Interbank market scan: Foreign exchange and Central banks …

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There is no doubt that the recent central bank reaction is expected given the exigency of the suffocating situation of the Nigeria economy as it struggles to keep its head above water in the devastating environment of the ravaging pandemic. The Central Bank of Nigeria recently harvested wide-ranging criticism following its sudden directives to deposit money banks to sever all dealings with account holders certified to have any dealings in digital currency. THE BAN ON DIGITAL CURRENCY | THISDAYLIVE

Twitter CEO Jack Dorsey and rapper Jay-Z want to make Bitcoin the “internet’s currency.” The two are putting their digital money where their mouths are by forming a blind trust to work on the mission. Jay Z and Twitter CEO Jack Dorsey want to make Bitcoin the ‘internet’s currency’ – CNET

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they are analyzing and reviewing the currency denominational structure as the country transitions into a cash-lite and non-coin society. BSP reviews currency for cash-lite, coinless society – Manila Bulletin (mb.com.ph)

London was overtaken by Amsterdam as the main European market centre in January, as more shares were traded in the Dutch capital. London dominating EU with almost half of world’s currency trading despite Amsterdam surge (msn.com)

Currency pairsExchange Rate as of 4:15 pm 8 February 2021(1) As of 10:09 pm EST Exchange Rate as of 14 February 2021(2)
AUD/USD0.7656 0.7768
USD/CAD1.2781 1.2678
USD/CNY6.4664 6.4542
EUR/USD1.2035 1.2128
USD/INR72.8500 72.5700
GBP/USD1.3714 1.3868
USD/JPY105.4400 105.0400
USD/MXN20.1300 19.9154
USD/DKK6.1785 6.1338
USD/NOK8.5428 8.4263
Sources: Federal Reserve (1) ; Reuters (2)

Interbank market news scan at 11:38 am AST. Latest on central banks and forex.

Investors may take Janet Yellen’s expected endorsement of a market-driven exchange rate as an additional green light for the U.S. currency’s long-term downtrend. Dollar Shorts Mount Before Yellen Outlines Market-Based Policy – Bloomberg

Gold edged up, recovering from an almost seven-week low, amid caution in markets as investors assessed the outlook for the dollar and the timeline for a U.S. stimulus package. Gold Edges Up From December Low With Focus on Stimulus, Dollar – Bloomberg

Oil futures edged lower as the dollar rose, while physical crude prices in Asia continued to weaken. Oil Near $52 With Virus Still Surging and Dollar Strengthening – Bloomberg

Five of six rate setters at the Bank of Israel voted to keep the benchmark interest rate at 0.1% on Jan. 4, minutes of the discussions showed on Monday. Five of six Bank of Israel MPC members voted to keep rate at 0.1%, minutes show | Reuters

The European Union needs a “masterplan” to move euro financial services from London to the bloc if it wants to expand the single currency’s role in a global economy dominated by the U.S. dollar, a senior EU lawmaker said on Monday. Markus Ferber, a senior member of the European Parliament, said if the EU wants to compete with the greenback, it needs a financial system to match it. EU needs ‘masterplan’ to grab euro finance from London | Reuters

Brazil’s central bank is poised to hold its benchmark rate steady again on Wednesday but will likely emphasize the need for policy normalization in response to quickly developing inflation pressures, a Reuters poll showed. Brazil central bank to hold rates this week, stress policy normalization | Regina Leader Post