Foreign exchange rates of interest …

USD-DXY=96.30

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.

USD-MXN=20.5131

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.

USD-INR=74.2541

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.

USD-VND=22,830.2

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.

USD-NGN=410.627

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

4.01.2022

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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 to Atlanta. Rupee, peso, and dong see some strength.

USD-MXN=20.7538

The Mexican peso has been strengthening against the U.S. dollar since 25 November 2021where the USD-MXN currency pair exchange rate fell from approximately 21.5600 to 20.7538 as of 2 January 2022. Mexicans make up the largest group of foreign-born Georgians, according to the site DataUSA.

USD-INR=75.5300

The Indian rupee has been strengthening against the US dollar since 15 December 2021 where the USD-INR currency pair exchange rate fell from 76.3600 to 75.5300 as of 2 January 2022. Indians make up the second largest group of foreign-born Georgians.

USD-VND=22,838.0

The Vietnamese dong has been strengthening against the US dollar since 7 December 2021 where the USD-VND currency pair exchange rate fell from 23,066.7 to 22,838.0. Vietnamese make up the third largest group of foreign-born Georgians.

Alton Drew

2.01.2022

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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.

U.S. Treasury declares Switzerland, Vietnam as currency manipulators …

Press Release

December 16, 2020

WASHINGTON – The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of 20 major U.S. trading partners during the four quarters ending June 2020.

The Report concluded that both Vietnam and Switzerland met all three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act) during the period under review. Treasury consequently conducted enhanced analysis of Vietnam and Switzerland in the Report and will also commence enhanced bilateral engagement with each country in accordance with the 2015 Act. This engagement will include urging the development of a plan with specific policy actions to address the underlying causes of currency undervaluation and external imbalances.

Treasury also determined that, under the Omnibus Trade and Competitiveness Act of 1988 (the 1988 Act), both Vietnam and Switzerland are currency manipulators. For each country, Treasury assessed, based on a range of evidence and circumstances, that at least part of its exchange rate management over the four quarters through June 2020, and particularly foreign exchange intervention, was for purposes of preventing effective balance of payments adjustments and, in the case of Vietnam, for gaining unfair competitive advantage in international trade as well. Consistent with the 1988 Act, Treasury will press for the adoption of policies that will permit effective balance of payments adjustments and eliminate the unfair advantages in trade that result from their actions.

No other major U.S. trading partner met the relevant 1988 or 2015 legislative criteria for currency manipulation or enhanced analysis during the relevant period. Treasury urged China to improve transparency with respect to the management of its exchange rate, in particular regarding official foreign exchange intervention, and increase public understanding of the relationship between the PBOC and the foreign exchange activities of the state-owned banks, including the use of foreign exchange derivatives and activities in the offshore RMB market.

“The Treasury Department has taken a strong step today to safeguard economic growth and opportunity for American workers and businesses,” said U.S. Treasury Secretary Steven T. Mnuchin. “Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices that create unfair advantages for foreign competitors.”

Treasury found that ten economies warrant placement on Treasury’s “Monitoring List” of major trading partners that merit close attention to their currency practices: China, Japan, Korea, Germany, Italy, Singapore, Malaysia, Taiwan, Thailand, and India, the last three being added in this Report.

Today’s Report is submitted to Congress pursuant to the Omnibus Trade and Competitiveness Act of 1988, 22 U.S.C. § 5305, and Section 701 of the Trade Facilitation and Trade Enforcement Act of 2015, 19 U.S.C. § 4421. Treasury continues to work actively to dismantle unfair barriers to trade and achieve freer and more reciprocal trade with major U.S. trading partners. This includes combatting unfair currency practices that facilitate competitive advantage, such as unwarranted intervention in currency markets.

Source: U.S. Department of the Treasury