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Daily Currencies Ratings

BIS Survey Suggests That Developing Economies Could Issue Digital Currencies

The Bank for International Settlements (BIS) published on January 23rd, a second and follow-up survey on central bank digital currency (CBDC) issuance. 66 central banks participated in the 2019 study, ten more than the previous year. The survey results show that central banks are experimenting with digital currency innovations. The findings break the detail into advanced economies and emerging market economies. Emerging market economies (EMEs) responses imply that they are moving from research to public development. The report states that EMEs are “driven by stronger motivations than those of advanced ...

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Sterling dips ahead of central bank rate decision; long bets trimmed

The British pound edged lower on Monday as markets await this week’s Bank of England decision on interest rates, which many analysts see as too close to call. While weak economic data and dovish comments from BoE policymakers have fuelled speculation that the central bank could cut rates at its Jan. 30 policy meeting, though upbeat economic numbers in recent days have cast doubt over that view. For instance, Friday’s early readings of the IHS Markit/CIPS UK Purchasing Managers’ Index (PMI) showed that Britain’s vast services sector returned to growth ...

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Yuan and commodity-linked currencies dive as Chinese virus fears grow

China’s yuan tumbled more than half a percent to a 2020 low, while commodity-linked currencies such as the Australian dollar also fell sharply as escalating fears about the spread of a coronavirus from China sent investors into safer assets. The yen, frequently viewed as a safe haven, was the main beneficiary, although the move was contained. The Japanese currency briefly rose to its highest since Jan. 8. Health authorities around the world are racing to prevent a pandemic of the virus, which has killed more than 80 people in China. ...

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Dollar dips vs yen as investors reach for safe havens on virus scare

The U.S. dollar slipped against the safe-haven Japanese yen on Friday as investors fretted over concerns that a spreading virus from China would curb travel and hurt economic demand. The U.S. Centers for Disease Control and Prevention (CDC) on Friday confirmed a second U.S. case of the new coronavirus from China in a Chicago woman, and said as many as 63 potential cases were being investigated as the sometimes-deadly illness continues to spread around the globe. The newly discovered virus has killed 26 people and infected more than 800. Most ...

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The world could have just 5 or 6 currencies by 2040, Brazil’s economy minister says

There are more than 100 recognized currencies in the world, but that could fall to five or six in the next 20 years, the Brazilian economy minister said at the World Economic Forum (WEF). European countries introduced 20 years ago a common currency, allowing, for example, people from France to travel to Germany without the need to change their cash. This could be replicated in other parts of the world in the future, provided they align themselves politically or economically, Paulo Guedes, economy minister of Brazil, said at a panel. ...

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Governing the Coin: World Economic Forum Announces Global Consortium for Digital Currency Governance

Following extensive consultation with the global community, the World Economic Forum announced today the Global Consortium for Digital Currency Governance. Digital currencies are often cited as a tool for financial inclusion, but this opportunity can be realized only when paired with good governance. This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level. To tackle the challenge ahead, an international, multistakeholder approach with the public and private sectors working alongside ...

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Euro tumbles to seven-week lows as PMI data fails to excite FX bulls

The euro weakened to a seven-week low on Friday as lacklustre PMI data added to the broader market conviction that European central bank policymakers will maintain a loose monetary policy for the near future. Euro zone business activity remained lacklustre at the start of the year, a survey showed, a day after ECB rate-setters did not make any policy change, standing by their pledge to keep buying bonds and, if needed, cut interest rates until euro zone inflation headed back to their goal. The data added to expectations that a ...

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Central Banks Warm to Issuing Digital Currencies

More than one-fifth of the world’s population could have access to digital money issued by central banks to pay for groceries, movie tickets and even homes in the next few years, as these institutions accelerate plans to issue official cryptocurrencies. One in 10 central banks surveyed in 2019 said they were likely to offer digital currencies within the next three years, covering about 20% of the world’s population, according to a report from the Bank for International Settlements. The proportion of central banks likely to issue digital money almost doubled ...

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Euro near seven-week lows before PMI data release

The euro held near seven-week lows on Friday after the European Central Bank struck a more dovish tone at Thursday’s meeting than some had expected. Investor attention will turn to the flash PMI releases for January, which are some of the first indicators of how the global economy has performed moving into 2020. The key data, the euro zone and German PMI figures, are expected to rise from previous readings. Higher-than-expected readings could trigger a rally. The euro fell against the dollar , to $1.1049. It was near a five-week ...

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Dollar up vs euro as ECB holds rates steady, launches review

The dollar rose against the euro on Thursday after the European Central Bank held interest rates steady and launched a broad review of its policy that was likely to see new President Christine Lagarde redefine the ECB’s main goal and how to achieve it. “The ECB left policy and guidance unchanged at today’s meeting, with the ECB still arguing that the overall situation justifies the negative interest rate environment and still stressing that it remains ready to adjust all measures if necessary, with the balance of risks still tilted to ...

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Euro traders wait for ECB meeting, yuan drops on virus fears

The euro remained stuck in its recent trading range on Thursday before the European Central Bank’s meeting, while China’s yuan dropped on fears about the spread of a virus. Euro/dollar traded little changed at $1.1094. So did the dollar against a basket of currencies. The ECB introduced a stimulus program in September and data since then have suggested some improvement in the euro zone’s economy, so analysts doubt ECB boss Christine Lagarde will announce much on Thursday. Investors will focus on her answers to questions about the ECB’s strategic review, ...

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‘Death Cross,’ growth abroad threaten U.S. dollar

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington Storm clouds are gathering over the U.S. dollar, threatening a two-year rally in the currency that has squeezed corporate profits and angered President Donald Trump. Dollar bullishness in future markets stands at its lowest level in more than a year-and-a-half, according to the most recent data from the Commodity Futures Trading Commission measuring the net dollar amount of bets on a rising greenback. Analysts at Bank of America Merrill Lynch ...

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Yen jumps and yuan sags on Chinese virus fears

The Japanese yen strengthened and China’s yuan fell to a two-week low on Thursday as investors grew more anxious about the spread of a virus in China, while the euro was calm ahead of the European Central Bank meeting. Elsewhere, Australia’s dollar rose half a percent after a surprise drop in the country’s unemployment rate. Deaths from the flu-like coronavirus stand at 17. Almost 600 people are infected and China has locked down Wuhan, a city of 11 million people, where the outbreak was believed to have originated at an ...

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Dollar steady as coronavirus contagion fears abate

The U.S. dollar was unchanged against a basket of currencies on Wednesday as safe-haven demand ebbed along with worries about whether the spread of a flu-like coronavirus would hurt the global economy. The dollar index, which measures the greenback against six other major currencies, was flat at 97.534. Deaths from China’s new flu-like virus rose to 17, with more than 540 cases confirmed, leading the city at the centre of the outbreak to close transport networks and urge citizens to stay home to limit the spread of the contagion. China’s ...

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Central banks join forces to look at future digital currencies

Major central banks are looking at the case for issuing their own digital currencies, the Bank of England and European Central Bank said, amid a growing debate over the future of money and who controls it. The central banks of Britain, the euro zone, Japan, Sweden and Switzerland will share experiences in a new group headed by former European Central Bank official Benoit Coeure and assisted by the Bank of International Settlements, they said. Central banks across the world have quickened the pace with which they are looking at issuing ...

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