Interbank Market News Scan: Bank of England prepares to announce its policy rate. ADP sends labor market scare.

Legal/Regulatory/Political Events

On 28 January 2022, the Commodity Futures Trading Commission charged five individuals and five firms with fraud in foreign exchange trading. You can find the complaint and press release here. The individuals in the complaint are accused of using the website to defraud forex investors of approximately $58 million. To reserve a consultation on this complaint, please contact us at

Interbank, Bank of England. The Bank of England will announce its official bank rate on 3 February 2022. The rate for interbank lending is currently .25%. It is up from the December 2021 rate of .1%. Pre-pandemic, the rate was .75% from August 2018 to March 2020. The BOE reports that the United Kingdom’s current rate of inflation is 5.4%. See bank rates here. Source: Bank of England.

Interbank, European Central Bank. The European Central Bank will hold a press conference on 3 February 2022 at 14:30 CET (8:30 EDT). The current bank rate is at .25% and the ECB reports inflation at 5.1%. Source: European Central Bank.

Interbank, Bank of Japan. Today, the Bank of Japan releases its monthly monetary base report. The BOJ reports that its monetary base has increased 15.9% between 2021 and 2020. Source: Bank of Japan

Interbank, ADP. “Privately run U.S. businesses reduced employment by 301,000 jobs in January –- the worst reading since the start of the pandemic— as a record omicron wave kept people out of work and delayed hiring plans.” — MarketWatch

Foreign exchange rates of interest as of 9:00 am EDT












Source: OANDA

Interbank Market News Scan: Traders should be mindful of the difference between brokers; Treasury provides assessment of US economy.

Interbank. Why do market-makers provide high leverage? Given that a high percentage of forex traders lose money, do these brokers take advantage of traders’ risk? Or do brokers pass the orders to the interbank network and make money off of spreads? Here are a few answers. Source: FXStreet.

Interbank, Ghana. As expected, the Monetary Policy Committee of the Bank of Ghana has kept the policy rate at 14.5%. Source: MyJoyOnline.

Interbank, U.S. Treasury. The U.S. Department of the Treasury announces marketable borrowing estimates.

Interbank, U.S. Treasury. Benjamin Harris, Treasury Department assistant secretary, issues statement on U.S. economic status and expectations.

Foreign exchange rates of interest










Source: OANDA

Interbank Market News Scan: Rupee jumps against the U.S. dollar; bridging the global trade financing gap with Commercial Data Interchange

Interbank, India, rupee. The rupee surged 45 paise to close at 74.62 (provisional) against the U.S. dollar on January 31 supported by positive domestic equities and improved risk appetite. Source: The Hindu.

Interbank, Ukraine. The National Bank of Ukraine (NBU) has recorded a decline in currency demand on the interbank foreign exchange market last Friday, according to a press release issued by the central bank, Ukrinform reports. Source: Ukrinform.

Interbank, Bank for International Settlements. Eddie Yue makes argument for closing the trade finance gap with better connectivity between digital finance platforms. Source: Bank for International Settlements.

Foreign exchange rates of interest to Atlanta












Source: OANDA

MarketWatch Dollar Index=96.92

Interbank market news scan: Federal Reserve lists principles for reducing its balance sheet; foreign exchange rates of interest …

Interbank, Federal Reserve. The Board of Governors of the Federal Reserve reiterated that its primary policy tool for managing the money supply, maintaining stable prices, and pursuing maximum employment is the federal funds rate, the interbank, overnight rate banks apply when lending reserves to each other. The Board will reduce its balance sheet of assets after its initial raising of the federal funds rate which markets expect to occur in March 2022. Legal advisors should keep this in mind when reviewing or counseling clients on foreign exchange contracts. To see the Board’s release, follow this link.

Interbank, US Dollar. Analysts are expecting further slippage in the euro versus the dollar given the Board of Governors of the Federal Reserve’s decision last Wednesday on interbank overnight lending rates (the federal funds rate). Analysts are seeing the EUR/USD falling to support levels as low as 1.10. Legal advisors should keep this in mind when advising clients on foreign exchange contracts. To see this article, follow this link.

Interbank, SONIA. As banks transition from LIBOR to alternative interest rate benchmarks, here is a discussion on implications from and an update on the status on making the change from LIBOR.

Interbank, European Central Bank. The ECB issues a statement on historically low number of counterfeit banknotes. Approximately 347,000 banknotes were withdrawn from circulation. To see this article, follow this link.

Foreign exchange rates of interest to Atlanta’s immigrant community












Source: OANDA

Foreign exchange rates of interest to Atlanta

The Vietnamese dong, Mexican peso, Indian rupee, and Nigerian naira ended relatively flat this week. These currencies are the home currencies of the Atlanta area’s largest immigrant groups. The dong closed .0007%. The naira was down .0003%. The rupee and peso were down .0019% and .0018%, respectively.

The Federal Reserve may have seen today’s jobs situation report as incentive to stay on course with its expected fed funds rate increases later this spring or summer. The unemployment rate fell to 3.9% with non-farm payrolls increasing by 199,000 workers. Historically, numbers like these are an indication of full employment and could be a threshold to wage inflation and a sign of increased economic activity. Increased economic activity may see the dollar become more expensive along with an increase in demand for dollar denominated assets.

The Federal Reserve was quiet today with no statements made by any members of the Board of Governors; likely the silent hangover from the holidays.

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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

Foreign exchange rates of interest …


The US dollar index strengthened today versus its 2 January 2022 reading. On 4 January 2022, the USD-DXY was at 96.30, up from a reading of 95.73 on 2 January 2022.


The Mexican peso continued its strengthening against the US dollar. On 4 January 2022, the USD-MXN registered at 20.5131, down from the 2 January 2022 level of 20.7538.


And like the peso, the Indian rupee also showed some strength over the prior two-day period. The USD-INR printed at 74.2541, down from the 2 January 2022 level of 75.5300.


The Vietnamese dong appeared flat over the 2-day period coming in today at USD-VND=22,830.2 versus the 2 January 2022 exchange rate of 22,838.


Finally, Nigeria does not want to be left out of the strengthening game. Today the USD-NGN came in at 410.627, down from 411.450 on 2 January 2022.

Source: OANDA

Alton Drew


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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

As of 6:01 am AST, the American dollar shows signs of strength even as Trump hints of relief bill veto …

Pairs Federal Reserve as of 18 December 2020 OANDA as of 18 December 2020 OANDA as of 23 December 2020 
GBP/USD 1.3497 1.3520 1.33917 
USD/CAD 1.2776 1.2760 1.28855 
USD/CNH 6.5395 6.5197 6.53796 
USD/DKK 6.0798 6.0731 6.09361 
EUR/USD 1.2236 1.2248 1.22053 
USD/INR 73.5300 73.4139 73.8348 
USD/MXN 19.9813 19.8978 20.0804 
USD/JPY 103.3500 103.35 103.49 
USD/NOK 8.5959 8.5878 8.68615 
USD/SEK 8.2786 8.2747 8.28832 
USD/CHF .8850 .8844 .88724 

Legal/Political events impacting foreign currencies

Trump wants more money for taxpayer households

Bloomberg reporting today President Donald J. Trump’s concerns that the pandemic relief package approved by Congress does not go far enough in providing aid to households. The President would like the current proposed amount of $600 relief for an individual increased to $2,000. Mr Trump has not definitively said that he will veto the $900 billion package which is due for his signature by 28 December.

As of 11:30 am AST 10 December 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of  11:30 am AST, 10 December 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 .78103 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 1.28018 CAD

CAD/USD=0.78103   USD/CAD=1.28018

CNH/USD= 0.15339   USD/CNH=6.51820

EUR/USD= 1.21037   USD/EUR=0.82610

DKK/USD =0.16260   USD/DKK=6.14831

NGN/USD= 0.00260   USD/NGN=379.384

JPY/USD=0.00960   USD/JPY=104.19

INR/USD=0.01356      USD/INR=73.5975

JMD/USD=0.00683    USD/JMD=143.446

GYD/USD=0.00469       USD/GYD= 205.184

GHS/USD=0.17031     USD/GHS= 5.84142

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00889     USD/KES= 110.408

BBD/USD = 0.50000     USD/BBD = 2.0000

TTD/USD = .14459         USD/TTD= 6.66797

BTC/USD= 18252.40     USD/BTC= 0.00005

Source: OANDA

Major political/legal event impacting foreign exchange

BIS releases Basel III monitoring results on banks

Today, the Bank of International Settlements Basel III committee released results of its survey determining compliance with bank capital requirements developed in 2010 under the Basel III framework.  The framework was developed in response to the financial crisis of 2008.  The objective of Basel III was to modify bank capital requirements thus leading to less variability in a bank’s risk weighted assets.

The survey announced today found that banks were continuing to make progress toward meeting the Basel III requirements and that bank liquidity ratios pre-Covid have been improving.  

Source: Bank of International Settlements