As of 12:04 pm AST 27 November 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of 12:04 pm AST, 27 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 .76870 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 1.30069 CAD

CAD/USD=0.76870   USD/CAD=1.30069

CNH/USD= 0.15229   USD/CNH=6.56495

EUR/USD= 1.19144   USD/EUR=0.83922

DKK/USD =0.16007   USD/DKK=6.24556

NGN/USD= 0.00261    USD/NGN=378.872

JPY/USD=0.00959    USD/JPY=104.28

INR/USD=0.01355       USD/INR=73.7012

JMD/USD=0.00673    USD/JMD=145.545

GYD/USD=0.00469       USD/GYD= 204.941

GHS/USD=0.17070     USD/GHS= 5.83161

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00901       USD/KES= 108.870

BTC/USD= 17368.40     USD/BTC= 0.00006

Source: OANDA

Major political/legal event impacting foreign exchange

Basel Committee amends capital requirements for non-performing loan securitisations

The Basel Committee on Banking Supervision yesterday published the technical amendment Capital treatment of securitisations of non-performing loans. The rule, which the Committee started developing before the onset of the Covid-19 pandemic, closes a gap in the Basel framework by setting out prudent and risk sensitive capital requirements for non-performing loan securitisations.

The Committee consulted publicly on the technical amendment in June 2020. In contrast to the consultative proposal, the final rule permits banks to apply the external ratings-based approach to non-performing loans securitisation exposures, without the 100% risk weight floor. In addition, the final rule include discounts on tranche sales in the definition of discount incurred by the originating bank that factors in the capital requirements.

Committee jurisdictions agreed to implement the technical amendment by no later than January 2023. The Committee would like to thank all those who contributed time and effort to express their views during the consultation process.

Source: Bank of International Settlements

As of 10:25 am AST 24 November 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of  10:25 am AST, 24 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 .76486 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 1.30725 CAD

CAD/USD=0.76486   USD/CAD=1.30725

CNH/USD= 0.15227   USD/CNH=6.56585

EUR/USD= 1.18633   USD/EUR=0.84284

DKK/USD =0.15930   USD/DKK=6.27554

NGN/USD= 0.00261    USD/NGN=378.884

JPY/USD=0.00961    USD/JPY=104.01

INR/USD=0.01348       USD/INR=74.0457

JMD/USD=0.00672     USD/JMD=145.825

GYD/USD=0.00469       USD/GYD= 204.934

GHS/USD=0.17100     USD/GHS= 5.81368

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00905       USD/KES= 108.605

BTC/USD= 18,431.20     USD/BTC= 0.00005

Source: OANDA

Major political/legal event in the United States

Biden to nominate Janet Yellen for Treasury secretary

Axios reports that presumptive U.S. president-elect, Joseph R. Biden, will announce later today his choice of Janet Yellen as U.S. Secretary of the Treasury.  Ms Yellen, 74, served as chairman of the Board of Governors of the Federal Reserve System from 2014 to 2018.

Source: Axios

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

9:49 am AST 18 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 9:49 am AST, 18 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 .76422 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 1.30834 CAD

CAD/USD=0.76422   USD/CAD=1.30834

CNH/USD= 0.15252   USD/CNH=6.55518

EUR/USD= 1.18649   USD/EUR=0.84273

DKK/USD =0.15929    USD/DKK=6.27630

NGN/USD= 0.00261    USD/NGN=380.703

JPY/USD=0.00959     USD/JPY=104.31

INR/USD=0.01343       USD/INR=74.3381

JMD/USD=0.00673     USD/JMD=145.600

GYD/USD=0.00469       USD/GYD= 204.847

GHS/USD=0.17118     USD/GHS= 5.80017

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00907       USD/KES= 108.300

Source: OANDA

Major political/legal event in the United States

Treasury releases data on foreign investment in the United States

Yesterday, the United States Department of the Treasury reported that “in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $79.9 billion.  Of this, net foreign private outflows were $40.3 billion, and net foreign official outflows were $39.6 billion.”  The Treasury International Capital report also noted that there was a decline in foreign investor ownership of Treasury bills in the amount of $30.3 billion in September 2020.

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  

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.