Atlanta 14 December 2020, 9:43 PM EST
The Board of Governors of the Federal Reserve System today released the foreign exchange rates for the following foreign exchange pairs. Compare with exchange rates quoted by foreign exchange broker OANDA as of 9:59 PM EST:
Federal Reserve OANDA
EUR/USD = 1.2112 EUR/USD = 1.21443
GBP/USD = 1.3197 GBP/USD = 1.33503
USD/CAD = 1.2767 USD/CAD = 1.27508
USD/JPY = 103.880 USD/JPY = 103.93
The top six trading partners with the United States in terms of total exports to those countries saw their costs for the dollar fall over the past 30 days. The USD/CAD trading pair was priced at 1.3145 CAD on 14 November By 14 December , that rate has fallen by 2.9% to 1.2766 CAD.
The USD/MEX, priced at 20.6473 MXN on 14 November 14, is now down two percent to 20.1201 MXN. Meanwhile, the USD/CHN is now priced at 6.53252, down 1.2% from its 14 November price of 6.6106 CHN.
The USD/JPY is equal today to 104 JPY. On 14 November, this price was .8% higher at 104.82 JPY. And as the world waits for Great Britain and the European Union to settle their divorce, the exchange rate of the USD/GBP pair today at 0.75532 reflects a decline of .60% from the 0.7599 exchange rate back on 14 November.
And speaking of Europe, the USD/EUR pair has an exchange rate today of 0.82533, down 2.5% from the 14 November level of 0.8461.
Source: OANDA
How to read the chart:
EUR/USD: You want to buy euros (EUR) with US dollars (USD). Where the market determined exchange rate is one EUR for 1.21088 USD, you divide your dollars in hand by the exchange rate to determine the number of euros you will receive.
USD/CAD=1.27702
USD/GBP=0.75077
GBP/USD=1.33175
USD/CNH=6.53412
USD/EUR=0.82575
EUR/USD= 1.21088
USD/DKK=6.14584
USD/NGN= 379.869
USD/JPY=104.36
USD/INR=73.6224
USD/GHS=5.84964
Source: OANDA
Major political/legal event impacting foreign exchange:
Treasury Secretary Mnuchin addresses congressional oversight commission on CARES Act
Yesterday, U.S. Treasury Department Secretary Steven Mnuchin made the following address:
“Senator Toomey, Representative Hill, Representative Shalala, and Commissioner Ramamurti, I am pleased to join you today to discuss the Department of the Treasury’s work to execute the National Security Loan Program established in the CARES Act. Treasury has worked diligently to implement every piece of the CARES Act, including the National Security Loan Program, efficiently and transparently.
NATIONAL SECURITY LOAN PROGRAM
The CARES Act provides funding for up to $17 billion in loans to businesses critical to maintaining national security related to losses incurred as a result of coronavirus. The CARES Act authorized Treasury to make loans and loan guarantees for “businesses critical to maintaining national security.” The statute, however, does not define that term. Therefore, after consulting with the Department of Defense and the Office of Director of National Intelligence, Treasury issued guidance on April 10, 2020, providing that a company can fall within this definition if it meets at least one of three criteria:
If a company met at least one of the three necessary criteria, Treasury conducted detailed financial and legal reviews of each application pursuant to consistent credit standards that were applied to all applicants.
To date, Treasury has approved 11 loans totaling nearly $736 million. Information on the companies and dollar amounts are publicly available on our website, Treasury.gov.
Many of the companies we initially expected to take part in the program were able to raise funds in the capital markets, leaving most of the available loan funds unused. Going forward, I urge Congress to re-allocate these funds to provide relief for aviation industry workers, who continue to struggle through no fault of their own.
CONCLUSION
I would like to thank the members of the Commission for working with us to provide vital economic relief to American workers, families, and businesses. I hope that the extensive amount of information Treasury has provided to the Commission has been helpful to you, and I am pleased to answer any questions you may have.”
As of 11:30 am AST, 10 December 2020:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .78103 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.28018 CAD
CAD/USD=0.78103 USD/CAD=1.28018
CNH/USD= 0.15339 USD/CNH=6.51820
EUR/USD= 1.21037 USD/EUR=0.82610
DKK/USD =0.16260 USD/DKK=6.14831
NGN/USD= 0.00260 USD/NGN=379.384
JPY/USD=0.00960 USD/JPY=104.19
INR/USD=0.01356 USD/INR=73.5975
JMD/USD=0.00683 USD/JMD=143.446
GYD/USD=0.00469 USD/GYD= 205.184
GHS/USD=0.17031 USD/GHS= 5.84142
XCD/USD=0.37037 USD/XCD= 2.70
KES/USD = 0.00889 USD/KES= 110.408
BBD/USD = 0.50000 USD/BBD = 2.0000
TTD/USD = .14459 USD/TTD= 6.66797
BTC/USD= 18252.40 USD/BTC= 0.00005
Source: OANDA
Major political/legal event impacting foreign exchange:
BIS releases Basel III monitoring results on banks
Today, the Bank of International Settlements Basel III committee released results of its survey determining compliance with bank capital requirements developed in 2010 under the Basel III framework. The framework was developed in response to the financial crisis of 2008. The objective of Basel III was to modify bank capital requirements thus leading to less variability in a bank’s risk weighted assets.
The survey announced today found that banks were continuing to make progress toward meeting the Basel III requirements and that bank liquidity ratios pre-Covid have been improving.
Source: Bank of International Settlements
Press release
10 December 2020
The Global Foreign Exchange Committee (GFXC) met to discuss the progress being made in its review of the FX Global Code. The Committee is on track to finalise the review in mid-2021.
Ahead of its latest meeting, GFXC members received papers prepared by the working groups for each of the focus areas of the review: buy-side outreach, disclosures, anonymous trading, algorithmic trading, settlement risk, and execution principles. “The review of the Code is progressing well. One major theme across all areas of the review is the importance of clear and accessible disclosures. There is widespread support for standardised disclosures cover sheets. They have the potential to move the FX market forward in a material way, promoting greater transparency and supporting Market Participants in making informed choices.” said GFXC Chair Guy Debelle.
The GFXC discussed the feedback on these papers from the local foreign exchange committees (FXCs). The papers and the proposed changes to the Code will be revised on the back of that feedback and then recirculated to the FXCs for another round of detailed feedback in March. A public ‘Request for Feedback’ on some of the proposals coming out of the review will be launched in April. The final proposals will be submitted for approval by the GFXC at their June 2021 meeting.
The GFXC announced that Richard de Roos, Group Head of Foreign Exchange for Standard Bank Group, has been selected as Co-Vice Chair for a two-year team.
“The GFXC is committed to its outreach and adoption of the Code to accommodate all stakeholders and jurisdictions in the foreign exchange markets. I am honoured by this appointment and excited by the opportunity it provides to emerging markets across the globe as we continue to ensure we are aligned with best practice while providing an important voice to the GFXC on our particular markets” Mr de Roos said.
Mr de Roos will succeed outgoing Co-Vice Chair, Akira Hoshino (Head of FX at Citi, Tokyo). “Akira has brought his wealth of experience from his long and illustrious career in the market to make a significant contribution as Co-Vice-Chair of the GFXC. He is a great sounding board for the work the GFXC is doing to support the effective functioning of the market.” said Dr Debelle.
The GFXC also welcomed the Indonesian Foreign Exchange Market Committee and Israel as associate members.
The GFXC continued its discussions on the WM/Reuters 4pm fix, with Refinitiv Benchmark Services Limited presenting data on trading patterns around the fix as well as updating members on its current focus areas for administering these benchmarks.
Summaries prepared by the GFXC members on broader trading conditions in foreign exchange markets are also being published today. The minutes of the meeting will be published in January.
For additional details on the GFXC and the FX Global Code, visit the GFXC website: www.globalfxc.org.
Press inquiries:
Cecile Lefort
Reserve Bank of Australia
media@globalfxc.org
Foreign exchange rates of interest as of 9 December 2020, 5:30 pm AST:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .78113 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.28002 CAD
INR/USD = 0.01356 USD/INR=73.6386
CAD/USD= 0.78113 USD/CAD= 1.28002
JMD/USD= 0.00682 USD/JMD = 143.631
EUR/USD= 1.21122 USD/EUR = 0.82552
NGN/USD= 0.00260 USD/NGN = 379.723
CNH/USD= 0.15338 USD/CNH = 6.51859
JPY/USD = 0.00961 USD/JPY = 104.09
Source: OANDA
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According to data from OANDA, a foreign exchange brokerage, for the period 1 December to 5 December 2020, the Nigeria price of the US dollar fell 0.060% from 378.373 NGN to 378.145 NGN. The Nigeria price for the euro, British pound, and the yuan saw increases, however. The Nigeria price of the euro increased from 453.889 NGN to 458.285 NGN (0.969%) while the Nigeria price of the British pound increased from 506.130 NGN to 507.890 NGN (0.348%)
During the same period, the Nigeria price of the China’s yuan increased from 57.6594 NGN to 58.0075 NGN (0.604%).
As of 3 December 2020, the Bank of Nigeria reported that its interbank mid-range foreign exchange rate for the U.S dollar was 379.50 NGN while the interbank exchange rate for the euro came in at 460.375 NGN and the price for the British pound was 509.9342 NGN. Meanwhile the interbank foreign exchange rate for the Chinese yuan came in at 57.9137 NGN.
Nigeria’s interbank interest rate as of 2 December 2020 is .50.
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As of 12:37 pm AST, here are foreign exchange rates for countries trading commodities with Trinidad and Tobago.
How to read the chart:
USD/TTD: If you come to Trinidad and Tobago with one United States dollar (USD) and wish to sell it for a Trinidad and Tobago dollar (TTD), the market price is 6.65560 TTD.
USD/CAD: If you take a Trinidad and Tobago dollar (TTD) to the United States and wish to sell it for a United States dollar(USD), the market price is 0.14482 USD.
Trinidad and Tobago exports 34.8% of its commodities to the United States and 9% to Argentina. Almost 24% of its imports are from the U.S. followed by Russia (15.3%), Columbia (11.1%), and Gabon (10.5%).
USD/TTD=6.65560 TTD/USD=0.14482
ARS/TTD=0.08165 TTD/ARS=11.8034
RUS/TTD=0.0889 TTD/RUS=10.8354
COL/TTD=0.00190 TTD/COL=505.772
XAF/TTD=0.01231 TTD/XAF=78.2939
CNH/TTD=1.01748 TTD/CNH=0.94712
Last November, it was reported that Jeff Bezos, via his personal venture capital fund, would be investing in the Uganda-based financial technology firm Chipper Cash. In an effort to monitor the progress of capital flows into African countries within Chipper Cash’s footprint, we are beginning a series of blog posts documenting foreign exchange rates in these countries.
As of 8:24 am AST 4 December 2020, here are the exchange rates with Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya based on the U.S. dollar.
GHS/USD=0.17061 USD/GHS=5.82987
UGX/USD=0.00027 USD/UGX=3,668.06
NGN/USD=0.00262 USD/NGN=377.448
TZS/USD=0.00043 USD/TZS=2308.76
RWF/USD=0.00100 USD/RWF=974.557
ZAR/USD=0.06551 USD/ZAR=15.2518
KES/USD=0.00895 USD/KES=110.008
Source: OANDA
Legal/Political events impacting African currencies:
U.S. releases jobs report today
The U.S. Department of Labor today will release its jobs situation report which is expected to provide the U.S. and its trading partners with insights into the spending power of Americans. More individuals entering the labor market along with increases in wages should provide African nations trading with the U.S. a gauge on the capacity of the American consumer.
As of 9:36 am AST, 3 December 2020:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .77302 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29344 CAD
CAD/USD=0.77302 USD/CAD=1.29344
CNH/USD= 0.15265 USD/CNH=6.54972
EUR/USD= 1.20787 USD/EUR=0.82781
DKK/USD =0.16225 USD/DKK=6.16157
NGN/USD= 0.00262 USD/NGN=377.841
JPY/USD=0.00957 USD/JPY=104.50
INR/USD=0.01357 USD/INR=73.5849
JMD/USD=0.00678 USD/JMD=144.553
GYD/USD=0.00469 USD/GYD= 204.916
GHS/USD=0.17049 USD/GHS= 5.82649
XCD/USD=0.37037 USD/XCD= 2.70
KES/USD = 0.00897 USD/KES= 109.505
BBD/USD = 0.50000 USD/BBD = 2.0000
TTD/USD = .14488 USD/TTD= 6.65179
BTC/USD= 17444.40 USD/BTC= 0.00006
Source: OANDA
Major political/legal event impacting foreign exchange:
Federal Reserve releases its Beige Book finding moderate, modest US expansion
Yesterday, the Board of Governors of the Federal Reserve System released its final Beige Book for 2020. The Federal Reserve determined that US economic expansion is either moderate or modest at best. A number of districts, including the Philadelphia district, have observed a slow down in growth with a spike in COVID-19 cases since early November. Banks expect the number of borrower delinquencies to increase in 2021.
Source: Board of Governors of the Federal Reserve System
