Follow the links …
Central banks shouldn’t try to fight climate change, as doing so could endanger financial stability and undermine their independence, a top Czech monetary official said.
Central Banks Can’t Fix Climate Change, Czech Policy Maker Says (msn.com)
The European Central Bank will pay the currency bloc’s 19 central banks 1.6 billion euros in dividends this year, down from the 2.4 billion euros it paid a year ago as its profit declined, it said in a statement on Thursday.
ECB cuts dividend payment to euro zone central banks | Nasdaq
Deutsche Bank AG scaled back plans for its bonus pool after the European Central Bank objected to proposed payout levels, highlighting the challenges of rewarding top performers while heeding demands for restraint during the global pandemic.
Deutsche Bank Cut Bonus Pool Plans After Criticism From ECB (msn.com)
Currency pairs Exchange Rate as of 4:15 pm 16 February 2021(1) As of 12:54 pm EST Exchange Rate as of 18 February 2021(2)(3) AUD/USD 0.7762 0.7779 USD/CAD 1.2694 1.2701 USD/CNY 6.4567 6.4869 EUR/USD 1.2126 1.2079 USD/INR 72.6000 72.6500 GBP/USD 1.3855 1.3948 USD/JPY 104.9400 105.7300 USD/MXN 19.9300 20.4150 USD/DKK 6.1325 6.1593 USD/NOK 8.4558 8.4637 BTC/USD 48,358.6000 ETH/USD 1,700.6400 Sources: Federal Reserve (1), Reuters-FX rates (2), OANDA-crypto rates
18 February 2021
Follow the links …
Naci Agbal, Turkey’s new central bank governor, began his career as a financial inspector three decades ago. He hopes such devotion to the rules will see him – and the economy – through one of the trickiest turnaround jobs in emerging markets.
NEWSMAKER-Back-to-basics Agbal hopes this time is different at Turkey’s central bank | Nasdaq
China provided medium-term funds to lenders on Thursday, giving banks some relief after its cash drainage last month triggered the country’s worst liquidity squeeze since 2015.
China Rolls Over $31 Billion in Medium-Term Loans to Banks – Bloomberg
Zambia became the second country in the world to increase its benchmark interest rate this year as it seeks to bring down “spiraling” inflation that’s at a five-year high.
Zambia Central Bank Hikes Rate to Fight Surging Inflation – Bloomberg
Weakness in both the dollar and euro is posing a dilemma for investors about which is the best source of funding for emerging-market carry trades. On balance, the U.S. currency is still first choice.
Carry Traders Clash Over Which Major Currency Has Most to Lose – Bloomberg
New York Attorney General Letitia James announced on Wednesday her office has sued to shut down Coinseed, a cryptocurrency-trading app that prosecutors allege ignored securities laws and defrauded thousands of investors.
NY AG sues to shut down crypto app Coinseed alleging it sold a worthless currency and defrauded investors (msn.com)
Economist Nouriel Roubini, known as “Dr. Doom” for his pessimistic market views, said “the Flinstones had a better monetary system than bitcoin” in an
interview with Bloomberg Wednesday morning. The NYU professor argued bitcoin and other digital tokens shouldn’t even be considered currencies because they lack many of the basic traits currencies must possess. ‘Dr. Doom’ economist Nouriel Roubini says ‘the Flintstones had a better monetary system than bitcoin’ and the token should not be considered a currency (msn.com)
Currency pairs Exchange Rate as of 4:15 pm 16 February 2021(1) As of 2:10 am EST Exchange Rate as of 18 February 2021(2)(3) AUD/USD 0.7762 0.7754 USD/CAD 1.2694 1.2699 USD/CNY 6.4567 6.4505 EUR/USD 1.2126 1.2044 USD/INR 72.6000 72.7270 GBP/USD 1.3855 1.3851 USD/JPY 104.9400 105.9000 USD/MXN 19.9300 20.2248 USD/DKK 6.1325 6.1742 USD/NOK 8.4558 8.4960 BTC/USD 48,358.6000 ETH/USD 1,700.6400 Sources: Federal Reserve (1), Reuters-FX rates (2), OANDA-Crypto rates (3)
Follow the links …
Keeping up with data collection, capture, normalization and storage is an enormous task. In the best-case scenario, central banks systematically collect structured data electronically through reporting systems and directly from banks, brokers and market data feeds. However, in many instances, data collection is ad hoc, poorly structured, or in a non-electronic form.
Leveraging Technology for Central Bank Surveillance | Nasdaq
Central bank digital currencies (CBDCs) may signal the end of physical cash and thus propel interest in cryptocurrency from the darker side of society, according to Mike Dolan, editor-at-large for finance and markets at
Namibia’s central bank held its benchmark interest rate at a record low in its first meeting of the year, striking a balance between supporting the economy and protecting its currency’s peg to the South African rand.
Namibia Holds Interest Rate at 3.75% for Third Straight Meeting – Bloomberg
The National Bank of Hungary is likely to leave interest rates unchanged next Tuesday after a recent increase in closely watched inflation measures and continued volatility in prices and financial markets.
Hungarian central bank to leave rates steady as inflation creeps higher | Reuters
Currency pairs Exchange Rate as of 4:15 pm 16 February 2021(1) As of 11:35 am EST Exchange Rate as of 17 February 2021(2)(3) AUD/USD 0.7762 0.7729 USD/CAD 1.2694 1.2724 USD/CNY 6.4567 6.4542 EUR/USD 1.2126 1.2032 USD/INR 72.6000 72.8130 GBP/USD 1.3855 1.3843 USD/JPY 104.9400 106.0900 USD/MXN 19.9300 20.2760 USD/DKK 6.1325 6.1762 USD/NOK 8.4558 8.5090 BTC/USD 46,403.2000 ETH/USD 1,686.7300
Follow the links …
Australia’s central bank believes it will take a significant and sustained tightening in the labor market to lift inflation to more comfortable levels, a tough task that could take years to achieve.
Australia’s central bank says tighter labor market will lift inflation (cnbc.com)
A body representing cryptocurrency and blockchain stakeholders in Nigeria has joined other crypto industry players in assailing the recent Central Bank of Nigeria (CBN) directive to banks. The CBN order, which seeks snuff out crypto entities from the banking system, took effect on February 5, 2020.
Nigeria Crypto Ban: Stakeholder Body, Politicians Assail Central Bank’s Directive to Financial Institutions – Emerging Markets Bitcoin News
Indonesia’s central bank is seen trimming its benchmark rate for the first time this year on Thursday, on top of the five rate cuts it has delivered since the start of the coronavirus pandemic, according to a majority of analysts in a Reuters poll.
Indonesia’s central bank seen making this year’s first rate cut | The Star
As cryptocurrencies increasingly go mainstream, pressure is growing on the world’s biggest central banks to move forward with their plans to issue digital cash and fend off private sector threats to traditional money.
Bitcoin’s mainstream charge raises stakes for central bank digital cash – Technology – Dunya News
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 12:23 am EST Exchange Rate as of 16 February 2021(2)(3) AUD/USD 0.7656 0.7803 USD/CAD 1.2781 1.2619 USD/CNY 6.4664 6.4542 EUR/USD 1.2035 1.2139 USD/INR 72.8500 72.6320 GBP/USD 1.3714 1.3939 USD/JPY 105.4400 105.5800 USD/MXN 20.1300 19.9410 USD/DKK 6.1785 6.1255 USD/NOK 8.5428 8.3658 BTC/USD 45,471.7000 ETH/USD 1,683.8900 Sources: Federal Reserve (1) ; Reuters-exchange rates (2) ; OANDA-cryptocurrency (3)
16 February 2021
Follow the links …
Central banks in emerging economies are set to move in different directions this year: Some remain in an easing mode and are expected to lower borrowing costs further, with Bloomberg Economics predicting cuts in China, Indonesia, India and Mexico.
Emerging-Market Central Banks Are Set for a Hawkish Turn (msn.com)
Climate activists are warning that central banks are taking a “risky gamble” with their strategies for addressing the financial risks from global warming.
Central Banks Criticized for Risky Gamble on Climate Fight (msn.com)
The truth about capital flows is worth revisiting and remembering as economists, media members and politicians continue to waste so much brain space and emotion on the doings of central banks. They’re mistaken. Central banks quite simply do not matter.
Jack Ma’s Ant Group Further Exposes The Fed And Central Banks As Afterthoughts (forbes.com)
India’s foreign exchange reserves declined by $6.240 billion during the week ended February 5. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves decreased to $583.945 billion from $590.185 billion reported for the week ended January 29.
India’s foreign exchange reserves plunges by over $6 bn (sify.com)
The amount of money repatriated by Filipinos abroad fell last year for the first time since 2001 as the pandemic upended the global job market.
Philippine Remittances See First Drop Since 2001 (msn.com)
The safe-haven dollar started the week near two-week lows on Monday, as optimism about COVID-19 vaccine rollouts and a planned $1.9 trillion U.S. stimulus package drove up riskier currencies and stock markets across Europe and Asia.
Dollar weakens as market optimism lifts riskier currencies | Reuters
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 9:30 am EST Exchange Rate as of 15 February 2021(2)(3) AUD/USD 0.7656 0.7782 USD/CAD 1.2781 1.2658 USD/CNY 6.4664 6.4542 EUR/USD 1.2035 1.2123 USD/INR 72.8500 72.6140 GBP/USD 1.3714 1.3895 USD/JPY 105.4400 105.3900 USD/MXN 20.1300 19.9260 USD/DKK 6.1785 6.1259 USD/NOK 8.5428 8.4119 BTC/USD 45,583.4000 ETH/USD 1,743.7500 Sources: (1) Federal Reserve ; (2) Reuters-currency rates; (3) OANDA-crypto rates
15 February 2021
Follow the links …
London was overtaken by Amsterdam as the main European market centre in January, as more shares were traded in the Dutch capital. The shift, which initially looked ominous for City traders, comes as Brussels still refuses to recognise most UK regulatory systems as equivalent to its own post- Brexit. London dominating EU with almost half of world’s currency trading despite Amsterdam surge (msn.com)
From January 3rd and long term forecasts, the last 4 weeks trade ranges are viewed in relation to significant MA”s to complete a full month. To AUD/USD, GBP/USD and
EUR/USD was added 5 year averages. Overall, EUR/USD was the first currency in August 2020 to break above its 5 year average at 1.1300’s then the 10 year average in December 2020 at 1.2100’s. EUR/USD is categorized in the class of a risk asset and non USD currency. Currency Market: Weekly FX round up (fxstreet.com)
As issues continue to surround the recent order by the Central Bank of Nigeria to banks not to provide financial services to crypto currency businesses, in this report take accounts of how some low-income Nigerians have had a life changing experience from trading in crypto currency within the past few years, despite its volatility.
How Low-income Nigerians get lifeline from trading Crypto currencies – The Sun Nigeria (sunnewsonline.com)
Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Mirror Trading International Named Biggest Crypto Scam of the Year After Raking in $589 Million – Regulation Bitcoin News
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 10:09 pm EST Exchange Rate as of 14 February 2021(2) AUD/USD 0.7656 0.7768 USD/CAD 1.2781 1.2678 USD/CNY 6.4664 6.4542 EUR/USD 1.2035 1.2128 USD/INR 72.8500 72.5700 GBP/USD 1.3714 1.3868 USD/JPY 105.4400 105.0400 USD/MXN 20.1300 19.9154 USD/DKK 6.1785 6.1338 USD/NOK 8.5428 8.4263 BTC/USD Does not report 47,982.5000 * ETH/USD Does not report 1,835.5300 * Sources: Federal Reserve (1) ; Reuters (2); *ONADA
Follow the links …
There is no doubt that the recent central bank reaction is expected given the exigency of the suffocating situation of the Nigeria economy as it struggles to keep its head above water in the devastating environment of the ravaging pandemic. The Central Bank of Nigeria recently harvested wide-ranging criticism following its sudden directives to deposit money banks to sever all dealings with account holders certified to have any dealings in digital currency.
THE BAN ON DIGITAL CURRENCY | THISDAYLIVE
Twitter CEO Jack Dorsey and rapper Jay-Z want to make Bitcoin the “internet’s currency.” The two are putting their digital money where their mouths are by forming a blind trust to work on the mission. Jay Z and Twitter CEO Jack Dorsey want to make Bitcoin the ‘internet’s currency’ – CNET
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they are analyzing and reviewing the currency denominational structure as the country transitions into a cash-lite and non-coin society.
BSP reviews currency for cash-lite, coinless society – Manila Bulletin (mb.com.ph)
London was overtaken by Amsterdam as the main European market centre in January, as more shares were traded in the Dutch capital. London dominating EU with almost half of world’s currency trading despite Amsterdam surge (msn.com)
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 10:09 pm EST Exchange Rate as of 14 February 2021(2) AUD/USD 0.7656 0.7768 USD/CAD 1.2781 1.2678 USD/CNY 6.4664 6.4542 EUR/USD 1.2035 1.2128 USD/INR 72.8500 72.5700 GBP/USD 1.3714 1.3868 USD/JPY 105.4400 105.0400 USD/MXN 20.1300 19.9154 USD/DKK 6.1785 6.1338 USD/NOK 8.5428 8.4263 Sources: Federal Reserve (1) ; Reuters (2)
Follow the links …
In a sign of continued maturity as a macro asset, bitcoin now looks to be leading the price action in the foreign exchange markets (FX).
Bitcoin Starting to Lead FX Markets, Analysis of Tesla Reaction Shows: Report – CoinDesk
Group of Seven finance ministers are expected on Friday to back a new allocation of the International Monetary Fund’s own currency, or Special Drawing Rights, to help low-income countries hit by the coronavirus pandemic.
GRAPHIC-Which countries would benefit most from an IMF SDR increase (msn.com)
World shares dipped on Friday as investors awaited progress towards more U.S. fiscal stimulus, while the dollar was set for a weekly loss and cryptocurrency Bitcoin hit a record high.
World shares dip and Bitcoin hits record high – Metro US
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 12:31 pm EST Exchange Rate as of 12 February 2021(2) AUD/USD 0.7656 0.7725 USD/CAD 1.2781 1.2694 USD/CNY 6.4664 6.4542 EUR/USD 1.2035 1.2124 USD/INR 72.8500 72.6000 GBP/USD 1.3714 1.3855 USD/JPY 105.4400 104.9500 USD/MXN 20.1300 19.9320 USD/DKK 6.1785 6.1496 USD/NOK 8.5428 8.4958 Sources: Federal Reserve (1) ; Reuters (2)
Banks now tackle diverse issues, be it Covid-19, climate change or inequality. Purists may disagree but there’s no other option.
Central banks aren’t what they used to be – and the better for it | Business | The Guardian
After standing shoulder-to-shoulder for much of the pandemic, traders are preparing for the day the world’s
central banks begin to move apart on policy. Traders Map Out Day When Central Banks Finally Raise Rates (msn.com)
Lawmakers in Brazil vote to grant their central bank autonomy.
Brazil passes law giving autonomy to central bank | Financial Times (ft.com)
A top Bank of Canada official called the
recent spike in cryptocurrency prices “speculative mania,” and said such assets don’t have the qualities to become the money of the future. Crypto Boom Is ‘Speculative Mania,’ Bank of Canada Deputy Says (msn.com)
Sudan’s new cabinet faces pressure to push through rapid currency reform or risk endangering its path to debt relief and to international financial support for its shaky political transition, diplomats and analysts say.
Analysis: Delay in currency reform puts donor support for Sudan at risk | Reuters
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021(1) As of 3:31 am EST Exchange Rate as of 11 February 2021(2) AUD/USD 0.7656 0.7744 USD/CAD 1.2781 1.2676 USD/CNY 6.4664 6.4557 EUR/USD 1.2035 1.2124 USD/INR 72.8500 72.7700 GBP/USD 1.3714 1.3830 USD/JPY 105.4400 104.5800 USD/MXN 20.1300 19.9970 USD/DKK 6.1785 6.1332 USD/NOK 8.5428 8.4650 Sources: (1) Federal Reserve, (2) Reuters
Follow the links …
European Central Bank President Christine Lagarde on Wednesday said she didn’t consider bitcoin to be a real currency, adding that central banks won’t be holding it as reserve currency anytime soon. ECB president Christine Lagarde says it’s ‘very unlikely’ that central banks will hold bitcoin in the near future (msn.com)
in the country, the ban on cryptocurrency-related transactions Central Bank of Nigeria has explained why it was done. CBN boss disclosed that the digital currency is used for money laundering and terrorism. CBN explains why cryptocurrency transactions were banned (withinnigeria.com)
Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN) has condemned the apex bank’s reason for stopping cryptocurrency transactions in the country. Moghalu condemns CBN’s reason for banning cryptocurrency transactions (withinnigeria.com)
On Tuesday (February 9), minister of state for finance
Anurag Singh Thakur said that a cryptocurrency bill was being finalised and it would be sent to Union Cabinet soon. Cryptocurrency bill: Here’s what you need to know (msn.com)
Are central banks on the verge of a currency war with the U.S?
Global central bank interventions raise specter of ‘currency war’ | Morningstar
“Bitcoin needs a couple more big endorsements, and that could be the key to take prices above the $50,000 level,” Edward Moya, senior market analyst for the foreign-exchange broker Oanda, wrote Tuesday.
First Mover: As Wall Street Fixates on Inflation Hedges, Good Luck Finding Bitcoin | Nasdaq
Bitcoin ‘can’t be stopped’: Nigerians Some Nigerians plan to continue using bitcoin and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria last week ordering banks to close down accounts associated with cryptocurrencies. look to peer-to-peer exchanges after crypto ban. First Mover: As Wall Street Fixates on Inflation Hedges, Good Luck Finding Bitcoin | Nasdaq
Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses. Federal Reserve Board – Federal Reserve Board announces the second extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)
Currency pairs Exchange Rate as of 4:15 pm 8 February 2021 As of 1:00 pm EST Exchange Rate as of 10 February 2021 AUD/USD 0.7656 0.7727 USD/CAD 1.2781 1.2690 USD/CNY 6.4664 6.4576 EUR/USD 1.2035 1.2134 USD/INR 72.8500 72.8500 GBP/USD 1.3714 1.3841 USD/JPY 105.4400 104.6600 USD/MXN 20.1300 20.0543 USD/DKK 6.1785 6.1317 USD/NOK 8.5428 8.4504 Sources: Federal Reserve, Reuters
10 February 2021