Alleged rift between US Treasury and Federal Reserve a big to do about nothing; 10:04 am AST 20 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 10:04 am AST, 20 November 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 .76397 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 1.30877 CAD

CAD/USD=0.76397   USD/CAD=1.30877

CNH/USD= 0.15209   USD/CNH=6.57371

EUR/USD= 1.18456   USD/EUR=0.84410

DKK/USD =0.15895    USD/DKK=6.28955

NGN/USD= 0.00261    USD/NGN=379.656

JPY/USD=0.00963     USD/JPY=103.87

INR/USD=0.01348       USD/INR=74.0790

JMD/USD=0.00673     USD/JMD=145.651

GYD/USD=0.00469       USD/GYD= 204.998

GHS/USD=0.17080     USD/GHS= 5.81113

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00906       USD/KES= 108.394

Source: OANDA

Major political/legal event in the United States

Yesterday, the U.S. Department of the Treasury released the following:

Today U.S. Treasury Secretary Steven T. Mnuchin sent a letter to Chairman of the Federal Reserve Board of Governors Jerome Powell requesting a 90-day extension of the Commercial Paper Funding Facility (CPFF), the Primary Dealer Credit Facility (PDCF), the Money Market Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF). 

“With respect to the facilities that used CARES Act funding (PMCCF, SMCCF, MLF, MSLP, and TALF), I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (either directly or indirectly) expire on December 31, 2020. As such, I am requesting that the Federal Reserve return the unused funds to the Treasury. This will allow Congress to re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds,” said Secretary Steven T. Mnuchin.

“In the unlikely event that it becomes necessary in the future to reestablish any of these facilities, the Federal Reserve can request approval from the Secretary of the Treasury and, upon approval, the facilities can be funded with Core ESF funds, to the extent permitted by law, or additional funds appropriated by Congress. I am deeply honored to have worked on executing these programs and hope that because of our collective actions, Congress will show similar trust in Federal Reserve Chairs and Treasury Secretaries in the future.”

Source: U.S. Department of the Treasury

10:34 am AST 19 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 10:34 am AST, 19 November 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 .76449 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 1.30788 CAD

CAD/USD=0.76449   USD/CAD=1.30788

CNH/USD= 0.15260   USD/CNH=6.55179

EUR/USD= 1.18658   USD/EUR=0.84266

DKK/USD =0.15926    USD/DKK=6.27767

NGN/USD= 0.00261    USD/NGN=380.196

JPY/USD=0.00962     USD/JPY=103.91

INR/USD=0.01347       USD/INR=74.1356

JMD/USD=0.00672     USD/JMD=145.831

GYD/USD=0.00469       USD/GYD= 204.981

GHS/USD=0.17095     USD/GHS= 5.80919

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00906       USD/KES= 108.367

Source: OANDA

Major political/legal event in the United States

Yesterday, the U.S. Department of the Treasury released the following:

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. 

Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.

If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not.  Therefore, we encourage businesses to file for forgiveness as soon as possible.

In the case where a PPP loan was expected to be forgiven, and it is not, businesses will be able to deduct those expenses. 

“Today’s guidance provides taxpayers with greater clarity and flexibility,” said Secretary Steven T. Mnuchin.  “These provisions ensure that all small businesses receiving PPP loans are treated fairly, and we continue to encourage borrowers to file for loan forgiveness as quickly as possible.”

Source: U.S. Department of the Treasury

Dollar continues decline; Twitter and Facebook CEOs testify before US Senate today …

As of  8:22 am AST, 17 November 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 .76351 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 1.30956 CAD

CAD/USD=0.76351   USD/CAD=1.30956

CNH/USD= 0.15204   USD/CNH=6.57601

EUR/USD= 1.18446   USD/EUR=0.84417

DKK/USD =0.15903     USD/DKK=6.28648

NGN/USD= 0.00261    USD/NGN=379.042

JPY/USD=0.00956      USD/JPY=104.59

INR/USD=0.01343       USD/INR=74.3520

JMD/USD=0.00672     USD/JMD=145.669

GYD/USD=0.00469       USD/GYD= 204.735

GHS/USD=0.17092     USD/GHS= 5.81221

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.384

Source: OANDA

Major political/legal event in the United States

President Trump nominates Joseph Barloon to the US Court of International Trade

Yesterday, President Donald Trump sent the name Joseph L. Barloon to the United States Senate as a nominee for a seat on the United States Court of International Trade.  Mr Barloon currently serves as general counsel to the United States Trade Representative and serves as the acting deputy USTR for China Affairs.

Source: Executive Office of the President

Facebook, Twitter CEOS to testify before Senate sub-committee

Today, Facebook chief executive officer Mark Zuckerberg and Twitter chief executive officer Jack Dorsey will testify before the U.S. Senate Committee on the Judiciary.  The leaders and founders of the two social media giants will be asked questions about censorship during the 2020 general election.

Source: United States Senate Committee on the Judiciary

11:02 pm 15 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 11:02 pm EST, 15 November 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 .76105 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 1.31301 CAD

CAD/USD=0.76105   USD/CAD=1.31301

CNH/USD= 0.15159   USD/CNH=6.59332

EUR/USD= 1.18326   USD/EUR=0.84472

DKK/USD =0.15884     USD/DKK=6.29161

NGN/USD= 0.00261    USD/NGN=377.495

JPY/USD=0.00955      USD/JPY=104.59

INR/USD=0.01340       USD/INR=74.3780

JMD/USD=0.00672     USD/JMD=145.859

GYD/USD=0.00469       USD/GYD= 204.822

GHS/USD=0.17046     USD/GHS= 5.81740

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.341

Source: OANDA

Major political/legal event in the United States

Reuters reporting that President Donald J. Trump has yet to concede the presidential election to presumptive president-elect Joseph R. Biden.  Over the weekend President Trump appeared to conceded the election to the former vice-president but has since backtracked vowing to continue on with a number of state court challenges to the election.

Source: Reuters

10:37 am 13 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 10:37 am EST, 13 November 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 .76327 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 1.30996 CAD

CAD/USD=0.76327   USD/CAD=1.30996

CNH/USD= 0.15112   USD/CNH=6.61616

EUR/USD= 1.17938   USD/EUR=0.84780

DKK/USD =0.15838     USD/DKK=6.31214

NGN/USD= 0.00262    USD/NGN=380.053

JPY/USD=0.00950      USD/JPY=105.23

INR/USD=0.01340       USD/INR=74.4783

JMD/USD=0.00671     USD/JMD=145.880

GYD/USD=0.00469       USD/GYD= 204.829

GHS/USD=0.17098     USD/GHS= 5.81812

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.088

Source: OANDA

Major political/legal event in the United States

Yesterday in attempt to address attacks on American national security, President Donald J. Trump issued an executive order prohibiting transactions in publicly traded securities of Chinese military companies.  President Trump argues that capital raised via transactions in the securities of these companies is eventually channeled into financing improvements in Chinese military intelligence gathering.

Source:  Executive Office of the President

8:27 pm 12 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 8:27 pm EST, 12 November 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 .76327 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 1.30996 CAD

CAD/USD=0.76327   USD/CAD=1.30996

CNH/USD= 0.15112   USD/CNH=6.61616

EUR/USD= 1.17938   USD/EUR=0.84780

DKK/USD =0.15838     USD/DKK=6.31214

NGN/USD= 0.00262    USD/NGN=380.053

JPY/USD=0.00950      USD/JPY=105.23

INR/USD=0.01340       USD/INR=74.4783

JMD/USD=0.00671     USD/JMD=145.880

GYD/USD=0.00469       USD/GYD= 204.829

GHS/USD=0.17098     USD/GHS= 5.81812

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.088

Source: OANDA

Major political/legal event in the United States

Federal Reserve Vice-chair Quarles testified before House Financial Service committee today

Randal K. Quarles, vice-chair for supervision for the Federal Reserve, will testify today before the U.S. House Committee on Financial Services.  His testimony will focus on the Federal Reserve’s supervisory activities in the context of the ongoing pandemic.

The Democratic Party will maintain control of the financial services committee in the next Congress.  There will likely be signals as to where committee chairwoman, U.S. Representative  Maxine Waters, Democrat of California, would like Congress and the Biden administration to focus legislative and regulatory initiatives.

Source: Federal Reserve  

11:42 am 12 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 11:42 am EST, 12 November 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 .76641 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 1.30461 CAD

CAD/USD=0.76641   USD/CAD=1.30461

CNH/USD= 0.15127   USD/CNH=6.60956

EUR/USD= 1.17895    USD/EUR=0.84811

DKK/USD =0.15834     USD/DKK=6.31400

NGN/USD= 0.00262    USD/NGN=380.460

JPY/USD=0.00949      USD/JPY=105.38

INR/USD=0.01344       USD/INR=74.2553

JMD/USD=0.00673      USD/JMD=145.540

GYD/USD=0.00475       USD/GYD= 207.614

GHS/USD=0.17139       USD/GHS= 5.80752

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 107.904

Source: OANDA

Major political/legal event in the United States

Federal Reserve Vice-chair Quarles testifies before House Financial Service committee today

Randal K. Quarles, vice-chair for supervision for the Federal Reserve, will testify today before the U.S. House Committee on Financial Services.  His testimony will focus on the Federal Reserve’s supervisory activities in the context of the ongoing pandemic.

The Democratic Party will maintain control of the financial services committee in the next Congress.  There will likely be signals as to where committee chairwoman, U.S. Representative  Maxine Waters, Democrat of California, would like Congress and the Biden administration to focus legislative and regulatory initiatives.

Source: Federal Reserve  

9:47 am 11 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of  9:47 am EST, 11 November 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 .76819 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 1.30157 CAD

CAD/USD=0.76819   USD/CAD=1.30157

CNH/USD= 0.15142   USD/CNH=6.60316

EUR/USD= 1.18174    USD/EUR=0.84611

DKK/USD =0.15870     USD/DKK=6.29960

NGN/USD= 0.00262    USD/NGN=379.530

JPY/USD=0.00951       USD/JPY=105.18

INR/USD=0.01347       USD/INR=74.0906

JMD/USD=0.00674      USD/JMD=145.426

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17136       USD/GHS= 5.82457

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00911       USD/KES= 108.146

Source: OANDA

Major political/legal event in the United States

Last Monday, the Federal Reserve Bank of New York’s Center for Microeconomic Data released the October 2020 Survey of Consumer Expectations, which shows a decline in income and spending growth expectations. Changes in labor market expectations were mixed showing declines in both average job loss and job finding expectations. Median inflation expectations declined at the short-term horizon, while remaining unchanged at the medium-term horizon. Uncertainty and disagreement about future inflation decreased slightly but remained at an elevated level.

9 November 2020: Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 11:14 pm EST, 9 November 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 .76934 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 1.29964 CAD

CAD/USD=0.76934   USD/CAD=1.29964

CNH/USD= 0.15178   USD/CNH=6.58714

EUR/USD= 1.18614    USD/EUR=0.84297

DKK/USD =0.15921     USD/DKK=6.27914

NGN/USD= 0.00261    USD/NGN=381.557

JPY/USD=0.00958       USD/JPY=104.36

INR/USD=0.01352       USD/INR=73.8335

JMD/USD=0.00674      USD/JMD=145.335

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17142       USD/GHS= 5.82570

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00910       USD/KES= 107.944

Source: OANDA

Major political/legal event in the United States

Biden launches transition website

Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021.  Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic.  Spending initiatives include:

  • Providing state, local, and tribal governments with financial assistance;
  • Extending Covid crisis unemployment insurance to people out of work;
  • Provide a financial package for small businesses and entrepreneurs;
  • Creation of a public health corps that puts the unemployed to work fighting the pandemic.

No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.

Source: BuildBackBetter.com

Treasury announces tax deduction for pass-through entities

Today, the U.S. Department of the Treasury announced rule changes that clarify that State and local income taxes imposed on and paid by a pass-through entity are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable income or loss for the taxable year of payment. 

Source: Treasury.gov

Biden starts transition plans: Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 11:11 am EST, 9 November 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 .76559 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 1.30530 CAD

CAD/USD=0.76559   USD/CAD=1.30530

CNH/USD= 0.15166   USD/CNH=6.58901

EUR/USD= 1.18728    USD/EUR=0.84194

DKK/USD =0.15925     USD/DKK=6.27257

NGN/USD= 0.00261    USD/NGN=381.500

JPY/USD=0.00967       USD/JPY=103.34

INR/USD=0.01350       USD/INR=73.8010

JMD/USD=0.00675      USD/JMD=145.128

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17141       USD/GHS= 5.82600

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.121

Source: OANDA

Major political/legal event in the United States

Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021.  Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic.  Spending initiatives include:

  • Providing state, local, and tribal governments with financial assistance;
  • Extending Covid crisis unemployment insurance to people out of work;
  • Provide a financial package for small businesses and entrepreneurs;
  • Creation of a public health corps that puts the unemployed to work fighting the pandemic.

No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.

Source: BuildBackBetter.com