The Russian ruble strengthened to levels not seen since March 2018 against the dollar on Tuesday, boosted by export-focused companies selling foreign currency to pay taxes and shrugging off a slight easing of capital controls. The ruble has firmed about 30 percent against the dollar this year despite a full-scale economic crisis in Russia. The…
Swiss National Bank Opposed to Holding Bitcoin as a Reserve Currency
ZURICH—The Swiss National Bank is against buying and holding bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank’s annual general meeting on Friday. “Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan said. “We can…
Euros or Dollars? the Wrong Choice Will Cost You
By Catherine Hamm From Los Angeles Times Q: On trips to Italy and Spain last year, a hotel in each country asked me whether I would like my bill charged in dollars or euros. I had not been to Europe for a while, and I had never been asked this. I didn’t know what to…
First Quarter GDP Prints Down 1.4 Percent; Likely an Import Anomaly
Topline GDP printed down 1.4 percent versus a consensus estimate of 1.1 percent up. Personal consumption expenditures (PCE) were sharply lower, year-on-year, as the economy normalizes The backlog of container ships that stood offshore at the end of last year has largely been cleared, and the U.S. has imported more oil and gas at higher…
Currency Wars: Can the Yuan Topple the Dollar?
April 14, 2022
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Is the United States at risk of losing its status as the world’s reserve currency? And how does the Chinese regime play into all this? In this special report, we look at the currency wars playing out on the world stage, what that means for Americans, and how it stands to impact your bank account….
Could China Use Ukraine War to Challenge US Dollar Hegemony?
March 17, 2022
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Commentary Russia’s war in Ukraine, and the West’s response so far, has been a gift to China. The West’s strict sanctions on Russia have isolated the country from much of the world. It needs a financial lifeline. The war in Ukraine, and the West’s sanctions against Russia, is providing a unique opportunity for China to…
Ukraine War Sends Euro Below $1.10 for First Time in Two Years
March 4, 2022
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LONDON—The euro fell on Friday below $1.10 for the first time in almost two years and hit a fresh seven-year low versus the Swiss franc as the war in Ukraine lowered expectations of European economic growth. The European single currency was down 0.8 percent to $1.0967, its weakest level since May 2020, after Russian forces…
Russia Sanctions Hike US Dollar Borrowing Costs in Funding Markets
LONDON/NEW YORK—The cost of raising U.S. dollar funds in the euro swaps market rose sharply on Monday after Western nations ramped up sanctions against Russia over the weekend, including blocking some Russian banks from the SWIFT international payments system. Three-month euro cross-currency swaps hit 38.25 basis points, the highest since mid-March 2020, the beginning of…
Ukrainian Hryvnia Loses 1 Percent After Moscow Recognizes Separatist Regions
KYIV—Ukraine’s hryvnia currency weakened by more than 1 percent from the beginning of the trading session on Tuesday after Russia formally recognized the independence of two regions of eastern Ukraine, Refinitiv data showed. The rate slipped below 29 to the dollar, sinking back to last month’s level. In February, the hryvnia had strengthened slightly and…
Fed’s Brainard Sees Case for US Central Bank Digital Currency
Federal Reserve Board Governor Lael Brainard on Friday laid out a case for the role a U.S. central bank digital currency could play in bolstering financial stability as the use of stablecoins and cryptocurrency grows and other countries issue their own CBDCs. “It is essential that policymakers, including the Federal Reserve, plan for the future…
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