Interbank market news scan: Latest central bank, cryptocurrency, forex news links.

Bitcoin could be at risk of a further drop unless the digital coin climbs back above $40,000 soon. JPMorgan Strategists Say $40,000 Is Key Test for Bitcoin Boom – Bloomberg

Janet Yellen is expected to affirm the U.S.’s commitment to market-determined dollar value and give assurances that the U.S. won’t seek a weaker dollar for competitive trade advantage, the Wall Street Journal reported, citing Biden transition officials familiar with her preparation for her confirmation hearing. Yellen to Affirm Commitment to Market-Determined Dollar: WSJ – Bloomberg

Asian stocks dipped along with U.S. equity futures as investors greeted the week with a lack of risk appetite and traders looked ahead to data on the progress in China’s economic recovery. The dollar edged up. Stock Market Today: Dow, S&P Live Updates for Jan. 18, 2020 – Bloomberg

A stronger U.S. dollar is proving to be an early test for emerging-market currencies on the eve of Joe Biden’s inauguration. Emerging Markets Tested by Rising Dollar Ahead of Biden’s Return – Bloomberg

Oil extended losses in Asia on a stronger dollar and a still-surging coronavirus after slumping the most in almost four weeks on Friday following the release of disappointing U.S. economic data. Oil Extends Losses on Stronger Dollar and Still-Surging Virus – Bloomberg

The results of the first of the 24 forward foreign exchange auctions scheduled by the Bank of Ghana for 2021 indicate that the local forex market remains confident that the cedi will hold its own against the United States dollar at least through to the end of the first quarter of the year. Forex market expects stable 1st Quarter exchange rate (ghanaweb.com)

Ghana’s demand for US dollar decreased last week; increased for other major currencies …

Ghana‘s demand for the US dollar appears to have fallen last week. According to data from OANDA, a foreign exchange brokerage, during the period 1 December to 5 December 2020, the Ghana price of a dollar fell from 5.8456 GHS to 5.8280 GHS (-0.301%).

The Ghana price for the Euro climbed from 7.0123 GHS to 7.0631 GHS (0.724%) between 1 December and 5 December. During the same period, the Ghana price of the British pound also increased 0.106% from 7.8194 GHS to 7.8277 GHS. In addition, the Ghana price of the Chinese yuan (offshore) increased 0.356% from 0.8908 GHS to .8940 GHS.

The Bank of Ghana, the nation’s central bank, reported on 4 December 2020 a mid-range interbank rate for the US dollar of 5.7142 GHS. The interbank rate for the Euro came in at 6.9409 GHS while the interbank rate for the British pound chimed in at 7.7082 GHS.

Ghana’s current policy rate is 14.50%, with an inflation target of 6 to ten percent. The current rate of inflation, according to the Bank of Ghana, is 10.1%. The country’s 91-day Treasury note interest rate is at 13.5937%. Ghana’s interbank interest rate is 13.57%.

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