CAIRO—Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said on Sunday. Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had…
Egypt to Develop New Currency Indicator to Wean People Off US Dollar
Stephen Moore: Seven Ways America Is Being Destroyed
October 10, 2022
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Stephen Moore, the senior economist at FreedomWorks and former senior economic advisor to President Donald Trump, gave a half-hour keynote speech at the Freedom Festival Banquet held at the Rusty Rudder restaurant on Oct. 7, in Dewey Beach, Delaware. The event was organized by the Delaware Republican Party. During his speech, Moore listed seven ways in…
Stephen Moore: 7 Ways America Is Being Destroyed
October 10, 2022
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Business & Marketscurrencyeconomic policieseconomyEnergy SupplyfinancesinflationPolicies & Impactsstephen mooreUSUS News
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DEWEY BEACH, Del.—Stephen Moore, the senior economist at FreedomWorks and former senior economic advisor to President Donald Trump, gave a half-hour keynote speech at the Freedom Festival Banquet held at the Rusty Rudder restaurant on Oct. 7. The event was organized by the Delaware Republican Party. During his speech, Moore listed seven ways in which he…
Yen Jumps Versus Dollar After BOJ Rate Check, Hints on Intervention, US PPI Data
NEW YORK/LONDON—The yen was up more than 1 percent against the dollar on Wednesday after the Bank of Japan conducted a rate check in possible preparation for currency intervention, with the Japanese currency strengthening more in the wake of U.S. producer prices data. In a rate check, central bank officials call up dealers and ask…
Dollar Edges Lower as Currency Markets Pull Back on Friday’s Moves
LONDON—The dollar fell on Monday, losing some of the gains it had made from Friday’s U.S. jobs data, as currency markets pulled back on their initial reaction and waited for Wednesday’s inflation data to give more clues about the Federal Reserve’s next steps. Higher-than-expected U.S. employment figures last week saw the dollar strengthen against major…
A Strong Dollar Is Wall Street’s Newest Scapegoat for the Drag on Profits
July 20, 2022
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Leaders on Wall Street are beginning to complain on their corporate earnings calls about the strong U.S. dollar being a drag on profits, especially regarding foreign markets. The U.S. dollar has made gains against many of the major global currencies over the last few months, and is hitting its highest level since 2020 as the…
IBM Beats Quarterly Revenue Estimates, Warns of $3.5 Billion Forex Hit
IT hardware and services company IBM Corp beat quarterly revenue expectations on Monday but warned the hit from forex for the year could be about $3.5 billion due to a strong dollar. A hawkish Federal Reserve and heightened geopolitical tensions have driven gains in the dollar against a basket of currencies over the last year,…
EU Cuts Euro Zone Growth Forecasts, Revises up Inflation Outlook
July 15, 2022
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BRUSSELS—The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday largely due to the impact of the war in Ukraine. In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone…
Euro Zone Investor Morale Slumps on Grim Expectations: Sentix
BERLIN—Investor morale in the euro zone fell this month to its lowest level since May 2020, pointing to an “inevitable” recession in the 19-country currency bloc, a survey showed on Monday. Sentix’s index for the euro zone fell to -26.4 from -15.8 in June. A Reuters poll had pointed to a July reading of -19.9….
Japan Government, Central Bank Reiterate Concern Over Sharp Falls in Yen
TOKYO—Tokyo is concerned about sharp falls in the yen currency and stands ready to “respond appropriately” if needed, Japan’s top government spokesperson said on Monday, issuing a fresh warning to markets. The remark echoed Friday’s joint statement by the government and central bank, but failed to avert a plunge in the yen to 135.22 against…
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