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Daily Currencies Ratings

US FinTech Will Expand Cryptocurrency Use Case, But Unknowns Remain

FinTech companies such as PayPal, Visa, Square, Mastercard and others are expanding cryptocurrency (crypto) and blockchain capabilities but several factors could limit widespread acceptance in the near term, says Fitch Ratings. We expect strategic crypto investments to have a limited near-term effect on credit profiles, given modest capital deployed and the long ramp time. However, adding crypto capabilities opens up incremental revenue streams for these companies, even if the return on investment over time and compliance risks are uncertain. PayPal Holdings (BBB+/Stable) and Square have plans to expand crypto capabilities, ...

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Dollar struggles at three-week lows as recovery optimism grows

The U.S. dollar was mired at a three-week low on Tuesday as growing optimism about the outlook of the global economy in the coming months sent investors scurrying to purchase riskier currencies including the euro, crown and the British pound. Against a basket of its rivals, the greenback steadied at 90.229, its lowest level since Jan. 27. It has fallen nearly 1.5% over the past eight trading sessions. “The positive outlook for the major economies continues to support financial market sentiment thanks to sharp gains in crude oil prices and ...

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Long bets cut on Asian FX on dollar resilience; Ringgit bears on the prowl

Long positions on most Asian currencies were scaled back, a Reuters poll showed, as investors contended with unexpected resilience in the U.S. dollar at the start of the year, though long-term expectations of a weaker dollar remained unchanged. Bullish bets on the South Korean won and Singapore dollar were trimmed the most and were at their lowest since early October, while investors were verging on turning bearish on the Malaysian ringgit, the fortnightly poll of 14 respondents found. The cut in long bets was a result of the dollar short ...

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Dollar weakens as market optimism lifts riskier currencies

The safe-haven dollar started the week near two-week lows on Monday, as optimism about COVID-19 vaccine rollouts and a planned $1.9 trillion U.S. stimulus package drove up riskier currencies and stock markets across Europe and Asia. Among the gainers versus the weaker dollar, the British pound broke $1.39 for the first time in nearly three years while commodity currencies strengthened, including the South African rand, which hit a one-year high. The improved risk appetite was also reflected in equities, with European indexes rising after Japanese stocks surged to a more ...

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Dollar on back foot as market optimism lifts riskier currencies

The safe haven dollar started the week pinned near two-week lows on Monday, as optimism about COVID-19 vaccine rollouts and a planned $1.9 trillion U.S. stimulus package drove up riskier currencies and stock markets across Europe and Asia. Among the gainers versus the weaker greenback, the British pound broke $1.39 for the first time in nearly three years while commodity currencies strengthened, including the South African rand which hit a fresh one-year high. The improved risk appetite was also reflected in equities, with European indexes rising after Japanese stocks surged ...

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Sterling slips below $1.38 after data shows UK economy hit record slump in 2020

The pound slipped below $1.38 againstthe dollar but was steady against the euro in early Londontrading on Friday, after data showed Britain’s economy suffereda record slump in 2020, but grew in the final quarter. The UK economy shrank 9.9% in 2020, which is the biggestannual fall in output in more than 300 years – although itavoided heading back towards a recession in the final quarterand looks set to recover in 2021. The pound has been boosted in recent weeks by optimism theUK’s relative success in rolling out COVID-19 vaccines, as ...

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Bitcoin clings to Tesla gains, dollar set for weekly loss

Bitcoin hovered close to record highs on Friday, set for gains of over 20% in a milestone week marked by the endorsement of major firms, such as Elon Musk’s Tesla, while the weak U.S. jobs market continued to weigh on the dollar. The world’s most popular cryptocurrency last traded 1.1% down at $47,451, just south of a record high of $49,000 reached after U.S. banking group BNY Mellon said it had formed a unit to help clients hold, transfer, and issue digital assets. Tesla revealed it had bought $1.5 billion ...

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Does a greener world need less greenbacks?

The greening of the planet should mean fewer dollars need to be held in reserve around the world and may fuel persistent doubts about the greenback’s future as the dominant world currency. In the realm of investment megatrends, an accelerating drive to renewable and sustainable energy and a long-forecast but slow decline in dollar hegemony are among the biggest. But it’s possible serious movement on the former could pressure the latter too as ‘petrodollars’ banked from the windfalls of oil exporting nations wane in favour of more localised and sustainable ...

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Dollar steadies; Aussie dollar nears two-week highs

The dollar slipped slightly on Thursday, after softer-than-expected U.S. inflation data for January and a reiteration of the Federal Reserve’s dovish policy stance, but currency market moves were generally quiet due to holidays in Asian markets. Currency market moves were small overnight because of holidays in Japan and China, but the dollar fell close to two-week lows against a basket of currencies, before recovering somewhat as European markets opened. U.S. core inflation last month was zero, data showed on Wednesday, against market expectations of 0.2%. Federal Reserve Chair Jerome Powell ...

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Dollar steadies after soft U.S. inflation, dovish Fed

The dollar fell during a quiet Asian session on Thursday, after softer-than-expected U.S. inflation data for January and a reiteration of the Federal Reserve’s dovish policy stance, but recovered some losses as European markets opened. U.S. core inflation last month was zero, data showed on Wednesday, against market expectations of 0.2%. Federal Reserve Chair Jerome Powell said that while he expected base effects and pent-up demand when the economy fully reopens to boost inflation, that was likely to be transitory, citing three decades of lower and stable prices. Powell also ...

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Dollar hits two-week lows, Swedish crown hits 1-month high vs. euro

The dollar wallowed near two-week lows on Wednesday as demand for safer assets ebbed, while Sweden’s crown hit its highest levels in a month against the euro. Bitcoin consolidated around $46,500 after reaching a new high of $48,216 overnight following Tesla’s disclosure of a $1.5 billion investment in the leading cryptocurrency. Rival virtual currency ethereum, which often moves in tandem with bitcoin, reached a record $1,826 on Wednesday before pulling back slightly. It was trading 1.1% higher at $1,791. Sweden’s crown strengthened to a two-month high of 10.0405 crowns per ...

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Dollar struggles as U.S. yields soften; Bitcoin soars

The U.S. dollar was firmly pinned at a one-week low on Tuesday as an overnight slide in U.S. Treasury yields raised doubts on the outlook for the greenback against the backdrop of a looming U.S. fiscal stimulus package. Investors have pushed up the dollar recently as Democrats moved to fast-track President Joe Biden’s $1.9 trillion COVID-19 relief package. But some analysts say massive fiscal spending coupled with continued ultra-easy Federal Reserve monetary policy will ultimately prove to be a dollar headwind. “There has been an impressive pullback in U.S. Treasury ...

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Regional trade pact will pave way for digital yuan

After eight years of negotiations, the Regional Comprehensive Economic Partnership was signed on Nov 15 to form the world’s largest free trade area. It is resulting in a drastic reduction in red tape that will translate into speedier movement of goods and greater volume of business processing-a win-win for all parties. Furthermore, since the deal created a free trade area encompassing 28 percent of the global economy, 30 percent of the global population and reaching 2.2 billion consumers, it creates opportunities for digital currencies to fit into pandemic-hit economies and ...

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Dollar struggles at one-week lows as Bitcoin scales $48,000

The dollar struggled at a one-week low on Tuesday as traders grew wary about the prospects for the greenback against the backdrop of a large U.S. fiscal stimulus package. Investors have pushed up the dollar in recent weeks as Democrats moved to fast-track President Joe Biden’s $1.9 trillion COVID-19 relief package, but some analysts say massive fiscal spending coupled with continued ultra-easy Federal Reserve monetary policy will be a dollar headwind. “The view on the effects the package will have on the U.S. economy differ,” Commerzbank strategists said. “Whereas until ...

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Taiwan punishes Deutsche Bank, others in currency speculation case

Taiwan’s central bank said on Sunday it had banned Deutsche Bank from trading Taiwan dollar deliverable and non-deliverable forwards and suspended it for two years from trading forex derivatives as part of a crackdown on speculation. The Taiwan dollar is at its highest in more than 23 years against the U.S. dollar as the island’s trade-dependent economy booms on global demand for its tech products fuelled by people working from home. The central bank has been particularly concerned about a case where it said foreign banks helped grain companies engage ...

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