Thu, Aug 21, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Category | Currencies more

Osborne warns of SNP currency disaster

Posted on 15 May 2014 by VRS  |  Email |Print

George Osborne reinforced his opposition yesterday to a currency union with an independent Scotland and warned Alex Salmond that the alternative of using the the pound without an agreement would be “disastrous” for the new nation’s financial services sector.
In a bullish performance in front of a Westminster committee, the chancellor defended his decision to rule out a sterling zone………………………………………..Full Article: Source

China achieves economic growth by printing more currency?

Posted on 14 May 2014 by VRS  |  Email |Print

China’s economic growth relies heavily on investment, which means that it requires major injections of capital. One of the ways China achieves that is by increasing the money supply - literally, printing more currency (the renminbi, or the yuan, as the unit is more colloquially known).
“In the past 30 years,” explained a government economist, Wu Xiaoling, in 2011, “we have used excessive money supply to rapidly advance our economy.” At the end of 2013, the excess of money supply totaled 110.65 trillion yuan ($17.77 trillion), four times more than 10 years earlier - a clear sign that the government is printing money faster than the economy is expanding………………………………………..Full Article: Source

Scottish Independence: Is Bitcoin the Solution to Currency Problems?

Posted on 14 May 2014 by VRS  |  Email |Print

A Scottish retailer will only use bitcoin for three days this week in a bid to test out whether the cryptocurrency has the potential to take over from pound as the country’s new currency in the event of independence.
CeX, the second-hand electronics, DVD and video game store, has turned its Glasgow Sauchiehall store into a “pound-free zone” for the next three days, only accepting bitcoin as payment for any good bought - as well as only paying customers in bitcoin………………………………………..Full Article: Source

Stronger US dollar keeps Australian currency in check

Posted on 13 May 2014 by VRS  |  Email |Print

The Australian dollar is range-bound thanks to a stronger greenback and ahead of the federal budget. At 7am (AEST), the local currency was trading at US93.62c, slightly down from US93.66c on Monday. The Australian dollar was directionless overnight with little economic data or news to drive the market, Westpac senior market strategist in Wellington Imre Speizer said.
The currency, boosted by stronger local data, had been stopped in its tracks this week by the strengthened greenback, he said. “The US dollar bounced back last week and that’s caused the Aussie to stall,” Mr Speizer said………………………………………..Full Article: Source

China’s huge currency reserves could mount pressure on prices

Posted on 13 May 2014 by VRS  |  Email |Print

Chinese Premier Li Keqiang reportedly voiced concerns about the country’s enormous foreign exchange holdings this weekend, worrying that they could drive up price inflation. During a trip to Kenya, Chinese media reported that Li Keqiang had warned that the country’s reserves, which are the largest in the world, could become “a big burden”.
The Chinese government has acquired $3.95 trillion (£2.35 trillion) in foreign currency holdings, attempting to alter the value of their own yuan by selling more of it. Some analysts believe this will drive up inflation, since it increases the amount of the currency circulating in the economy………………………………………..Full Article: Source

Australia faces currency dilemma

Posted on 12 May 2014 by VRS  |  Email |Print

Low interest rates, a rebounding economy and speculative bubbles are putting pressure on the reserve bank to keep the currency from rising. The Reserve Bank of Australia has a problem on its hands. Interest rates are too low, the economy is getting pumped up and there are signs speculative bubbles forming. It is clearly time to be raising rates.
But that is the last thing the central bank needs for the Australian dollar now, which is already strong enough as far as it is concerned. The faintest whiff of higher rates could launch the currency into a new phase of unbridled strength………………………………………..Full Article: Source

Are Currency Wars Up Next?

Posted on 12 May 2014 by VRS  |  Email |Print

The biggest problem in the world economy is that there isn’t enough demand out there, and there is more supply. The lack of demand has triggered a series of competitive currency devaluations, which the United States started. The devaluations, started all sorts of carry trades and capital flows from the United States to other countries, which is hurting exporters, reversing globalization, and will lead to deflation and the eventual end to fiat currencies.
The world under the Gold Standard with fixed exchange rates was different. A government could just declare overnight that their currency has devalued against the price of gold 20%. Today, however, a government can’t just declare its currency devalued. They have to print money to devalue their currency, which is what has been going on………………………………………..Full Article: Source

One currency, divergent economies

Posted on 09 May 2014 by VRS  |  Email |Print

One thing that the European Central Bank (ECB) does not lack is advice on tackling low inflation. This week the OECD added its voice to that of the IMF in April in urging prompt action, calling for a cut in the bank’s main lending rate, from the already low 0.25% reached in November to zero.
The ECB’s governing council, meeting on May 8th (after The Economist had gone to press), was not expected to respond to this plea any more than it did to the IMF’s. The difficulty facing the 24-strong council is highlighted by the euro zone’s differing labour-market trajectories over the past decade (a period during which it expanded from 12 to 18 countries)………………………………………..Full Article: Source

Euro resilient near highs, to test ECB’s threat on currency

Posted on 09 May 2014 by VRS  |  Email |Print

The euro rose against the dollar on Thursday, trading not far from recent two-month highs and buoyed by a rise in overnight money market rates driven by dwindling excess cash in the euro zone.
The single currency has gained over 4 percent in the past six months and the latest trend came ahead of an interest rate announcement by the European Central Bank that was unlikely to make changes to benchmark rates………………………………………..Full Article: Source

Currency union ‘would not require tough constraints’ economists claim

Posted on 08 May 2014 by VRS  |  Email |Print

A currency union between an independent Scotland and the rest of the UK would not require the countries to sign up to tough rules on tax and borrowing, or a banking union, a prestigious research body has concluded.
The findings, by the National Institute for Economic and Social Research, runs counter to the Scottish and UK government’s acceptance that such a fiscal pact and union would be necessary………………………………………..Full Article: Source

Turkey’s currency prepares for a fall

Posted on 08 May 2014 by VRS  |  Email |Print

For years, the Turkish government has stuck to a currency policy that treated the Turkish lira’s value as a matter of national pride. Prime Minister Recep Tayyip Erdogan himself explicitly described the lira’s appreciation as a government objective. In ambitious remarks in 2009, he declared: “The Turkish lira will reach such a level that we’ll deal in Turkish lira on international markets. We are taking steps in this direction.”
In 2010, he further said: “The depreciation of the Turkish lira is not something I welcome. I believe that a Turkish lira capable of influencing other currencies will serve better the economy.” Ever since, Turkey has sought to maintain the Turkish lira’s dignity………………………………………..Full Article: Source

Bitcoin Breakthroughs Studied by Banks the Currency Is Out to Replace

Posted on 08 May 2014 by VRS  |  Email |Print

While Jamie Dimon and Warren Buffett express doubts about bitcoin, executives running the financial industry’s back offices are looking at mimicking the virtual currency’s methods of moving money quickly and cheaply.
FIS, a provider of systems used by banks to handle payments, is examining whether a public ledger like bitcoin’s could help securely move funds on existing networks, Fred Brothers, the firm’s chief innovation officer, said in an interview. Fiserv Inc. (FISV), a provider of technology for payments and accounts, is examining bitcoin’s use of encryption to ensure transfers are secure, said Marc West, a senior vice president………………………………………..Full Article: Source

Chinese currency official defends yuan depreciation, forecasts volatility

Posted on 07 May 2014 by VRS  |  Email |Print

The division head at China’s State Administration of Foreign Exchange (SAFE) said on Tuesday the current weakness of the Chinese currency is acceptable and he predicted more volatility going forward.
Guan Tao, head of the international payments division at SAFE, wrote in the official Shanghai Securities News on Tuesday that the yuan’s dramatic slide in 2014 was rational, given the performance of other emerging market currencies………………………………………..Full Article: Source

Currency Risks Force CFOs to Rethink Strategies

Posted on 07 May 2014 by VRS  |  Email |Print

Violent currency swings are the new normal for finance chiefs, forcing them to go beyond traditional hedging strategies. Currencies in at least 20 countries have fallen 6% to 37% against the U.S. dollar over the past year.
The economic turmoil in Argentina and Venezuela and the conflict between Russia and Ukraine have hit their currencies, as well as the first-quarter earnings of dozens of international companies, such as Avon Products Inc., Coca-Cola Co. and Ford Motor Co………………………………………..Full Article: Source

UK businesses ‘do not back currency union’

Posted on 07 May 2014 by VRS  |  Email |Print

The majority of businesses based elsewhere in the UK do not support a currency union with an independent Scotland, a survey claims. A British Chambers of Commerce (BCC) survey of 2,400 employers based in England, Wales and Northern Ireland found that just 35 per cent support a formal currency union with Scotland.
A formal currency union that would enable Scotland to keep sterling while continuing to share the Bank of England as a central bank is a key economic policy of the SNP………………………………………..Full Article: Source

The USD And Commodities

Posted on 06 May 2014 by VRS  |  Email |Print

There were strong price fluctuations observed on Friday, but the US Dollar Index was almost unchanged by the results of the day. The U.S. economic data proved to be very positive and moderately negative.
The unemployment rate fell in April to a minimum of 5.5 years and amounted to 6.3%. Jobs in the agricultural sector (Nonfarm payrolls) appeared to be at their maximum in January 2012 and amounted to 288 thousand people. This has caused a short-term growth in the U.S. Dollar index………………………………………..Full Article: Source

A new currency for an independent Scotland – how about the unicorn?

Posted on 06 May 2014 by VRS  |  Email |Print

A new Scottish currency may be essential, the Scottish parliament has heard. But what would it be called? A new report submitted to the Scottish parliament by the economist Gavin McCrone has suggested that an independent Scotland might find it necessary to set up a central bank and issue its own currency, one that would initially be pegged to the British pound. But what would the new Scottish currency be called?
The merk: Professor McCrone himself suggested the possibility of naming the new currency after a coin minted in Scotland in the 16th century, worth 13 shillings and fourpence………………………………………..Full Article: Source

Frankfurt issues first bond backed by Chinese currency

Posted on 05 May 2014 by VRS  |  Email |Print

China’s currency was once so immovable nobody saw much sense in owning it. But the more Beijing loosens its grip, the more investors want to get their hands on it. The rags-to riches currency now comes to Frankfurt.
Frankfurt is joining London, Singapore and Hong Kong in the fast-moving market for bonds denominated in the Chinese currency, the renminbi. Germany’s KfW development bank announced it was issuing a two-year bond with the volume of 1 billion renminbi at the Frankfurt Stock Exchange………………………………………..Full Article: Source

Maybe China’s Currency Isn’t Undervalued After All

Posted on 05 May 2014 by VRS  |  Email |Print

Note to rest of the world: Stop bugging China on undervaluation of its currency. The World Bank’s re-estimation of global pricing is leading to a second day of questioning of economic verities. Yesterday, a number of publications used the new numbers to pronounce that the U.S. would next year lose its century-long ranking as the world’s number one economy.
Today, two economists at the Peterson Institute for International Economics, perhaps the world’s top econ think tank, used the numbers to conclude that the Chinese yuan was no longer undervalued, as it has been for decades………………………………………..Full Article: Source

Scottish currency or joining euro ‘extremely unpopular with business’

Posted on 02 May 2014 by VRS  |  Email |Print

Independent Scotland must use sterling if it breaks away from the rest of the UK, research for the Scottish Chambers of Commerce finds. The creation of a Scottish currency or joining the euro if the country breaks away from the rest of the UK are “extremely unpopular with business”, research for the Scottish Chambers of Commerce (SCC) has found.
A survey by the SCC found that 63pc of companies believed a Scottish currency would have a “negative” or “extremely negative impact” on business, while 64pc said believed joining the euro would have a similar impact………………………………………..Full Article: Source

Is April’s best-performing currency set for further gains?

Posted on 02 May 2014 by VRS  |  Email |Print

South Korea’s won outperformed major global currencies in April, and according to HSBC, investors can expect the currency to continue rising this year. Over the past month, the won strengthened 3 percent against the greenback, its biggest monthly rise in nearly a year. The figure is well above the yen’s 1 percent rise, the euro’s 0.7 percent gain and the U.S. dollar index’s 0.7 percent decline in April.
The gains come after the International Monetary Fund said two weeks ago that the won was undervalued by as much as 8 percent and warned South Korea to limit foreign exchange intervention………………………………………..Full Article: Source

Agriculture: Bring back the landlords

Posted on 02 May 2014 by VRS  |  Email |Print

China’s Communist Party has always had a problem with big landowners. In Communist culture, they are synonymous with evil. In January on the country’s most-watched television show—a gala at lunar new year—viewers were treated to a scene from a Mao-era ballet featuring young peasants fired with zeal for revenge against a despotic rural landlord.
Some critics rolled their eyes about such a throwback to the party’s radical past, but few complained about the stereotyping of landowners. Yet when it comes to letting individual families control large tracts of farmland, Communist Party leaders are beginning to have a change of heart………………………………………..Full Article: Source

Canadian dollar ETF losing its commodity currency status

Posted on 30 April 2014 by VRS  |  Email |Print

The Canadian dollar, along with the related exchange traded fund, has lagged behind other developed market currencies this year, as the U.S. becomes more energy independent and winter demand for Canadian exports falters.
The CurrencyShares Canadian Dollar Trust is down 3.6% year-to-date, more than twice the loss suffered by the PowerShares DB US Dollar Index Bullish Fund. The Canadian currency has depreciated 4.2% against a basket of 10 developed country currencies this year – it is the worst performer of the group, reports Ari Altstedter for Bloomberg………………………………………..Full Article: Source

U.S. state regulators issue warnings on virtual currency

Posted on 30 April 2014 by VRS  |  Email |Print

Investors should consider risks associated with virtual currencies, including bitcoin, before trading in them, two U.S. regulators warned on Tuesday. The warnings are the latest in a string of advisories from U.S. state regulators, including Nevada and Maryland, as they look to toughen rules on the use of the controversial crypto currency.
“The value of virtual currencies is highly volatile and the concept behind the currency is difficult to understand even for sophisticated financial experts,” Andrea Seidt, president of the North American Securities Administrators Association (NASAA) president, said in a statement on Tuesday………………………………………..Full Article: Source

Are crypto-currencies the future of money?

Posted on 30 April 2014 by VRS  |  Email |Print

The creditors of the collapsed Mt Gox have agreed to support a group of US investors who are trying to re-establish the Bitcoin exchange. Despite these problems, can crypto-currencies, such as Bitcoin revolutionise the way we pay for goods and services in the digital age?
After all, money is anything that can perform three basic functions: a medium of exchange to be used in the purchase and sale of goods and services; a unit of account to measure the value of goods and services; and a store of value that can be saved and spent at a future point in time………………………………………..Full Article: Source

Are you bitcoin savvy? Things you should know about the digital currency

Posted on 29 April 2014 by VRS  |  Email |Print

Bitcoin is a decentralised, peer-to-peer, electronic payment system. This basically means that there is no central body controlling the Bitcoin network, and it’s managed and regulated by its users. Unlike other electronic payment systems, it also has its own virtual currency, bitcoin. The network has a finite supply of 21 million bitcoins.
Where can you use bitcoins? Make donations: If you’re a user of Wordpress or popular websites like Reddit, 4Chan, The Pirate Bay, EZTV and The Internet Archive, you can use bitcoins to make donations……………………………………….Full Article: Source

China’s currency conundrum

Posted on 29 April 2014 by VRS  |  Email |Print

It seems the People’s Bank of China (PBOC) cannot win. In late February, the gradual appreciation of the renminbi was interrupted by a 1 per cent depreciation (to $1:¥6.12). Though insignificant in overall trade terms, especially when compared with the volatility of floating exchange-rate regimes, the renminbi’s unexpected weakening sparked a global furor.
This is hardly surprising. After all, China has been under constant pressure from foreign governments to revalue, in the mistaken belief that a stronger currency would reduce China’s large trade surplus. And, since July 2005, when the exchange rate was $1:¥8.28 (and had been held constant for 10 years), the PBOC has implemented more or less steady appreciations of about 3 per cent per year through 2013………………………………………..Full Article: Source

U.S. prosecutors cross Atlantic to question UK currency trades

Posted on 28 April 2014 by VRS  |  Email |Print

Criminal prosecutors from the U.S. Department of Justice have gone to London to interview individuals in connection with an investigation into traders’ alleged rigging of foreign exchange rates, a person familiar with the matter said.
The DOJ has conducted joint interviews of UK-based currency traders with the United Kingdom’s Financial Conduct Authority in London, the person said………………………………………..Full Article: Source

China to further ease currency controls for multi-nationals in pilot

Posted on 28 April 2014 by VRS  |  Email |Print

China will expand a trial programme to make it simpler for multi-national firms to transfer funds within and outside the country, in a move that will further open its tightly controlled capital account.
The experiment, which began in 2012 in Beijing and Shanghai, came in response to growing demand from international companies operating in China for more freedom to use their growing amounts of yuan to boost the efficiency of their management of capital………………………………………..Full Article: Source

Strong currency a double-edged sword for New Zealand

Posted on 25 April 2014 by VRS  |  Email |Print

The strong New Zealand dollar may be the thing that ends up putting the brakes on the Reserve Bank of New Zealand’s tightening cycle. The RBNZ raised interest rates Thursday for the second straight month, to 3.0%, as the economic expansion gains momentum and inflationary pressures increase.
This time, though, the RBNZ abandoned its usual attempts to talk down the currency – which jumped as a result – and noted that the strong local dollar might limit how much the bank needs to raise rates. The so-called Kiwi dollar was trading at 0.86 to the U.S. dollar Thursday afternoon………………………………………..Full Article: Source

The end of Denmark’s monetary experiment

Posted on 25 April 2014 by VRS  |  Email |Print

With the eurozone facing the threat of a prolonged period of “low-flation”, the European Central Bank has been urged to stretch its monetary policy toolkit further and deploy more unconventional measures.
One widely flagged option would be to cut the interest rate that banks receive for parking their money with the central bank to below its current zero level. Frankfurt would then replicate an experiment first tried by Denmark’s central bank, which in 2012 cut its deposit rate to -0.20 per cent………………………………………..Full Article: Source

A currency war is coming

Posted on 24 April 2014 by VRS  |  Email |Print

While most investors like to believe that things like earnings and the economic data drive the market’s ups and downs, lately it’s been all about moves in the currency market.
Since stocks started surging higher in late 2012, they’ve been marching in lockstep with the Japanese yen. Specifically, whenever the yen goes down, stocks rise. And when the yen strengthens, stocks weaken. (The relationship is so close that since the beginning of 2013, the yen’s movement explains 60% of the changes in the S&P 500.)……………………………………….Full Article: Source

Belarusian president to refrain from national currency devaluation

Posted on 24 April 2014 by VRS  |  Email |Print

Belorussia’s authorities do not plan to lower the national currency rate through administrative measures, President Alexander Lukashenko told the population and the country’s parliament on Tuesday, adding he saw no causes for massive national currency devaluation.
“We are not planning to devaluate our currency and we will do everything possible to avoid it. If we find devaluation necessary, in case we are out of gold reserves, or if these slump to an estimated critical limit, we will easily do it. If we add some 5-6% by the end of the year, it will be OK”, he said………………………………………..Full Article: Source

What is Bitcoin? A quick guide to the virtual currency, how it works, and its possible future

Posted on 23 April 2014 by VRS  |  Email |Print

Bitcoin is currently a more reliable store of value for journalists than it is for investors. The concept of a ‘digital cryptocurrency’ and its association with various shady goings-on has turned the virtual currency into a symbol for the digital age.
Bitcoin is reportedly anonymous, untraceable, and anarchic; either an ignorable pastime for geeks or a credible threat to the world’s biggest financial institutions………………………………………..Full Article: Source

Currency volatility falls to lowest since 2007; Dollar declines

Posted on 23 April 2014 by VRS  |  Email |Print

Volatility among major currencies fell to the lowest since 2007 as global central-bank balance sheets continue growing, driving more liquidity into financial markets, even as the economy worldwide recovers.
Australia’s dollar rose the most in almost two weeks against its U.S. counterpart before a report economists forecast will show inflation accelerated. The yuan touched a 14-month low as China’s largest manager of distressed debt said the country’s soured-loan ratio increased “significantly.” ……………………………………….Full Article: Source

Are claims of currency manipulation just China bashing?

Posted on 22 April 2014 by VRS  |  Email |Print

Although China’s leadership recently announced that the RMB exchange rate would over time be liberalized, the exchange rate remains a controversial topic.
The RMB has been under scrutiny in recent days, since the U.S. Treasury yet again found China to be intervening excessively in exchange markets to keep its currency artificially undervalued. This is a complex issue that has its supporters and its opponents………………………………………..Full Article: Source

India: Intervention difficult when currency falls sharply

Posted on 22 April 2014 by VRS  |  Email |Print

India’s central bank might have found it difficult to stem the rupee’s sharp depreciation during the currency crisis of 2013 by using its foreign exchange reserves, with the country’s external liabilities far exceeding official reserves.
Reserve Bank of India’s Deputy Governor H R Khan had highlighted the importance of building foreign exchange reserves to deal with sudden outflows. “Intervention in the face of the sharp depreciation is a difficult choice for several reasons, including loss of reserves, particularly in a country like India where the external liabilities far exceed the official reserves,” Khan said………………………………………..Full Article: Source

US tells China it must allow its currency to strengthen

Posted on 17 April 2014 by VRS  |  Email |Print

The US has told China its currency must be allowed to rise if it and the global economy are to see stable growth. The US Treasury’s twice-yearly report to policymakers says the yuan is “significantly undervalued”.
Unlike the euro and the dollar, the value of the yuan is not set by the market but is kept within certain limits of other world currencies. The US has long argued that the bands are set too low, making Chinese goods cheaper on the world market………………………………………..Full Article: Source

China denies U.S. warning of undervalued currency

Posted on 17 April 2014 by VRS  |  Email |Print

China rejected on Wednesday a warning from the Obama administration that its currency was too weak, urging the United States to recognise that China aims to “perfect and regulate” the exchange rate system.
The Obama administration on Tuesday warned China that its currency was too weak and expressed doubt over the Asian giant’s resolve to let market forces guide the value of the yuan………………………………………..Full Article: Source

US declines to name China a currency manipulator

Posted on 16 April 2014 by VRS  |  Email |Print

The Obama administration is raising concern about the value of China’s currency but is declining, as in recent years, to accuse Beijing of manipulating it. The administration also expressed concern Tuesday about South Korea’s actions in currency markets and about countries that use the euro and have wide trade surpluses.
The Treasury Department said China’s currency, the renminbi, has appreciated but not as fast or as much as needed. Treasury reached that conclusion in its twice-yearly report on whether nations are manipulating currencies to gain trade advantages………………………………………..Full Article: Source

Can commodities predict currencies? - Deutsche Bank

Posted on 16 April 2014 by VRS  |  Email |Print

In a day where Aussie was dragged lower by falling gold prices, Deutsche Bank released an interesting paper where they claim to have found “stronger evidence that currencies can help predict commodity prices rather than vice versa.”
According to the bank, the correlations albeit unable to offer immediate results for currency forecasters, indeed can help improve commodity forecasts. Here is what the bank believes traders should keep an eye on: “We find that NZD can help predict sheep prices, AUD and CAD can predict coking coal, while CAD also has predictive power over the BoC metals index. Overall, the NZD has the tightest relationship with commodities in both directions of causality.”……………………………………….Full Article: Source

China’s currency ceases to be a one-way trade

Posted on 15 April 2014 by VRS  |  Email |Print

For years, betting on a rising Chinese yuan has been about as close as you could get to a sure thing in world financial markets.
The Chinese government has been officially committed to letting its currency appreciate, and the U.S. and other nations constantly apply pressure to make sure it keeps that commitment. Since China regularly runs a large trade surplus and has one of the fastest-growing economies in the world, there seemed to be no fundamental reason for the yuan to stop rising………………………………………..Full Article: Source

Ukraine currency continues to slide

Posted on 15 April 2014 by VRS  |  Email |Print

An escalation of tension in eastern Ukraine has sent the country’s currency on a fresh record-breaking slide. The National Bank of Ukraine set the official exchange rate for the currency at an all-time low of 12.97 against the dollar on Monday, according to Russian nongovernmental news agency Interfax.
Analysts said two-way price flow in the hryvnia, which is limited even in calm market conditions, has evaporated, making it particularly tough to buy the currency………………………………………..Full Article: Source

Singapore maintains currency stance as economic growth slows

Posted on 14 April 2014 by VRS  |  Email |Print

Singapore’s central bank maintained its pace of currency appreciation, seeking to support growth while guarding against inflation as the economy expanded less than analysts estimated last quarter.
Gross domestic product rose an annualized 0.1 percent in the three months through March from the previous quarter, when it expanded 6.1 percent, the trade ministry said in a statement today. The median estimate in a Bloomberg News survey of 14 economists was 0.4 percent………………………………………..Full Article: Source

Currency outlook: Dollar range-bound or breakout?

Posted on 14 April 2014 by VRS  |  Email |Print

The US dollar had a difficult week last week. It lost ground against all the major currencies. Falling interest rates, sparked by the FOMC minutes that reassured investors that an early US rate hike is highly unlikely and a drop in the equity markets that wiped out the first quarter gains, appear to have been the main culprits.
Recall that the dollar-bloc had led the move against the dollar last month, but since the new quarter began the euro and yen have participated. Last week, the yen and Swiss franc were the strongest of the majors, while the dollar-bloc seemed to tire………………………………………..Full Article: Source

Russia, Kazakhstan and Belarus to have new joint currency by 2025

Posted on 11 April 2014 by VRS  |  Email |Print

In May 2014, presidents of Russia, Kazakhstan and Belarus will sign an agreement on the establishment of the Eurasian Economic Union. Sections 9 and 11 the agreement, the draft of which is available on the official website of the Russian Ministry for Economic Development, are devoted to the joint monetary policy and financial markets.
During the first stage, it is planned to set up an advisory board of the heads of central banks of participating states. The banks would be responsible for the rate of national currencies, regulation of banking and insurance activities and the harmonization of the securities market………………………………………..Full Article: Source

Sebi plans to increase trading hours for currency futures

Posted on 11 April 2014 by VRS  |  Email |Print

Longer trading hours may become the norm for currency traders soon. Capital markets regulator Sebi is planning to increase trading hours for currency futures so that market participants in India would be able to adjust and alter their positions in line with the movements in foreign currencies in global markets.
If the proposal is approved by the regulator, the currency futures market will be open from 9.00 am to 7.30 pm, Sebi chief UK Sinha said “The timings of the currency markets can now be enhanced from 5 pm to 7:30 pm. So, we are moving in a direction where the Indian currency derivatives market can help the corporates, for example, hedge on a continuous basis,” Sinha said……………………………………….Full Article: Source

U.S. senators back buttressing Ukraine’s currency

Posted on 11 April 2014 by VRS  |  Email |Print

Two Republican senators want Treasury Secretary Jack Lew to consider bolstering Ukraine’s currency to limit the country’s sensitivity to external factors, including military and financial moves by Russia.
In a letter to Mr. Lew, Sen. Marco Rubio of Florida and Sen. Ted Cruz of Texas say they oppose any moves for Ukraine to further devalue its national currency, the hryvnia. The senators’ letter to Mr. Lew is another sign of the strong backing the Ukrainian government has won in some quarters on Capitol Hill, and particularly among Republicans, amid its continuing struggles with Russia………………………………………..Full Article: Source

Why you should care about Bitcoin: digital currency is here to stay

Posted on 10 April 2014 by VRS  |  Email |Print

Like a still obscure version of online dollars, bitcoins – or something like them – are here to stay and redefining money. No, you can’t open a Bitcoin bank account at JP Morgan Chase just yet. And you certainly can’t pay your IRS tax bill in bitcoins: the taxman views the fledgling cyber-currency as an asset, not a means of exchange.
We can’t hold it in our hands, use it to fill up our cars with gas, or do much but grab the occasional sushi dinner in places like San Francisco, or shop online at the handful of merchants that accept bitcoins………………………………………..Full Article: Source

Bank of Japan chief doubts Bitcoin’s future as a currency

Posted on 09 April 2014 by VRS  |  Email |Print

The head of the Bank of Japan today cast doubt on Bitcoin’s future, saying the scandal-plagued digital unit “cannot be a currency” unless it proves its reliability.
The computer-generated currency has suffered a series of blows since February when the Tokyo-based Bitcoin trading exchange MtGox filed for bankruptcy, after admitting it had lost about half a billion dollars of the virtual unit. Unlike most currencies, Bitcoin is not backed by a government or central bank………………………………………..Full Article: Source

August 2014
S M T W T F S
« Jul    
 12
3456789
10111213141516
17181920212223
24252627282930
31