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

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

As of 11:32 am EST, 6 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 1.30955 CAD

CAD/USD=0.76351   USD/CAD=1.30955

CNH/USD= 0.15097   USD/CNH=6.62248

EUR/USD= 1.17863    USD/EUR=0.84834

DKK/USD =0.15827     USD/DKK=6.31674

NGN/USD= 0.00260    USD/NGN=382.756

JPY/USD=0.00962       USD/JPY=103.98

INR/USD=0.01349       USD/INR=73.9934

JMD/USD=0.00678      USD/JMD=144.450

GYD/USD=0.00478       USD/GYD= 209.187

GHC/USD=0.00002       USD/GHC= 58,277.2

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 107.789

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the House Republican caucus plans to meet to discuss the feasibility of President Trump’s legal strategy for turning the ballot counting tide toward him and away from Joe Biden.  A number of prominent Republicans have questioned the President’s post election tone. For example, retiring US Senator Pat Toomey, Republican of Pennsylvania, found Trump allegations of election fraud to be without evidence and Mr Trump‘s words, “disturbing.”

Source: Bloomberg

Update: Dollar continues depreciation against a number of currencies in face of more elections legal action by President Trump

As of 8:21 pm EST, 5 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 1.30955 CAD

CAD/USD=0.76351   USD/CAD=1.30955

CNH/USD= 0.15097   USD/CNH=6.62248

EUR/USD= 1.17863    USD/EUR=0.84834

DKK/USD =0.15827     USD/DKK=6.31674

NGN/USD= 0.00260    USD/NGN=382.756

JPY/USD=0.00962       USD/JPY=103.98

INR/USD=0.01349       USD/INR=73.9934

JMD/USD=0.00678      USD/JMD=144.450

GYD/USD=0.00478       USD/GYD= 209.187

GHC/USD=0.00002       USD/GHC= 58,277.2

XCD/USD=0.37037        USD/XCD= 2.70

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the Board of Governors of the Federal Reserve System decided to maintain its target range for its inter-bank rate between 0 and .25%.

Also, today, President Donald J. Trump held a press conference expressing concern about how ballots were being counted in a number of states.  He indicated that he was prepared to pursue legal action to ensure that ballot counts were conducted in a fair and transparent manner.

Source: Bloomberg, Federal Reserve

Foreign exchange rates: Joe Biden holds on to projected Electoral College lead …

As of 2:32 pm EST, 4 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 .75909 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 1.31720 CAD

Major event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden is projected to win 227 Electoral College votes while Republican candidate Donald J. Trump is projected to garner 214 Electoral College votes.

CAD/USD=0.75909   USD/CAD=1.31720

CNH/USD= 0.14962   USD/CNH=6.68236

EUR/USD= 1.16900    USD/EUR=0.85533

DKK/USD =0.15697     USD/DKK=6.36901

NGN/USD= 0.00260    USD/NGN=383.455

JPY/USD=0.00956       USD/JPY=104.64

INR/USD=0.01342       USD/INR=74.3949

JMD/USD=0.00679      USD/JMD=144.248

Source: Bankrate

Foreign exchange rates between U.S. and countries with investment interests in Baltimore

As of 8:30 am EST, 3 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 .75230 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 1.32909 CAD

CAD/USD=0.75230   USD/CAD=1.32909

CNH/USD= 0.14944   USD/CNH=6.69030

EUR/USD= 1.16373    USD/EUR=0.85920

DKK/USD =0.15628     USD/DKK=6.39720

NGN/USD= 0.00259    USD/NGN=382.951

JPY/USD=0.00955       USD/JPY=104.75

INR/USD=0.01342       USD/INR=74.3724

JMD/USD=0.00679      USD/JMD=144.248

Source: Bankrate

Are currency traders willing to pay more for the US dollar in face of US election? ….

Capital abhors a vacuum and even with the U.S. general election three days away, capital will try to cut through the campaign noise and seek out a return. From a political and legal event perspective, traders should assess the strength of legal challenges to voting, especially challenges raised by the Republican Party.

Republicans and Democrats have been building their legal teams for over a year and both will be on the lookout for voting irregularities including evidence of voter suppression or voter fraud. Republicans are expected to challenge authenticity of mail-in ballots and the deadlines for when these ballots are expected to be received. Traders should be particularly mindful of the intensity of Republican challenges given that incumbent president Donald J. Trump is running behind Democratic nominee Joseph R. Biden in national polls.

Real Clear Politics has Mr Biden polling at 51.3% versus Mr Trumps 43.5% during the period 21 October to 30 October 2020. PredictIt is pricing a .65 probability of a Democratic takeover of the White House versus a probability of .40 that the Republican Party maintains control of the Oval Office.

But the foreign exchange markets appear to see the value of the US dollar priced in various currencies increasing as we get closer to the election.

Country/Currency24 October25 October26 October27 October28 October29 October30 October31 October
Mexico (MXN)20.921020.840820.847620.966720.927121.169421.310121.2962
Canada (CAD)1.313611.311911.312201.318291.317761.325551.332211.33172
Japan (Yen)104.72104.66104.67104.87104.61104.30104.44104.49
China (Yuan)6.677336.676806.676806.699166.705156.716726.711576.68746
Euro.84496.84274.84288.84578.84622.85056.85398.85694
Eastern Caribbean Dollar2.702.702.702.702.702.702.702.70
Brazil (BRL)5.601805.618405.618185.621155.644745.722425.758215.76506
Price of US Dollar in selected exchange rates 24 October to 31 October 2020

With the exception of Japan and the Eastern Caribbean, the prices in foreign currency offered for a US Dollar have been inching up over the last week. Traders in the above nations reflect a number of major US trading partners and the increase in the amount traders in these countries are willing to offer a seller of the US dollar tells me that at a minimum, they have positive expectation in the potential for growth in the US and that public policies offered by Mr Biden might not deter expected growth or value of the dollar.

Again, traders should be on the lookout for any legal, legislative, or regulatory actions that thwart the ability of Mr Biden to garner enough votes to win the Electoral College.

Additional source: OANDA.com

Cayman Islands, United Kingdom, and Japan lead as source of foreign securities held by the United States

Source: U.S. Department of the Treasury

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2019 were released today and posted on the Treasury web site at https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/shcreports.aspx

The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. 

A complementary survey measuring foreign holdings of U.S. securities is also conducted annually.  Data from the most recent such survey, which reports on securities held at end-June 2020, are currently being processed.  Preliminary results are expected to be reported on February 26, 2021.

OVERALL RESULTS

This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2019 as approximately $13.1 trillion, with $9.5  trillion held in foreign equity, $3.1 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.5 trillion held in foreign short-term debt securities.  The previous such survey, conducted as of year-end 2018, measured U.S. holdings of approximately $11.3 trillion, with $7.9 trillion held in foreign equity, $2.9 trillion held in foreign long-term debt securities, and $0.5 trillion held in foreign short-term debt securities.  The increase in 2019 was mainly in equity (see Table 1).

U.S. portfolio holdings of foreign securities by country at the end of 2019 were the largest for the Cayman Islands ($2.00 trillion), followed by the United Kingdom ($1.52 trillion), Japan ($1.15 trillion), and Canada ($1.10 trillion) (see Table 2).  These four countries attracted 44 percent of total U.S. portfolio investment, versus 45 percent the previous year.
The surveys are part of an internationally coordinated effort under the auspices of the International Monetary Fund (IMF) to improve the measurement of portfolio asset holdings.

TABLE 1.  U.S. HOLDINGS OF FOREIGN SECURITIES, BY TYPE OF SECURITY, AS OF SURVEY DATES [1]

(Billions of dollars)

Type of SecurityDecember 31, 2018December 31, 2019
   
Long-term Securities10,79312,617
            Equity7,8999,478
            Long-term debt2,8943,139
Short-term debt securities502470
Total11,29513,087

U.S. PORTFOLIO INVESTMENT BY COUNTRY

Table 2.  Market value of U.S. portfolio holdings of foreign securities, by country and type of security, for countries attracting the most U.S. investment, as of December 31, 2019 [1]

(Billions of dollars)

Country or categoryTotalEquityDebt
TotalLong-termShort-term
Cayman Islands2,000,8011,501,486499,315494,4794,836
United Kingdom1,517,1651,013,549503,616411,51092,106
Japan1,147,091926,921220,171164,22555,946
Canada1,097,840592,702505,138394,631110,507
France661,756468,257193,499167,97425,525
Ireland647,745560,50887,23778,2369,001
Switzerland596,729551,90144,82842,1952,633
Netherlands572,862370,537202,324188,33613,988
Germany467,164380,90786,25770,43715,820
Australia366,041201,612164,429120,58943,840
Bermuda274,844239,41235,43135,39734
Korea, South231,202211,61519,58819,354234
China, mainland (1)222,282204,25218,03015,1972,833
Taiwan214,872214,80369690
India200,659185,10715,55214,5471,005
Brazil197,708168,53029,17828,624554
Hong Kong180,713170,8349,8797,2192,660
Spain162,493115,11247,38144,2103,171
Luxembourg156,69381,25175,44271,9233,519
Sweden155,408110,17245,23529,85215,383
Rest of world2,015,2931,208,546806,748740,46666,282
Total13,087,3619,478,0143,609,3473,139,470469,877

*     Greater than zero but less than $500 million.

Items may not sum to totals due to rounding.

[1] The stock of foreign securities for December 31, 2019, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2018, plus cumulative flows reported in Treasury’s transactions reporting system.  An analysis of the relationship between the stock and flow data is available in Exhibit 4 and the associated text of “U.S. Portfolio Holdings of Foreign Securities as of End-December 2019.”

[2] China, Hong Kong, and Macau are all reported separately.

U.S. Treasury conference call with finance ministers of Australia, Canada, and the United Kingdom …

WASHINGTON – On October 28, 2020, U.S. Treasury Secretary Steven T. Mnuchin participated in a conference call with the Finance Ministers of Australia, Canada and the United Kingdom to discuss policies to support business and employment in response to the COVID-19 pandemic.  The call, hosted by Chancellor Rishi Sunak, is the latest in a series of regular calls among the Finance Ministers of the “Five Eyes” nations.  The Ministers discussed various policy responses to support workers and businesses and collaborative efforts to promote a strong and sustained economic recovery.

Source: U.S. Department of Treasury

Foreign exchange rates in countries of interest …

As of 9:48 pm EST, here is the price of the U.S. Dollar in foreign currency of interest:

1 EUR= $1.18550

1 AOA (Angola)= $0.00154

1 ZAR (South Africa)= $0.06165

1 NGN (Nigeria)= $0.00260

1 INR (India)= $0.01353

1 KES (Kenya)= $0.00913

1 CNY (China)= $0.14933

1 XCD (Eastern Caribbean)= $.37037

*1 CHD (Canada)= $0.76154

*1 CHF (Switzerland)= $1.10492

*1 ISL (Israel)= $0.29533

*1 ARS (Argentina)= $0.01280

*1 BSD (The Bahamas)= $1.00

*1 ECS (Ecuador)= $0.00004

*1 BRL (Brazil)= $0.17789

*1 KRW (South Korea)= $0.00089

*1 HTG (Haiti)= $0.01578

*1 LRD (Liberia) = $0.00512

*1 MXN (Mexico) = $0.04784

*1 JPY (Japan) =$0.00955

*1 JMD (Jamaica) =$0.00679

Source: Bankrate

*Has a consulate office located in Atlanta