Interbank market news scan: Jamaica closer to testing central bank digital currencies; Bitcoin is the world’s 3rd largest currency in total value …

The Strategic Takeaway: Governments of varying size from the United States to Jamaica are ready to compete with the threat alternative digital currencies like bitcoin poses to nation-state payment systems. Traders and investors should keep their eyes on the long term viability of cryptocurrencies in the current political environment. Even as larger financial institutions consider bitcoin as a hedge against declines in other assets including the dollar and consumers see more opportunities to use cryptocurrencies to purchase goods and services, nation-states will only tolerate the threat to their payment systems for so long.

Cryptocurrency issuers and the exchanges that support them will have to make the political and legal arguments that support their incorporation into a nation-state’s payment system. Central bank digital currencies have the potential of offering a faster payments system for the average consumer. Claims of decentralization, anonymity, and democratization of finance may fall on deaf ears if central bank digital currencies offer the average consumer a significant improvement over what the consumer is comfortable with.

In the meantime, cryptocurrency stakeholders should be prepared for closer regulatory scrutiny including threats of stringent regulation especially if there are either mass losses in cryptocurrency valuations or if investors are subjected to massive and/or frequent amounts of fraud.

Cryptocurrencies. Cryptocurrencies have emerged as a financial instrument over the last year, but have reached new heights over the last quarter, becoming financial equality tools and placing power back in the hands of investors. How cryptomarkets revolutionised financial freedom (raconteur.net)

Stablecoins. Thailand’s central bank said it will issue regulations on asset-backed stablecoins this year after warning against the illegal use of a new baht-denominated stablecoin that was created outside the country. Thai Central Bank to Regulate Stablecoins This Year | Nasdaq

Cryptocurrencies. Now the third-largest cryptocurrency by market cap, Cardano (CCC:ADA-USD) is alive with buzz in the crypto community. Indeed, Cardano is one of those alt coins that gets less attention these days, mainly due to the sheer size of rivals Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) 3 Reasons Why Cardano Has Outperformed So Impressively (yahoo.com)

Central Bank Digital Currency. Most of global payments are already digital, yet a central bank digital currency would provide risk-free, central-bank backed money denominated in a national unit of account — like cash, though updated to the demands of a digital financial system. Here’s How a Central Bank Digital Currency Could Work (msn.com)

Central Bank Digital Currency. After quietly exploring the viability of a central bank digital currency (CBDC) for some time, Bank of Jamaica (BOJ) took the decision in May 2020, as a part of our ongoing retail payments reform, to venture into this digital innovation that is fast becoming a feature of global central banks. A primer on BOJ’s central bank digital currency (jamaicaobserver.com)

Cryptocurrency. Deutsche Bank has published a report stating that bitcoin is too important to ignore, noting that it is now the third-largest currency in terms of the total value in circulation. Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore – Markets and Prices Bitcoin News

Currency pair20 January 202122 March 2021Percentage change
ADA/USD *.381.18210.5
BTC/USD36,841.7058,335.0058.3
ETH/USD1,358.491,813.6833.5
LTC/USD159.13200.6526.1
Source: OANDA *Yahoo Finance

Foreign exchange rates. Dollar continues its fall …

Foreign exchange rates of interest as of 9 December 2020, 5:30 pm AST:

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 .78113 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 1.28002 CAD

INR/USD = 0.01356 USD/INR=73.6386

CAD/USD= 0.78113 USD/CAD= 1.28002

JMD/USD= 0.00682 USD/JMD = 143.631

EUR/USD= 1.21122 USD/EUR = 0.82552

NGN/USD= 0.00260 USD/NGN = 379.723

CNH/USD= 0.15338 USD/CNH = 6.51859

JPY/USD = 0.00961 USD/JPY = 104.09

Source: OANDA

To show your support, please visit our advertisers or make a donation at Paypal.

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

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

The US Dollar takes a hit against particular currencies as ballot counting winds down.

As of 11:27 am 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 .75872 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 1.31781 CAD

CAD/USD=0.75872   USD/CAD=1.31781

CNH/USD= 0.14978   USD/CNH=6.67451

EUR/USD= 1.16944    USD/EUR=0.85500

DKK/USD =0.15704     USD/DKK=6.36610

NGN/USD= 0.00261    USD/NGN=382.732

JPY/USD=0.00956       USD/JPY=104.64

INR/USD=0.01341       USD/INR=74.4410

JMD/USD=0.00679      USD/JMD=144.248

GYD/USD=0.00478       USD/GYD= 209.165

GHC/USD=0.00002       USD/GHC= 58,333.7

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 concludes their Federal Open Market Committee meeting.  The Board will report its fed funds rate decision at 2:00 pm EST.

Source: Bloomberg, Federal Reserve

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

Foreign exchange rates between U.S. and countries of interest to Baltimore …

As of 12:41 am EST, 2 November 2020:

1 CNY (China) = 0.14920 USD     1 USD = 6.68307 CNY

1 EUR (Belgium, Finland, Italy) = 1.16430 USD     1 USD = .85819 EUR

1 DKK (Denmark) =6.883 USD   1 USD= 0.15636 DKK

1 NGN (Nigeria) = 0.00262 USD   1 USD= 380.640 NGN

1 INR (India) = 0.01341 USD    1 USD = 74.3380 INR

1 JMD (Jamaica) = 0.00679 USD    1USD = 144.248 JMD

1 BRL (Brazil) = 0.17407 USD    1 USD = 5.73989 BRL

1 XCD (Eastern Caribbean) = 0.37037 USD    1 USD= 2.70 XCD

Source: Bankrate

Foreign exchange rates between U.S. and countries with diplomatic presence in Atlanta, Georgia

As of 10:22 pm EST, 28 October 2020, here is the price of the U.S. Dollar in foreign currency of interest:

1 EUR= 1.17556 USD   1 USD= .85056 EUR

1 XCD (Eastern Caribbean) = 0.37037 USD  1 USD= 2.70 XCD

*1 CHD (Canada)= 0.75430 USD  1 USD= 1.32555 CHD

*1 CHF (Switzerland)= 1.09853 USD   1 USD= 0.91014 CHF

*1 ISL (Israel)= 0.29366 USD     1 USD = 3.38572 ISL

*1 ARS (Argentina)= 0.01277 USD    1 USD = 78.2977 ARS

*1 BSD (The Bahamas) = 1.00 USD   1 USD = 1 BSD

*1 ECS (Ecuador)= 0.00004 USD    1 USD = 24,094 ECS

*1 BRL (Brazil)= 0.17464 USD   1 USD = 5.72242 BRL

*1 KRW (South Korea) = 0.00088 USD   1 USD = 1132.29 KRW

*1 HTG (Haiti)= 0.01576 USD   1 USD = 61.7696 HTG

*1 LRD (Liberia) = 0.00536 USD   1 USD = 186.687 LRD

*1 MXN (Mexico) = 0.04722 USD     1 USD = 21.1694 MXN

*1 JPY (Japan) = 0.00959 USD   1 USD = 104.30 JPY

*1 JMD (Jamaica) = 0.00678 USD   1 USD = 144.408  JMD

Source: Bankrate

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

Foreign exchange rates as of 7:18 am EST

As of 7:42 am EST, here is the price of the U.S. Dollar in foreign currency of interest:

1 EUR= $1.18322

1 AOA (Angola)= $0.00154

1 ZAR (South Africa)= $0.06138

1 NGN (Nigeria)= $0.00262

1 INR (India)= $0.01357

1 KES (Kenya)= $0.00913

1 CNY (China)= $0.14976

1 XCD (Eastern Caribbean)= $.37037

*1 CHD (Canada)= $0.76044

*1 CHF (Switzerland)= $1.10252

*1 ISL (Israel)= $0.29503

*1 ARS (Argentina)= $0.01285

*1 BSD (The Bahamas)= $1.00

*1 ECS (Ecuador)= $0.00004

*1 BRL (Brazil)= $0.17850

*1 KRW (South Korea)= $0.00088

*1 HTG (Haiti)= $0.01578

*1 LRD (Liberia) = $0.00512

*1 MXN (Mexico) = $0.04740

*1 JPY (Japan) =$0.00955

*1 JMD (Jamaica) =$0.00680

Source: Bankrate

*Has a consulate office located in Atlanta