Interbank market news scan: Tesla adds bitcoin to its balance sheet; Central banks, foreign exchange, cryptocurrency …

In the news …

Tesla’s move to invest $1.5 billion in bitcoin further solidifies cryptocurrency as an emerging reserve currency for technology companies. Tesla’s $1.5 billion bitcoin purchase points to crytocurrency as tech company reserve currency | ZDNet

The Group of Seven (G7) financial leaders would kick off debate on Friday on emerging market debt problems, implementation of digital taxation and central bank digital currency, Japanese Finance Minister Taro Aso said on Tuesday. Japan finance minister: G7 focus on emerging market debt, digital taxation and digital currency | Reuters

The French economy is still on course to rebound 5% this year despite the uncertainty created by the coronavirus pandemic, the head of the central bank said on Tuesday, reiterating its December forecast. French economy still on track for 5% growth this year: central bank (msn.com)

The U.S. Federal Reserve is beginning to incorporate the impacts of global warming into its regulatory writ, following in the footsteps of its global peers, according to a paper published Monday by the San Francisco Fed. Fed to weave ‘inescapable’ climate change risk into bank oversight (msn.com)

The Central Bank of Ireland (CBI) has told investment firms to beef up their surveillance of insider trading and market manipulation this year or face fines and other sanctions from the regulator. Central Bank aims to curb abuse as amateurs flood markets (msn.com)

Emerging market central banks delivered just one interest rate cut in December, signalling the fading out of an easing cycle that had started in 2019 and had exceeded the cuts during the 2008 financial crisis and the 2010 euro crisis. Emerging market central bank rate cuts fade further in January | Reuters

2:33 am EST, 9 February 2021

Interbank market scan: Elon Musk, the market mover; China serious about its digital currency; Central banks, foreign exchange, cryptocurrency

In the news ….

China’s new bank loans are expected to surge to a record high in January on a seasonal boost, a Reuters poll showed, while credit growth may be constrained by some marginal tightening of monetary policy as the central bank focuses on preventing risks. China’s January yuan loans seen at record high, central bank to cool credit growth in 2021: Reuters poll | Reuters

Nigeria’s central bank said it ordered deposit-taking banks and other financial institutions to close accounts dealing in cryptocurrencies because it was threatening the country’s financial system. Nigeria Central Bank Says Cryptocurrencies Were A Threat – Bloomberg

The Central Bank of Nigeria (CBN) issued a five-page statement Sunday clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions on Friday sent shockwaves through social media. Nigerian Central Bank Says Its Ban on Crypto Accounts Is Nothing New | Nasdaq

Beijing and Suzhou will issue a total of 40 million yuan (US$6.2 million) in the latest trials of the nation’s digital currency this week in a bid to boost consumption over the upcoming Lunar New Year holiday. China digital currency: Beijing, Suzhou confirm latest trials as e-yuan tests top 100 million yuan | South China Morning Post (scmp.com)

Tesla and SpaceX CEO Elon Musk thinks crypto could be the future but his choice of token might not be Bitcoin, the dominant cryptocurrency. Elon Musk Hints At ‘Ironic’ Possibility Dogecoin Becomes A ‘Real Currency’ (ibtimes.com)

Hopes for the U.S. economic recovery seem to be transforming the dollar from a haven asset to the risk-on currency of choice. Dollar Morphs Into Risk-On Currency Amid U.S. Growth Hopes – Bloomberg

In making the case for a mammoth $1.9 trillion economic relief package, President Joe Biden and his acolytes had maintained that economists across the board agreed that now is the time to go big in the fight against the pandemic. Well, so much for that. A number of prominent economists and former policy makers — from Democrat Lawrence Summers to Republican Douglas Holtz-Eakin — have raised questions in the past week about the size of the package. So too have some economy watchers in the financial markets. Yellen, Summers Spar About Overheating Risk in Stimulus Plan – Bloomberg

Taiwan penalized Deutsche Bank AG and three other foreign lenders after a probe into speculation on the surging local currency last year involving grain companies. Taiwan Penalizes Deutsche Bank, 3 Others for Currency Trades (msn.com)

8 February 2021, 8:12 am EST

Interbank market scan: Central Banks. Cryptocurrency. Foreign Exchange. A dim jobs report and Biden does not see full employment for ten years ….

Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.” Nigeria Central Bank Orders Cryptocurrency Accounts to Close (msn.com)

Turkey’s lira hit its strongest level since August on Friday and cemented its position as the top-performing currency in the world this year, after the central bank governor told Reuters that interest rates were unlikely to be cut for a “long time”. Turkish lira jumps as central bank chief says rate cuts long way off | Reuters

A rise in cost of Nigeria’s short-term debt and a weaker naira rate to sell dollars to investors in a month’s time signal that the country’s central bank may devalue the currency for the third time in less than a year. Rising Nigerian Central Bank Yields May Signal Naira Devaluation (msn.com)

Central bank stimulus sustain rally in cryptocurrency. Bitcoin boom backstopped by central banks’ easy-money policies | Financial Times (ft.com)

New governor Naci Agbal does not expect Turkey’s central bank to begin considering cutting interest rates from 17% until much later this year given upward pressure on already high inflation, and rate hikes are still a possibility, he told Reuters. Exclusive: Turkey central bank chief Agbal says no rate cuts for a long time this year | Reuters

The announcement this week that Viviana Taboada and Mauricio Villamizar will join Colombia’s central bank board generated not only confusion over the spelling of Taboada’s first name, but predictions that interest rate cuts may be on the horizon. New Colombia central bank board members may back rate cuts | Nasdaq

Australia’s economic outlook has improved markedly thanks to the successful suppression of the coronavirus, but even under the most optimistic assumptions wage growth and inflation will still be too low by mid-2023, the country’s central bank warned on Friday. Australia central bank sees inflation staying too low even in most optimistic scenario (msn.com)

The announcement this week that Viviana Taboada and Mauricio Villamizar will join Colombia’s central bank board generated not only confusion over the spelling of Taboada’s first name, but predictions that interest rate cuts may be on the horizon. New Colombia central bank board members may back rate cuts | Nasdaq

President Joe Biden ripped the results of the final jobs report of Donald Trump’s presidency, and used the weak job creation to illustrate the urgency of passing his Covid relief package. Biden Rips Last Jobs Report Of Trump Presidency: ‘At That Rate It’s Going To Take 10 Years Before We Get To Full Employment’ (mediaite.com)

Interbank market scan: central banks, foreign exchange, cryptocurrency

In the news ….

The foreign exchange reserves held by the central bank rose 0.25% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. https://tribune.com.pk/story/2282653/foreign-exchange-sbp-reserves-rise-33m-to-13b

The central bank has amended foreign-exchange regulations for companies and individuals to give it more flexibility in curbing currency speculation in a timely fashion. https://www.taipeitimes.com/News/biz/archives/2021/02/05/2003751784

Central banks of major economies, such as the U.S., the EU and Japan, have begun expanding their balance sheets by buying assets to inject liquidity into the market. The unconventional monetary policies are expected to stimulate the sluggish economies that were hit hard by the pandemic in 2020. The three major central banks cumulatively added $8 trillion, or is 2.5 times China‘s foreign exchange reserves, to their balance sheets in 2020. https://news.cgtn.com/news/2021-02-04/West-s-central-bank-balance-sheets-jump-by-250-China-s-forex-reserves-XBmXCNlsPe/index.html

The European Central Bank announced on Thursday that it has extended temporary euro liquidity lines until March 2022, as reported by Reuters. The extensions are with the central banks of Croatia, Albania, Hungary, the Republic of North Macedonia, San Marino, Romania and Serbia, the ECB noted in its press release. https://www.fxstreet.com/news/ecb-extending-bilateral-euro-liquidity-lines-with-non-euro-area-central-banks-202102041124

The Federal Reserve Bank of New York today announced the selection of  additional  counterparties  to support, as applicable,  agency commercial mortgage backed securities (agency CMBS) purchases and the Commercial Paper Funding Facility (CPFF). New York Fed Selects Additional Firms To Broaden its Counterparty Base for Agency CMBS and CPFF – FEDERAL RESERVE BANK of NEW YORK

Interbank market scan: Ethereum hits all time high; central banks, foreign exchange, cryptocurrency

Turkish inflation quickened for a fourth month as the lingering impact of a weak lira led to a broad-based rise in prices. Turkish Inflation Pressures Central Bank to Keep Policy Tight – Bloomberg

China drained funds from the financial system after a key cost of short-term borrowing tumbled from its highest level since 2015, showing officials remain wary of excess liquidity. China Drains Funds From Banking System as Cash Crunch Eases (msn.com)

Ethereum hit all-time highs on Wednesday, breaking above $1,500, as traders bought the cryptocurrency ahead of the launch of ethereum futures on the Chicago Mercantile Exchange next week. Cryptocurrency Ethereum hits record high ahead of CME futures launch (msn.com)

Blockchain technologies have already been seamlessly integrated into many industrial companies, and the online gambling sector is the latest to have been revolutionised by this technology. The Impact of Cryptocurrency on the Gambling Industry | Finance Magnates

Shares of several companies with deep ties to the cryptocurrency market soared on Tuesday, Feb. 2. The stocks are surging because many of the leading cryptocurrency tokens are on the rise today, which should translate into stronger financial results for all of these companies. Why Cryptocurrency Stocks Are Soaring Today (msn.com)

ING expects that the bearish dollar trend will be tested further over the remainder of this quarter and has adjusted its currency forecasts slightly. The bank expects confidence in the economic rebound to strengthen again in the second quarter. Updated Currency Exchange Rate Predictions 2021-2022: ING (exchangerates.org.uk)

Much occurred in 6 months: elections, change from Republicans to Democrats, Covid, lockdowns, gazillions of central bank meetings, average Inflation Targets. The market and the target price doesn’t care to such things and will never care in the future. The target price and the price path to target is the only concern. Currency market: S&P’s 24 hour trade (fxstreet.com)

Interbank market scan: The US House today begins voting on Biden American Rescue Plan; central banks, foreign exchange, cryptocurrency …

The Takeaway

Across seven of ten major currency pairs the dollar exhibited continued weakness after two pandemic related events. First, there was the meeting between President Joe Biden and ten Republican senators. The President released a statement that signaled that he preferred the Democratic-controlled Congress pursue the reconciliation, a stream-lined process for getting approval of $1.9 trillion in spending on Mr Biden’s “American Rescue Plan.” The GOP senators wanted a package price tagged at $618 billion.

The second event will be actual voting on rules that provide instruction in the House on determining how revenue and spending targets be reconciled with appropriate changes in existing legislation. That vote begins today around 6:30 EST.

The main takeaway at this juncture is that the US government will have to borrow funds to finance Mr Biden’s plans and there is conjecture that Treasury will have to borrow more than the $1.9 trillion that Mr Biden is requesting. Central banks from emerging and commodity-driven economies are preparing to ramp up their reserves of the US dollar in order to buy up Treasurys when the debt is issued for purchase. Interest rates on the debt and yields are expected to inch up which theoretically should be accompanied by increased demand for the dollar. The Federal Reserve’s $120 billion per month of debt combined with other central purchases of US debt may work to create a supply of dollars to tamp down the dollar price.

Currency pairsExchange Rate as of 4:45 pm EST 1 February 2021The eventPost Event-Exchange Rate as of 2:00 pm EST 2 February 2021Impact
AUD/USD0.7641Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus0.7585USD strengthening
USD/CAD1.2776Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus1.2811CAD strengthening
USD/CNY6.4267Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus6.4551USD weakening
EUR/USD1.2135Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus1.2019USD strengthening
USD/INR72.8760Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus72.9415INR weakening
GBP/USD1.3699Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus1.3654USD strengthening
USD/JPY104.6400Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus105.0700USD strengthening
USD/MXN20.5641Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus20.1798USD weakening
USD/DKK6.1262Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus6.1874USD strengthening
USD/NOK8.5474Biden signals preference for reconciliation; Congressional Democrats prepare to vote on stimulus8.6173USD strengthening
Source: Federal Reserve and Reuters

The news scan

Both houses of Congress were preparing to take the first steps forward on U.S. President Joe Biden’s $1.9 trillion COVID-19 relief package, with initial votes on Tuesday launching efforts to fast-track passage. U.S. Congress readies first steps toward $1.9 trillion COVID-19 relief bill | Reuters

Several central banks have ventured into unusual territory in the opening weeks of this year, announcing currency sales in advance as they tread a delicate line between dulling the impact of a sliding dollar and dodging the ire of the US Treasury. Central banks take rare step of flagging currency sales in advance | Financial Times (ft.com) https://www.ft.com/content/0383f3a4-41a0-464a-b831-fd1a09a6b1b0

As the Treasury Department holds its largest auctions on record, global central banks could play a familiar role in helping to sop up the deluge of debt supply set to hit markets this year. Here’s why foreign central banks are set to reprise role as big buyer of U.S. government debt (msn.com)

The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the January – March 2021 and April – June 2021 quarters[2]. TREASURY ANNOUNCES MARKETABLE BORROWING ESTIMATES | U.S. Department of the Treasury

Interbank market, central banks, foreign exchange: Will Joe Biden, GOP meeting signal increased public capital spending?

The strategy takeaway …

Joe Biden positions himself as mediator as GOP presents a non-stimulative pandemic plan.

President Joe Biden is scheduled to meet with today at 5 pm EST with 10 centrist and conservative Republican senators to discuss a $619 billion pandemic relief program. Specifically, the GOP offering proposes the following:

$160 billion in direct pandemic response;

$132 billion in additional unemployment insurance;

$20 billion to fund childcare and a development block grant;

$20 billion to fund a “get back to school” initiative;

$50 billion to small businesses including another itineration of the Paycheck Protection Program;

$220 billion in direct payments to households;

$12 billion for nutritional support programs; and

$4 billion for behavioral support services.

The total GOP package is roughly one-third of the $1.9 trillion proposals favored by most Democrats. Mr Biden has been reportedly receiving pushback from the more progressive wing of his party regarding his willingness to sit down and listen to the GOP proposals. Progressive Democrats prefer that the Senate GOP negotiate directly with Senate Democrats versus conducting an end-around with the President.

The dollar likely climbs with growth in gross domestic product and positive growth in its commodities and equities markets. Infrastructure spends would also attract capital to the United States thus driving up demand for the dollar resulting in its appreciation. The GOP’s proposal does not, in my opinion, stimulate growth that can be expressed in currencies. The “stimulus” is more of a pandemic band-aid designed to keep the United States together until an economy that is more familiar comes along.

At best, traders should view the GOP’s strategy for stimulus as non-dynamic due to a lack of emphasis on non-capital driven items. Mr Biden’s American Rescue Plan does not appear to do more than be a bigger band-aid for households versus actual stimulation of economic growth.

Mr Biden’s American Rescue Plan touts a total of $1.9 trillion in funding. The Plan also focuses on extended unemployment insurance, direct pandemic payments to households, higher minimum wage, increased food aid, and expanded child tax credit, and continued foreclosure and eviction moratoriums. No emphasis on infrastructure or the other classic big ticket, shovel ready items that attracts capital expenditures.

Short of a significant lift on restrictions that limit travel and gatherings that would lead to reigniting economic activity, I don’t see much in either the GOP or Mr Biden’s plans that will bring back better.

The interbank market news scan …

President Joe Biden and Democratic congressional leaders must decide whether to break the administration’s $1.9 trillion Covid-19 relief proposal into pieces after a scaled-down Republican plan emerged. Republican Stimulus Offer Challenges Biden to Split Aid Bill (msn.com)

The group of 10 Republican senators seeking to negotiate with President Biden on a new round of COVID-19 relief unveiled details of their proposal on Monday, hours before the lawmakers are set to meet with the president at the White House. GOP senators detail $618 billion COVID relief counteroffer (msn.com)

GOP proposed sixth Covid-19 relief package. Proposed Sixth Covid Relief Package.pdf (senate.gov)

As President Joe Biden prepares to meet with Republican senators on Monday to discuss his proposed $1.9 trillion COVID-19 relief bill, progressives have urged the commander-in-chief to move ahead with his stimulus plan regardless of whether the GOP supports it. Progressives Dismiss Joe Biden’s Bipartisan Effort on COVID Relief, Demand Action Now (msn.com)

Ghana’s central bank on Monday kept its main interest rate unchanged at 14.5%, Governor Ernest Addison said in a statement. Ghana central bank holds key rate at 14.5% | Nasdaq

The Australian and New Zealand dollars were little changed on Monday ahead of a central bank meeting as cautious currency traders watched on while a wave of runaway retail investors unsettled equity markets. Australian dollar trades fractionally higher head of central bank meeting | Reuters

Cryptocurrency XRP tumbled into the red on Monday, after rising more than 50% in early trading, as a “pump and hold” scheme organized by day traders ran into trouble.https://www.consumersadvocate.org/widgets/text_list?pcuid=cf4d004eb5b1

Yet “meme” currency Dogecoin held on gains of around 34% as amateur investors zeroed in on new assets in the wake of the GameStop saga and Elon Musk boosted interest in cryptocurrencies. XRP falls sharply after soaring 50% but Dogecoin is holding on, with day traders looking for new targets and Elon Musk fanning interest (msn.com)

The head of Hong Kong Monetary Authority has rejected lawmakers’ call to dip into the HK$4.5 trillion (US$581 billion) Exchange Fund to finance the government’s rescue packages for companies and individuals hard hit by the Covid-19 pandemic, saying such a move would hurt the fund’s ability to defend the local currency. Hong Kong wants to keep its US$581 billion war chest for defending the currency instead of the economy, monetary chief says | South China Morning Post (scmp.com)

Interbank market scan as of 9:27 pm AST: central banks, cryptocurrency, foreign exchange

Currency pairsExchange Rate as of 11:07am AST 28 January 2021Exchange Rate as of 10:11 pm AST 31 January 2021
AUD/USD0.76810.7639
USD/CAD1.27741.2781
USD/CNY6.48226.4250
EUR/USD1.21181.2130
USD/INR73.050072.8770
GBP/USD1.37151.3714
USD/JPY104.0600104.6500
USD/MXN20.700020.4010
USD/DKK6.15546.1323
USD/NOK8.62428.5628
Source: Reuters

Australia only recently started its quantitative-easing program, yet the key question already confronting the central bank is when and how to taper bond purchases given the strong economic recovery. Australia Central Bank Faces Taper Quandary as Peers on Hold – Bloomberg

Dogecoin, a Shiba Inu-themed digital coin that started as a joke and became the latest obsession for retail traders this week, plunged almost by half Saturday, sparking a flurry of posts on Reddit and Twitter begging coin holders not to panic sell. Dogecoin Plunges After Rally, Sparking Outcry on Reddit – Bloomberg

The European Central Bank’s chief economist Philip Lane played down the prospect of the ECB buying stocks or bank bonds as part of its pandemic-fighting efforts, saying in a newspaper interview published on Sunday these were not in its toolbox. ECB’s Lane says stocks, bank bonds not in toolbox: paper | Reuters

Cutting the UK’s official interest rate below zero would fail to boost Britain’s Covid-stricken economy because lenders would increase mortgage costs in response, the Bank of England has been told. Negative interest rates would not help Covid economy, Bank of England told (msn.com)

Bitcoin prices on Indian crypto exchanges fell 7-8% on Sunday afternoon after the government announced it would introduce India’s cryptocurrency bill in the budget session of the Parliament. https://economictimes.indiatimes.com/tech/tech-bytes/crypto-community-panics-on-news-of-pvt-currencys-exit/articleshow/80620693.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

31 January 2021

Interbank market news scan as of 12:25 pm AST: Cryptocurrency, central banks, foreign exchange

Bitcoin investors need to be prepared to “lose all their money,” European Central Bank governing council member Gabriel Makhlouf said, the latest warning from a central banker on the cryptocurrency. Bitcoin (BTC USD) Cryptocurrency Investors May Lose Everything, Banker Warns – Bloomberg

Colombia’s central bank board on Friday decided to maintain the benchmark interest rate at the historic low of 1.75% for a fourth consecutive month in a majority vote during its first meeting of the year. Colombia’s central bank holds interest rate at 1.75% in majority vote | Nasdaq

A Lebanese prosecutor charged central bank Governor Riad Salameh with dereliction of duty and breach of trust over the alleged misuse millions of dollars provided by the regulator last year. Lebanese Judge Charges Central Bank Governor Over FX Misuse (msn.com)

Treasury Secretary Janet Yellen faces one more headache on an agenda packed with everything from Covid-19 relief to addressing inequality and overhauling tax policy: tensions over foreign-exchange intervention. Yellen Faces ‘Currency War’ Redux as Strong Dollar Ditched – Bloomberg

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government. India proposes law to ban cryptocurrencies, create official digital currency (msn.com)

Apollo Currency (CURRENCY:APL) traded up 6.8% against the dollar during the twenty-four hour period ending at 13:00 PM Eastern on January 29th. Apollo Currency has a market capitalization of $13.98 million and approximately $1.63 million worth of Apollo Currency was traded on exchanges in the last day. Apollo Currency (APL) Price Up 7.5% Over Last 7 Days – Modern Readers

Interbank market news scan as of 11:30 am AST: Central Banks, Foreign Exchange; US economy expands in last quarter of 2020

Currency pairsExchange Rate Before Event 11:07am ASTEventPost EventExchange Rate Post Event
AUD/USD0.7681GDP release0.7602USD strengthening
USD/CAD1.2774GDP release1.2829USD strengthening
USD/CNY6.4822GDP release6.4603USD weakening
EUR/USD1.2118GDP release1.2129USD weakening
USD/INR73.0500GDP release72.9664USD weakening
GBP/USD1.3715GDP release1.3700USD strengthening
USD/JPY104.0600GDP release104.4100USD strengthening
USD/MXN20.7000GDP release20.3430USD weakening
USD/DKK6.1554GDP release6.1312USD weakening
USD/NOK8.6242GDP release8.6860USD strengthening
Sources: Federal Reserve, Reuters

 The U.S. Bureau of Economic Analysis today reported the following:

“Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the fourth quarter of 2020, reflecting both the continued economic recovery from the sharp declines earlier in the year and the ongoing impact of the COVID-19 pandemic, including new restrictions and closures that took effect in some areas of the United States. In the third quarter, real GDP increased 33.4 percent.”

The takeaway …

I can’t say with any certainty that today’s report has a direct effect on foreign exchange rates.  The US dollar has been weakening for some time and weakness is expected throughout the rest of the year.  Given yesterday’s announcement by Federal Reserve chairman Jerome Powell that the fed funds target rate would remain the same (0-.25%) and that running the inflation rate above two percent would continue, the lack of change in dollar weakness is no surprise.

Traders should expect the Biden administration will maintain a strategy that has addressing Covid-19 at its core.  Deviation from this policy path should inform traders that not only is spread of and infection by the virus under control but the U.S. political economy is moving back to pre-pandemic activity.

In other news …  

China’s interbank treasury bond index in net price opened at 979.94 points Thursday, lower from the previous close of 980.43 points, according to the China Foreign Exchange Trade System. China’s interbank treasury bond index opens lower Thursday – Xinhua | English.news.cn (xinhuanet.com)

The Nigerian government has become dependent on central-bank borrowing and will struggle to wean itself off the copious money printing that has raised concerns about the health of Africa’s largest economy, according to market observers. Nigeria’s Addiction to Central Bank Money Seen Hard to Cure – Bloomberg

Central banks representing one-fifth of the world’s population are likely to issue their own digital currencies in the next three years, a survey by central bank umbrella group the Bank for International Settlements shows. Central bank digital cash could come to 20% of the world in three years – BIS | Reuters

Yemen’s central bank dismissed United Nations allegations that the Yemeni government misused millions of dollars from Saudi Arabia to buy essential commodities for the Yemeni people. Yemen’s central bank dismisses UN corruption allegations (apnews.com)

The European Central Bank’s views on the euro this week amount to a declaration of “currency war,” according to research from one of Germany’s biggest banks. ECB In ‘Currency War’ Over Euro, Commerzbank Strategist Says – Bloomberg