|Currency pairs||Exchange Rate as of 8 February 2021; Source: Federal Reserve||As of 11:42 am EST Exchange Rate as of 9 February 2021; Source: Reuters|
In the news ….
The latest crackdown by Nigeria’s central bank on cryptocurrency has elicited outrage and confusion in a country where virtual currency has boomed in the last five years. It’s also emblematic of the struggle by financial regulators the world over to regulate the supercharged space of digital currencies. https://qz.com/africa/1970446/nigerias-central-bank-takes-aim-at-cryptocurrency-again/
China’s central bank has downplayed its decision in January to reduce liquidity in the banking system that caused the country’s worst cash crunch in nearly six years, while fueling worries about a gradual tightening of monetary policy to curb speculation and asset bubbles. https://www.scmp.com/economy/china-economy/article/3121179/chinas-central-bank-downplays-draining-funds-banking-system
Chinese New Year is days away and for many investors, it is the most exciting event this week, especially with a light economic calendar. It is not as big a holiday as Christmas or New Year’s, but with more than 1.5 billion celebrants, there will be less participation and possibly consolidation. Most of the major currencies traded higher on Monday as stocks hit fresh record highs. The improvement in risk appetite drove the U.S. dollar lower across the board. https://www.investing.com/analysis/central-banks-and-stimulus-bets-will-drive-fx-this-week-200559371