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Commodities Briefing - Category | Currencies more

No letup in Europe’s currency battles

Posted on 06 January 2014 by VRS  |  Email |Print

The currency wars that Brazilian Finance Minister Guido Mantega first warned of in 2010 have never quite reached a boiling point. But currency skirmishes are certainly under way as unprecedented loose global monetary policy continues to reverberate through markets.
In Europe, both the euro and the Turkish lira, and the headaches they pose for their respective central banks, are testament to that. The first trading day of 2014 brought some relief for the European Central Bank, as the euro recorded its sharpest one-day decline against the dollar since November. The single currency hit a two-year high above $1.38 as 2013 closed, sparking worries about its impact on growth and inflation………………………………………..Full Article: Source

Egypt’s currency turns 115 years old

Posted on 06 January 2014 by VRS  |  Email |Print

Sunday marks 115 years since Egypt printed its first banknotes, the Egyptian pound (LE), known back then as “Abou Gamaleen.” Egypt’s Central Bank printed the first paper notes on 5 January, 1899 - 65 years after Khedive Abbas Helmy issued a decree to introduce a new Egyptian currency to replace the piaster, state news agency MENA reported.
The Egyptian pound was valued at 7.43 gm of gold between 1885 and 1914. The value of the LE remained tied to the pound sterling until 1962 where it began being valued based on the United States dollar (USD)………………………………………..Full Article: Source

Q&A: How bitcoin digital currency works

Posted on 06 January 2014 by VRS  |  Email |Print

Bitcoin is a digital currency — a form of Internet cash — that was introduced in 2009. But it isn’t printed, like a dollar. It’s a form of money called cryptocurrency. Transactions are made by updating a log, but there’s no exchange of tokens.
Buyers and sellers are identified through ID numbers, and bitcoin can be used to buy goods and services. While bitcoin use is limited, an increasing number of merchants are accepting them as payment………………………………………..Full Article: Source

Why this ‘fragile five’ currency is at record lows

Posted on 03 January 2014 by VRS  |  Email |Print

Turkey’s currency has plunged to its lowest point against the dollar for more than three decades this week. In the short term, the lira’s fall can be laid at the feet of political turbulence following a corruption probe which has led to three ministers resigning and even rumors Prime Minister Recep Erdogan may be next to leave.
Subsequent tax and price increases have led to fears thatinflation will rise rapidly in Turkey………………………………………..Full Article: Source

This could be the hottest currency trade of 2014

Posted on 03 January 2014 by VRS  |  Email |Print

The New Zealand dollar enjoyed a strong 2013, and its fortunes are expected to be even brighter this year, analysts say. The Kiwi – as it is broadly referred to by FX traders – has notched up around 6 percent of gains against the greenback since late June, as rhetoric from its central bank turned increasingly hawkish.
In 2013, the currency fared particularly well against the Japanese yen, gaining 20 percent, while the Aussie-Kiwi cross touched its weakest level in five years last month, as the Aussie dropped 14 percent against the greenback in 2013………………………………………..Full Article: Source

Latvia becomes 18th state to join the eurozone

Posted on 02 January 2014 by VRS  |  Email |Print

Latvia has begun the new year by joining the eurozone, becoming the 18th member of the group of EU states which uses the euro as its currency. The former Soviet republic on the Baltic Sea recently emerged from the financial crisis to become the EU’s fastest-growing economy.
Correspondents report much scepticism in the country after recent bailouts for existing eurozone members. But there is also hope that the euro will reduce dependency on Russia………………………………………..Full Article: Source

2013 in review: Currency winners and losers

Posted on 02 January 2014 by VRS  |  Email |Print

Previously, beyondbrics looked at stock exchange winners and losers of 2013. Now it’s the turn of the EM currencies. Which currencies felt the full force of the 2013 sell-off, and which survived unscathed?
The chart below shows the top and bottom 10 currencies in dollar spot terms, for the year. The pattern is pretty clear: central and eastern Europe did fine; the fragile five or Biits (Brazil, India, Indonesia, Turkey and South Africa) really were fragile………………………………………..Full Article: Source

Pound will be ’safe haven’ currency of 2014, says Citigroup

Posted on 30 December 2013 by VRS  |  Email |Print

Citigroup head of macro research says pound could even climb to $1.80 against the dollar by the end of 2014 if strong run of UK economic data continues. Sterling will be the global “safe haven” currency of 2014 as Britain’s strengthening economy makes it a magnet for inward investment, according to Citgroup.
The pound, supported by a run of positive economic data, climbed to a two-year high against the dollar on Friday, rising to $1.6578………………………………………..Full Article: Source

Stronger US dollar will impact global currencies in 2014

Posted on 30 December 2013 by VRS  |  Email |Print

The prospect of a US Federal Reserve stimulus taper this year sent many currencies on a rollercoaster ride, and the volatility could extend into 2014, according to analysts.
Mitul Kotecha, head of global markets research Asia at Credit Agricole, said higher US yields, strong economic growth and higher capital flows back into the world’s leading economy would together boost the US dollar in 2014………………………………………..Full Article: Source

What is in store for world currencies in 2014

Posted on 30 December 2013 by VRS  |  Email |Print

The world currency market has lived through the outgoing year quite calmly. The new year promises moderate strengthening of commodity currencies, including the ruble. But experts have different opinions about the behavior of the main units of payment - the dollar and the euro.
As for the new-fangled virtual currencies, which are rapidly gaining popularity, analysts predict that many of the so called cryptocurrencies may disappear………………………………………..Full Article: Source

The 2013 currency of the year

Posted on 30 December 2013 by VRS  |  Email |Print

And the GlobalPost 2013 End of the Year Award for Best Currency goes to: Bitcoin. 2013 was the year that Bitcoin, a virtual currency traded anonymously via peer-to-peer exchanges, emerged from the shadows of crypto-e-commerce into the global spotlight.
This time last year, you’d probably never heard of Bitcoin. It was created in 2009, worth exactly nothing, and then traded at just a few cents on the dollar………………………………………..Full Article: Source

The EU is in denial over the euro - its failed currency

Posted on 20 December 2013 by VRS  |  Email |Print

While Britain and the US kickstart their economic recovery, Europe clings to its sinking ship. Rarely has the economic gulf that separates the English-speaking world and continental Europe looked quite as wide as it does today. While much of the eurozone remains mired in an economic funk, Britain and America are recovering fast, with rising demand and near record levels of private-sector job creation.
As if the last, crisis-ridden three years haven’t already given Europe’s policy elite enough to think about, this juxtaposition in fortunes must surely have awoken them to the truth: monetary union isn’t working………………………………………..Full Article: Source

Paper or plastic? Britain joining currency trend

Posted on 20 December 2013 by VRS  |  Email |Print

It took only 900 years, but paper money is fading away. As a new technology, plastic bank notes, becomes more popular around the world, people will have to get used to money that is slipperier but less grimy and harder to fold into origami cranes but more likely to survive washing machines.
The decline of one of the world’s greatest inventions gained momentum on Wednesday when Britain announced that the British pound, a reserve currency that has been printed on cotton-based paper for 300 years, will be made from plastic………………………………………..Full Article: Source

Still want that bitcoin ETF?

Posted on 19 December 2013 by VRS  |  Email |Print

The price of the cryptocurrency has swung from north of $1,200 late last month to as low as $455 Wednesday morning. At last check it’s at $583, according to Mt. Gox. Sheesh!
Bitcoin’s gyrations alone are worth noting — a plunge of 20% this morning — which is roughly double the already rocky daily average swing of 10%. Most investors can’t stomach those kind of moves, which is one reason it’s so premature to talk about building a Bitcoin exchange-traded fund. It’s also part of the rationale for keeping investment in Bitcoin, for now, in the realm of hedge fund managers………………………………………..Full Article: Source

Canadian dollar most at risk as Fed turns to taper: Currencies

Posted on 19 December 2013 by VRS  |  Email |Print

Canada’s dollar is emerging as the Group of Seven currency with the most at stake as traders debate the effect of the U.S. Federal Reserve’s decision today to reduce its unprecedented monetary stimulus.
The loonie, which extended declines versus the greenback after the Fed announcement, and U.S. 10-year Treasury notes yields are the most inversely correlated since August 2004, increasing faster in 2013 than any other G-7 peer apart from the U.S. dollar………………………………………..Full Article: Source

Investors may not want bitcoin to be a real currency

Posted on 18 December 2013 by VRS  |  Email |Print

The U.S. government still doesn’t consider bitcoin a legitimate currency—and investors may want to keep it that way. Tax pros generally agree any income achieved by selling bitcoins must be taxed. “Bitcoin is subject to income and capital gains taxes like anything else,” says Stephen Pair, co-founder and chief technology officer of BitPay, a payment services provider that specializes in virtual currencies.
The exact way they are handled, however, could have very different tax implications. In Norway, for example, the tax authority there declared Monday that bitcoins aren’t a real currency but that they would be taxed as an asset and charged capital gains tax……………………………………….Full Article: Source

The hottest investment in 2014: Bitcoin

Posted on 17 December 2013 by VRS  |  Email |Print

The hottest investment in 2014 will be the virtual currency Bitcoin. Take it to the bank. In fact, I wouldn’t be surprised if Bitcoin doubles in value or more next year. Sure there are those who say it’s nonsense, that Bitcoin is a raging bubble not unlike the “tulip craze” of the 1630s. Blah, blah, blah.
It is not. In fact, it is far from it. Bitcoin is not only here to stay, it is something that if you get in now can make you rich. It is simply the most exciting financial story to come along since the dot-com boom………………………………………..Full Article: Source

Venezuela says revamping currency control system

Posted on 17 December 2013 by VRS  |  Email |Print

Venezuela is boosting the use of the foreign exchange system known as Sicad to increase the amount of local currency it receives from oil revenue, tourism and gold sales, the country’s oil minister Rafael Ramirez said on Monday.
The government’s Sicad system was created to sell dollars through auctions to importers and travelers at a rate weaker than the official fixed rate of 6.3 bolivars. Though the government has not made the Sicad rate public, participants have said it has ranged between 12 and 14 bolivars………………………………………..Full Article: Source

A mission to secure currency for bitcoin

Posted on 16 December 2013 by VRS  |  Email |Print

With India’s first bitcoin exchange gearing up to start operations hopefully by next March, hundreds of investors, enthusiasts and banking officials gathered here on Sunday, on a mission to convince the government that the virtual currency is enduring and serious.
Started in 2008, bitcoin is the most prominent amongst a group of digital currencies — money that exists in the form of computer code —that do not have a central issuing authority. These virtual currencies are stored in electronic wallets and can be traded on online exchanges and converted into cash………………………………………..Full Article: Source

Newedge’s commodities, currencies chief leaves

Posted on 13 December 2013 by VRS  |  Email |Print

Newedge Group’s global commodities and currencies chief, John Fay, has left the U.S.-based futures brokerage ahead of a major ownership change.
Fay’s resignation, announced by Newedge on Thursday, comes as the firm’s owners, French banks Societe Generale SocGen and Credit Agricole, prepare for SocGen to take full control of the company………………………………………..Full Article: Source

Coinbase to push bitcoin from commodity to currency, with $25mln from investors

Posted on 13 December 2013 by VRS  |  Email |Print

It’s a big moment for Bitcoin. With Coinbase Inc. raising $25 million from Andreessen Horowitz and others, it’s not only the largest venture round on record for a Bitcoin startup–according to Dow Jones VentureSource it’s actually more than all venture capital invested into all Bitcoin startups combined during the past 15 months–it also represents the beginning of a shift.
Along with bankrolling the usual employee growth and tech improvements, the startup’s founders will use the infusion to expedite the evolution of Bitcoin from commodity to global currency………………………………………..Full Article: Source

2013: Year of the bitcoin

Posted on 12 December 2013 by VRS  |  Email |Print

It has been a wild year for bitcoin and although the currency has been around for the last five years, 2013 is when most investors started to pay attention to the crypto-currency; the enthusiasm for bitcoins even propelled prices to briefly trade higher than gold.
According to bitcoin specialists, the electronic currency is still in its infancy and faces a lot of questions; however, some investors are not afraid to start testing the waters………………………………………..Full Article: Source

Bitcoin should not be seen as a currency, warns Ernst & Young

Posted on 12 December 2013 by VRS  |  Email |Print

The professional services firm argues that bitcoin should be viewed as a payment system, not a currency replacement. Bitcoin does not need to replace normal currency in order to have a future, according to an expert on digital currencies from professional services firm Ernst & Young.
Speaking at an event in London, Roger Willis, who has been following bitcoin since its inception in 2009, described myths around the currency, one of which was its position as a replacement for “fiat” money………………………………………..Full Article: Source

Russia gets symbolic about its currency

Posted on 12 December 2013 by VRS  |  Email |Print

Rouble or ruble? From now on currency pedants won’t have to worry so much about how to spell the Russian currency because it has been given a symbol. Some two decades after first touting the idea, the Russian central bank has announced its rival to the £, $, € and ¥. And the winner, after a public vote, is:
The symbol, the Russian R, beat off four other contenders – taking more than 61 per cent of the more than 284,000 votes cast………………………………………..Full Article: Source

China’s quest to take on the U.S. dollar has a long way to go

Posted on 11 December 2013 by VRS  |  Email |Print

Policymakers in Beijing must be feeling warm and fuzzy these days. For years, they have railed against the dominance of the U.S. dollar in global trade and finance, complaining that it leaves the world at the mercy of erratic Washington politics and questionable economic management.
China’s leaders can only blame themselves for their heavy reliance on the dollar, but still, from Beijing’s perspective, a world in which China’s own currency — the renminbi — is a more potent force would be a more stable one for the country’s development………………………………………..Full Article: Source

Is this currency the ‘best on the planet?’

Posted on 11 December 2013 by VRS  |  Email |Print

China’s tightly-controlled yuan traded at a record high against the U.S. dollar on Tuesday and unprecedented demand has made it stand out as one of the world’s most attractive currencies, analysts told CNBC.
Following strong trade data published over the weekend, the People’s Bank of China (PBOC) has been aggressively fixing the yuan’s daily mid-point at its highest levels since the 2005 currency revaluation………………………………………..Full Article: Source

How financial crisis fizzled a showdown on China’s currency

Posted on 10 December 2013 by VRS  |  Email |Print

Was the Chinese yuan “fundamentally misaligned?” That’s the label the International Monetary Fund was on the verge of slapping on Beijing’s currency in September 2008 after a hard-fought and year-long battle led by the U.S. Treasury.
But just seven days before the IMF board meeting scheduled to tackle the highly controversial issue, the global financial crisis detonated. The Lehman Brothers bankruptcy, followed by escalating market turmoil, jettisoned any chances of success. The IMF meeting was cancelled………………………………………..Full Article: Source

Swiss lawmakers propose treating Bitcoin as foreign currency

Posted on 10 December 2013 by VRS  |  Email |Print

The Swiss Parliament is considering a postulate that asks for bitcoin to be treated as any other foreign currency. The goal of the postulate, introduced by representative Thomas Weibel, is to eliminate ambiguities and increase legal certainty related to bitcoin.
If it is approved by parliament, it will be submitted before the Federal Council, Switzerland’s principal executive institution. If the Federal Council agrees that bitcoin should be treated like other foreign currencies, it will also evaluate how to implement the postulate………………………………………..Full Article: Source

Bitcoin in freefall: Value of virtual currency dropping after China questions its legal status

Posted on 09 December 2013 by VRS  |  Email |Print

The value of Bitcoins continued plunging today, dropping below $700 - down from just over $1,000 the day before - after the Chinese government questioned the legal status of the virtual currency. A joint statement from several Chinese official bodies such as the People’s Bank of China said Bitcoins are not a currency and cannot be used as a form of payment by any businesses or financial institutions.
This announcement sent the increasingly popular method of payment plummeting from a high of $1,216 to $870 on the MT.Gox Bitcoin exchange. The value of a single Bitcoin has briefly rallied, creeping back to around $1,045, before shedding more than $300………………………………………..Full Article: Source

Currency unions in Africa: Ever closer

Posted on 06 December 2013 by VRS  |  Email |Print

The euro crisis has put most people off currency unions. But not in Africa, it seems. In November the leaders of five countries of the East African Community (EAC) agreed to form a monetary union within ten years.
A month before West African politicians agreed on a plan to introduce a new shared currency, the eco, over the next few years. It should eventually subsume West Africa’s existing currency bloc—but not its central African cousin………………………………………..Full Article: Source

China’s currency controls: Zone of contention

Posted on 06 December 2013 by VRS  |  Email |Print

Financial reform is coming to China. The country’s leadership has made clear through recent pronouncements that it intends to liberalise the country’s capital account and take other measures to increase the role of market forces in the financial system. That has set off a flurry of speculation about how quickly interest rates on bank deposits might be set free and the yuan made fully convertible.
The answer, it seems, is not very quickly. On December 2nd the People’s Bank of China (PBOC), the country’s central bank, issued a set of guidelines on how financial reform will proceed inside the new Shanghai Free Trade Zone (SFTZ)………………………………………..Full Article: Source

Bitcoin a ‘bubble’, not a currency says former Fed chief Alan Greenspan

Posted on 05 December 2013 by VRS  |  Email |Print

Former Federal Reserve Chairman Alan Greenspan said Bitcoin is a bubble after it surged 89-fold in a year and that the virtual money isn’t currency.
“It’s a bubble,” Greenspan, 87, said in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”……………………………………….Full Article: Source

Falling dollar won’t help commodities

Posted on 05 December 2013 by VRS  |  Email |Print

A weaker Australian dollar is unlikely to provide much of an economic buffer against price falls in commodities, which as an asset class are set to be the worst performing for the second year running – hurt by excess supply and slower growth in China.
In the year so far, commodities as an asset class have returned negative 10.68 per cent to investors, compared with a positive 21.31 per cent return in equities, 1.87 per cent in currencies, 0.41 per cent for bonds and minus 5.74 per cent for emerging markets, say figures provided by Deutsche Bank………………………………………..Full Article: Source

Officials deny single Gulf currency launch

Posted on 05 December 2013 by VRS  |  Email |Print

The Gulf Monetary Council has dismissed media reports of four GCC countries launching a common currency. The Gulf Monetary Council has denied media reports concerning the finalisation of the launch of a single currency for the Gulf countries.
Earlier this week, media reports claimed that four GCC countries will announce a common currency by the end of this year. The currency would reportedly be pegged to the dollar, the report said without revealing its sources………………………………………..Full Article: Source

Yuan hits milestone in trade finance deals

Posted on 04 December 2013 by VRS  |  Email |Print

China’s burgeoning influence on the world economy reached a milestone as use of the yuan in trade finance overtook the euro and the yen. Importers and exporters used China’s currency for 8.7% of their financing agreements with trade partners in October, up from 4.4% a year earlier, according to Swift, a financial-services firm that monitors international currency flows.
That made the yuan the second-most used currency in trade finance but still well behind the U.S. dollar, which backs 81% of trade finance………………………………………..Full Article: Source

Yuan tops Euro as second most used trade-finance currency

Posted on 04 December 2013 by VRS  |  Email |Print

China’s yuan overtook the euro to become the second-most used currency in global trade finance in 2013, according to the Society for Worldwide Interbank Financial Telecommunication.
The currency had an 8.66% share of letters of credit and collections in October, compared with 6.64% for the euro, Swift said in a statement on Tuesday. China, Hong Kong, Singapore, Germany and Australia were the top users of yuan in trade finance, according to the Belgiumbased financial-messaging platform……………………………………….Full Article: Source

A gambler’s guide to Beijing’s currency moves

Posted on 04 December 2013 by VRS  |  Email |Print

Foreign exchange trading is always akin to gambling. But, in China, gambling may be a way of trading foreign exchange: one way to get around the country’s currency controls is to take a trip to the casinos of Macau.
Macau is not just about currency conversion: it has made some efforts to diversify into Vegas-style shows. But, when the chips are down, it is only the gaming tables that investors are interested in, in the hope of insights into China’s flows of money………………………………………..Full Article: Source

The next black swan: A dollar crisis

Posted on 04 December 2013 by VRS  |  Email |Print

Analysts everywhere appear to be wondering what could possibly be the catalyst to turn the gold market around. I maintain it’s the same catalyst that drove the gold bull market from 2001 to 2011 — out of control currency debasement.
Does anyone seriously think that we can print trillions of dollars out of thin air for five years and not eventually have something bad happen? The next the black swan is already staring us in the face. It’s going to be a collapse in the purchasing power of the US dollar………………………………………..Full Article: Source

Commodity currencies go their separate ways

Posted on 03 December 2013 by VRS  |  Email |Print

There was a time in the not so distant past when better data out of China, such as Monday’s manufacturing survey, would have delivered a wholesale boost to so-called commodity currencies.
But such tight risk-on/risk-off correlations have faded and markets are now more nuanced. Hence the start of the week saw a mild boost for the Aussie and kiwi dollars but further weakness for their Canadian peer……………………………….Full Article: Source

Commodity currencies see strong gains, sterling shines

Posted on 03 December 2013 by VRS  |  Email |Print

Commodity currencies gained sharply on Monday following positive data from China, while the British pound soared on expectations of early policy tightening by the Bank of England.
Investors bought the Australian and New Zealand dollars after a survey on Sunday showed China’s factory growth held at an 18-month high in November, an outcome that was slightly ahead of expectations. Both Australia and New Zealand are highly leveraged to China’s economic cycle……………………………….Full Article: Source

Silver and gold as currency commodities

Posted on 02 December 2013 by VRS  |  Email |Print

Gold and silver have a 6000 year history for their use as a currency, and until the last century, the price of gold and silver maintained a healthy valuation ratio of 1 ounce of gold to every 15 ounces of silver.
This purchasing power ratio is strengthened by the fact that there are 17 ounces of silver for every 1 ounce of gold in the earth’s crust, although physical silver stocks have dwindled as the metal is used in a wide variety of industrial applications………………………………..Full Article: Source

Bitcoin explained: The digital currency making millionaires

Posted on 02 December 2013 by VRS  |  Email |Print

The digital currency bitcoin has exploded in popularity since it began four years ago. Where once a single bitcoin was worth a few cents online, it is now pushing on $1,000 per coin, creating millionaires in the process.
There have been many reported cases where people mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they are rich. One IT worker even , only to later find out his haul would have been worth $8.2 million………………………………..Full Article: Source

Nine Bitcoin alternatives for future currency investments

Posted on 02 December 2013 by VRS  |  Email |Print

Bitcoin’s rapid rise in value and profile has spawned over 60 different ‘altcoin’ digital peer-to-peer currencies. Bitcoin’s recent meteoric rise in value to over $1,000 has shone the spotlight on alternative currencies, but bitcoin is not the only new digital currency vying for relevancy in 2013.
Like bitcoins most of these currencies are mined by computers solving hard mathematical problems. The “coins” do not exist physically, of course, as the currencies are virtual existing only as computer files………………………………..Full Article: Source

Brazil real falls most among major currencies on fiscal concern

Posted on 02 December 2013 by VRS  |  Email |Print

Brazil’s real declined the most among major currencies as concern the nation’s fiscal deterioration will lead to a credit rating cut made the currency less attractive to investors.
The real depreciated 0.8 percent to 2.3360 per dollar at the close in Sao Paulo and lost 4.1 percent in November, its biggest monthly decline since August. Swap rates on contracts maturing in January 2015 climbed three basis points, or 0.03 percentage point, to 10.66 percent, extending their monthly increase to nine basis points………………………………..Full Article: Source

BSE launches currency derivatives trading platform

Posted on 29 November 2013 by VRS  |  Email |Print

Country’s premier stock exchange BSE today became the fourth bourse in the country to have a platform for trading in currency and interest rate derivatives. BSE will now allow the rupee pair trading in dollar, euro, pound and the yen on the new currency derivatives segment.
To begin with, currency options trade will be on dollar-rupee contracts, which will be without charges for the first six moths. With this the BSE becomes the fourth stock exchange in the currency derivatives segment after the NSE, MCX-SX and United Stock Exchange………………………………………..Full Article: Source

Yen, commodity currencies feel the heat in thin month-end trade

Posted on 29 November 2013 by VRS  |  Email |Print

The yen languished at fresh lows against the euro and dollar early in Asia on Thursday on track for one of its worst monthly performance this year, while sterling climbed on more evidence of a stronger economic recovery at home.
Commodity bloc currencies, grouping the Australian, New Zealand and Canadian dollars, also fell heavily against the greenback after investors latched onto U.S. data showing an improving jobs market and more cheerful consumers………………………………………..Full Article: Source

Nine bitcoin alternatives for future currency investments

Posted on 29 November 2013 by VRS  |  Email |Print

Bitcoin’s rapid rise in value and profile has spawned over 60 different ‘altcoin’ digital peer-to-peer currencies. Bitcoin’s recent meteoric rise in value to over $1,000 has shone the spotlight on alternative currencies, but bitcoin is not the only new digital currency vying for relevancy in 2013.
Like bitcoins most of these currencies are mined by computers solving hard mathematical problems. The “coins” do not exist physically, of course, as the currencies are virtual existing only as computer files………………………………………..Full Article: Source

Currency ETF outlook

Posted on 28 November 2013 by VRS  |  Email |Print

On a relatively quiet week for stocks with the Thanksgiving holiday, it provides a great opportunity to look at an investment alternative–currency ETFs. Currency ETFs provide traders and investors with an easy way to gain exposure to the currency markets, providing independent opportunities (and risks) which can help diversify portfolios and trades.
Like other investments, currencies change price based on supply and demand, driven by fundamental and technical factors. These four popular currency ETFs currently have compelling technical opportunities………………………………………..Full Article: Source

BSE to launch currency derivative platform on Friday

Posted on 28 November 2013 by VRS  |  Email |Print

Premiere stock exchange BSE will launch its platform for trading in currency derivatives from Friday, making it the fourth bourse in the country to offer such trades.
Other stock exchanges present in the currency futures segment are — National Stock Exchange (NSE), MCX-SX and United Stock Exchange (USE). “Exchange is pleased to inform trading members that it will be launching trading in Currency and Interest Rate Derivatives with effect from Friday, November 29, 2013,” BSE said in a notification………………………………………..Full Article: Source

Short these two commodity currencies: Goldman Sachs

Posted on 28 November 2013 by VRS  |  Email |Print

Goldman Sachs is in the process of releasing its top trade recommendations for 2014, and two of its three released tips include shorting commodity currencies.
On Wednesday, analysts recommended a long bet on the U.S. dollar versus the Canadian dollar, or loonie. A long is a bet that the asset will appreciate, while a short is a bet that the asset will depreciate………………………………………..Full Article: Source

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