The African Diaspora Interbank Market News Scan as of 9:03 am EDT

Currency PairExchange Rate
GBP/USD1.2146
USD/XCD2.7000
GBP/XCD3.2794
USD/JMD149.4830
GBP/JMD181.5580
USD/DOP54.0028
CAD/XCD2.0941
CAD/JMD115.9390
USD/NGN414.6780
GBP/NGN503.6580
EUR/USD1.0450
USD/BTC0.0001
GBP/BTC0.0001
EUR/BTC0.0001
CAD/BTC0.0000

Source: OANDA

The African Diaspora Interbank Market News Scan as of 9:24 am EDT

Foreign Exchange, Africa, Caribbean, United States, Great Britain

I haven’t done an interbank market news scan in some time.  I have decided to focus the scan on the African Diaspora looking at the US dollar in terms of certain African and Caribbean nations.  I expect this scan to expand in the future.

Currency PairExchange Rate
GBP/USD1.2274
USD/XCD2.7000
GBP/XCD3.3140
USD/JMD149.6490
GBP/JMD183.6780
USD/DOP54.1987
CAD/XCD2.0940
CAD/JMD116.0620
USD/NGN414.4900
GBP/NGN508.7400
EUR/USD1.0555

 Source: OANDA

27 June 2022

Renewed Statement of Commitment to the FX Global Code

Foreign Exchange

(Originally published 4 April 2022)

The Federal Reserve Bank of New York (New York Fed) today released its renewed Statement of Commitment to the FX Global Code (Code). The Code, which was initially published May 2017, is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from around the globe and most recently was updated in July 2021.

The New York Fed has reviewed the content of the updated Code and, in issuing this Statement of Commitment, has confirmed that it acts as a Market Participant as defined by the Code. The New York Fed is committed to conducting its foreign exchange market activities, when acting as a Market Participant, in a manner consistent with the principles of the Code.

The purpose of the Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behavior. The Code is promoted, maintained and updated on a regular basis by the Global Foreign Exchange Committee (GFXC).

Source: Federal Reserve Bank of New York

Foreign exchange rates and dollar index as of 6:22 am AST

Currency Pair21 March 202222 March 202223 March 202224 March 202225 March 2022
EUR/USD1.104981.103681.100931.10088 
GBP/USD1.317481.316321.320521.32306 
USD/CNY6.359056.355546.362586.36854 
USD/CHF0.931750.93220.934120.93303 
USD/NGN415.42415.043415.732415.115 
USD/ZAR14.940114.938814.874714.7795 
USD/AOA449.794449.794449.438448.867 
USD/INR75.66375.968575.975976.1238 
USD/JPY119.145119.274120.537121.022 
USD/SAR3.745243.745243.745243.74524 
Dollar Index98.4998.4698.7898.84 
Sources: OANDA, MarketWatch

Interbank Market News Scan: Russia willing to sell oil to “unfriendly nations.”

Interbank, Russia, roubles, oil. “The Russian rouble briefly leapt to a three-week high past 95 against the dollar on Wednesday in Moscow, before settling close to 100, after President Vladimir Putin said Russia would start selling its gas to “unfriendly countries” in roubles.” See article here. Source: Reuters

Interbank, foreign exchange, Brazil. “Despite its history of extremely rigid and bureaucratic exchange rules, Brazil will now evolve towards a scenario of free movement of capital and simpler and less bureaucratic operations.” See article here. Source: Lexology

Interbank, foreign exchange. “When the U.S. central bank starts raising interest rates, emerging markets often begin to submerge again: Their borrowing costs rise, their currencies fall and, to add insult to injury, slower U.S. growth dents demand for their products. Will this time be the same as the era of zero interest rates ends?” See article here. Source: The Wall Street Journal

Interbank, foreign exchange, India. “The rupee pared initial gains to settle 14 paise lower at 76.32 (provisional) against the US dollar on Wednesday due to month-end dollar demand from importers and rising crude prices amid geopolitical uncertainties.” See article here. Source: Economic Times

Interbank, Russia. “Russia’s main stock market will resume trading Thursday for the first time in four weeks, the Central Bank announced Wednesday.” See article here. Source: The Moscow Times

Foreign exchange rates and dollar index as of 9:40 am AST

Currency Pair21 March 202222 March 202223 March 202224 March 202225 March 2022
EUR/USD1.104981.103681.10093  
GBP/USD1.317481.316321.32052  
USD/CNY6.359056.355546.36258  
USD/CHF0.931750.93220.93412  
USD/NGN415.42415.043415.732  
USD/ZAR14.940114.938814.8747  
USD/AOA449.794449.794449.438  
USD/INR75.66375.968575.9759  
USD/JPY119.145119.274120.537  
USD/SAR3.745243.745243.74524  
Dollar Index98.4998.4698.78  
Sources: OANDA, MarketWatch

Following the fall of US hegemony: Foreign exchange rates and dollar index as of 8:00 pm AST

Currency Pair21 March 202222 March 202223 March 202224 March 202225 March 2022
EUR/USD1.10498    
GBP/USD1.31748    
USD/CNY6.35905    
USD/CHF0.93175    
USD/NGN415.42    
USD/ZAR14.9401    
USD/AOA449.794    
USD/INR75.663    
USD/JPY119.145    
USD/SAR3.74524    
Dollar Index98.49    
Sources: OANDA, MarketWatch

Africa: Foreign exchange rates as of 11:05 am AST

Currency Pair14 March 202215 March 202216 March 202217 March 2022
USD/NGN415.34415.241415.161415.592
USD/GHS7.03247.096087.117657.21492
USD/ZAR15.024115.074915.110115.0241
USD/GMD53.290453.245253.180953.0686
USD/AOA465.372465.372460.64452.606
USD/UGX3,589.463,593.013,573.673,570.82
USD/RWF1,006.381,007.041,005.521003.51
USD/KES113.301113.257113.35113.453
Dollar Index98.9398.7398.5798.13
Sources: OANDA, MarketWatch

The Caribbean: Foreign exchange rates as of 10:50 am AST

Currency Pair14 March 202215 March 202216 March 202217 March 2022
USD/BSD1.00001.00001.00001.0000
USD/JMD151.469151.847151.451151.49
USD/HTG105.441105.114104.584104.887
USD/DOP54.587554.510754.42454.4181
USD/XCD2.70002.70002.70002.7000
USD/BBD2.00002.00002.00002.0000
USD/TTD6.645496.665676.653046.66022
USD/GYD199.77200.46200.121200.334
USD/VEF428,490.0428,249425,659423,634
Dollar Index98.9198.6798.5998.10
Sources: OANDA, MarketWatch