency, which has been christened ‘eco,’ according to the plan, will be initially introduced in the member countries of WAMZ………………………………………..Full Article: Source

Scotland Currency Union? ‘It’s A Dead Parrot’

Posted on 22 July 2014 by VRS  |  Email |Print

The idea Scotland would be able to hold on to the pound in the event of independence is a “dead parrot”, MPs have warned. The country’s first minister was told he urgently needed to come up with a plan B on how Scotland would proceed without a “currency union” if there was a “yes” vote in just two months’ time.
A report from the Scottish Affairs Committee cautioned the Scottish Government there was no way there would be a formal deal for an independent Scotland to continue using sterling………………………………………..Full Article: Source

China and Switzerland sign bilateral currency swap line

Posted on 22 July 2014 by VRS  |  Email |Print

The central banks of China and Switzerland have struck a bilateral currency swap agreement, a move that advances the international use of the renminbi and boosts Switzerland’s hopes of becoming a trading hub for the Chinese currency.
Under the terms of the deal, signed in Beijing on Monday by Zhou Xiaochuan, governor of the People’s Bank of China, and Thomas Jordan, chairman of the Swiss National Bank, renminbi and Swiss francs can be purchased and repurchased between the two central banks, up to a limit of Rmb150bn or SFr21bn………………………………………..Full Article: Source

Independent Scotland needs new currency – MPs

Posted on 21 July 2014 by VRS  |  Email |Print

A stand-alone Scottish currency would be the best way forward for the country after independence, a report by MPs has suggested. The SNP government wants to share the pound with the UK in a currency union after independence, keeping the Bank of England safety net.
This has been ruled out by all the main parties at Westminster, and today’s report by the Scottish affairs select committee says there will be no currency union “of any kind”. The report says First Minister Alex Salmond’s Plan B for currency is “sterlingisation” – whereby Scotland would use the pound in the same way that Panama uses the US dollar, without formal links………………………………………..Full Article: Source

Indian rupee third on fake foreign currency list in Switzerland

Posted on 21 July 2014 by VRS  |  Email |Print

As a debate continues on alleged black money of Indians in Swiss banks, the authorities in Switzerland have come across a significant quantum of fake Indian rupee notes in their country — the third highest for any foreign currency after Euro and the US dollar.
According to the latest counterfeit currency statistics released by Switzerland’s Federal Office of Police (Fedpol), the number of fake Euro notes seized in the year 2013 stood at 2,394, while there were 1,101 fake US dollar bills………………………………………..Full Article: Source

banner
October 2014
S M T W T F S
« Sep    
 1234
567891011
12131415161718
19202122232425
262728293031