Turkish citizens are abandoning the country’s currency, the lira, in exchange for U.S. dollars amid an unstable economy that has seen inflation levels soar. The lira crashed 15 percent against the dollar on Tuesday last week in its second-worst day ever after President Tayyip Erdogan, who has led the country since 2003, said that he would not be deterred…
Turkish Citizens Abandon the Lira for Dollars Amid Unstable Economy and Soaring Inflation
November 29, 2021
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South African Rand Sees Sharp Declines Against Dollar in Wake of New COVID-19 Variant
The South African rand (ZAR) saw sharp declines against the dollar on Friday after a new variant of the CCP (Chinese Communist Party) virus was detected in the country. Zar fell below 16.00 to the dollar for the first time this year just one day after Thanksgiving, dropping to as low as 16.2391 against the dollar during Asia trading hours on…
Dollar Steadies Near 16-Month High; New Zealand Dollar Weakens
November 23, 2021
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LONDON—The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022. Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era…
Euro Slumps as Austria Reimposes Lockdown; Dollar Flying High
November 19, 2021
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LONDON—The euro slumped on Friday to near 16-month lows after Austria became the first country in western Europe to reimpose a full lockdown and Germany did not rule out doing the same. The single currency has been on the back foot all week, pressured by growing expectations that interest rates will be tightened faster elsewhere,…
Dollar Dips From 16-Month Highs as Rally Takes a Pause
November 18, 2021
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LONDON—The dollar slipped back from a 16-month peak on Thursday, losing ground on the euro and Australian and New Zealand dollars as traders assessed whether the U.S. currency’s recent surge was starting to stall. The dollar has rallied in recent weeks as traders bet on tighter U.S. monetary policy. Stronger-than-expected inflation numbers in the United…
Dollar Near 16-Month High Versus Euro Ahead of US Retail Sales Data
November 16, 2021
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LONDON—The dollar held just below a 16-month high versus the euro on Tuesday, while the yuan reached its strongest in more than five months as markets welcomed dialogue between the U.S. President and Chinese leader. U.S. President Joe Biden and Chinese leader Xi Jinping stressed their responsibility to the world to avoid conflict, in talks…
Dollar Eases From 16-Month High as Traders Seek Clues on Fed Rate Plans
November 15, 2021
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LONDON—The dollar eased on Monday from an almost 16-month high versus major peers, as traders awaited fresh clues on Federal Reserve interest rate hike plans on the back of red-hot inflation. The dollar had been buoyant since Wednesday, when data showed U.S. consumer prices rose last month at the fastest annual pace since 1990, casting…
Dollar Climbs for a 3rd Day as Short-End US Yields Rise
November 12, 2021
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LONDON—The dollar tiptoed higher for a 3rd consecutive day on Friday since a surprisingly strong U.S. inflation print shocked markets and prompted investors to advance their bets on a U.S rate hike to as early as mid-2022. With short-dated U.S. Treasury yields edging higher—five-year bond yields rose to a February 2020 high—investors ramped up bets…
European Shares Hit New Highs, Firm Dollar Dents Oil
November 12, 2021
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LONDON—European shares chalked up new highs on Friday as shock from unexpectedly strong U.S. inflation data earlier in the week eased, though investors kept a wary eye on rising yields as the dollar hit a 16-month high. The STOXX index of 600 companies was up 0.09 percent, enough to eke out a new record high…
Your Money Is Now Losing Close to 1 Percent of Its Value Every 30 Days, According to Labor Bureau Data
The U.S. dollar is now losing close to 1 percent of its value every 30 days, according to U.S. Bureau of Labor Statistics data released on Wednesday. Currently, inflation of the U.S. dollar is at its highest level since 1990. The Consumer Price Index (CPI), a measure of the average monthly change in the price for…
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