Tuesday, November 24

Currencies

John Malone says he’s buying hard assets like housing in bet on currency devaluation
Currencies

John Malone says he’s buying hard assets like housing in bet on currency devaluation

Liberty Media Chairman John Malone told CNBC that hard assets look attractive as the unprecedented coronavirus stimulus is poised to lead to a depreciation in currencies."We've survived this [pandemic] because of enormous fiscal and monetary stimulus," Malone said in an interview that aired Thursday with "Squawk on the Street" co-host David Faber. "And I've got to believe this will lead to devaluation of currencies, that hard assets ... will increase in value in currency terms. I'm not sure I'm going to call this inflation, but it'll look like and feel like inflation."To support the economy through the pandemic, the Federal Reserve slashed interest rates to near zero and vowed to keep buying assets under its quantitative easing measures. Lawmakers passed a historic $2 trillion corona...
Bitcoin has hit all-time highs against numerous world currencies
Currencies

Bitcoin has hit all-time highs against numerous world currencies

Bitcoin (BTC) is just two or three thousand dollars from its unequaled high close $20,000 U.S. dollars. Be that as it may, while much of the crypto industry watch Bitcoin's value activity in U.S. dollar terms, BTC has just accomplished record-breaking excessive costs comparative with numerous other world currencies.In an Oct. 22 tweet, Alistair Milne referenced seven countries in which Bitcoin had just arrived at its untouched high comparative with those countries' local fiat currencies. In the same tweet, he said Colombia and Russia would soon join the list.Bitcoin as of late surpassed its unequaled high against the Russian ruble prior this month. The asset also broke its record high against the Colombian peso a couple of weeks prior, finishing the list — aside from his closing rema...
Central bank digital currencies are dead in the water
Currencies

Central bank digital currencies are dead in the water

Mark my words: Governments and central banks will never care about your wealth and your privacy as much as you do. That reality is exactly why central bank digital currencies are dead in the water already.They say if you can’t beat them, join them. That’s exactly what CBDCs are attempting to do. They want to join the party that is cryptocurrency without actually giving their citizens the privacy and democratic freedom a truly decentralized digital currency provides.In a recent article, I made the argument that regulation and law enforcement are a necessary part of crypto truly going mainstream. I definitely believe that, but that’s not what CBDCs are going to accomplish.CBDCs won’t decentralize wealth. They won’t decentralize power or ownership or control of funds. They won’t give ...
The Coming Democratization Of Currency
Currencies

The Coming Democratization Of Currency

Milton Friedman, that champion of economic freedom, made his mark as a scholar by arguing for a government takeover. Friedman felt that money had to be government-issued and its supply managed well by a central bank. He elaborated these views in the articles and books that brought him to preeminence on the University of Chicago economics faculty in the 1940s, 1950s, and 1960s.Friedman conceded government moneyIn the twenty-first century, the importance of such viewpoints is on the vanish. With the procedure, progressive improvement of advanced types of cash, at the base as a constituent of plenitude portfolios, and likely as a trades medium, it is transforming into a confirmation that inside the future or so official money related principles will themselves experience the loads ...
Yen rebound resumes, Aussie gains, as currency markets weigh risk from COVID wave
Currencies

Yen rebound resumes, Aussie gains, as currency markets weigh risk from COVID wave

NEW YORK (Reuters) - The safe-haven Japanese yen and Swiss franc strengthened on Friday, as the threat of a new COVID-19 wave in the United States and Europe chilled the increased risk appetite that had been driven by promising vaccine news earlier this week.At 104.72 yen, the dollar had lost 0.32% against the Japanese currency on Friday morning in New York. The yen dropped around 2% versus the dollar on Monday. The Swiss franc firmed to 0.9132 against the dollar, after trading at 0.9192 mid-week.The dollar slipped 0.18% against a basket of currencies.Global markets surged on Monday after Pfizer Inc said its experimental vaccine was more than 90% effective in trials. The news saw the dollar rise as traders quit their long-yen positions.But currency market traders became more risk-a...
Which Global Currencies Have Been Punished The Most In 2020?
Currencies

Which Global Currencies Have Been Punished The Most In 2020?

By Erik Norland The pandemic has been the defining economic event of 2020, overshadowing the usual influences on currency markets like monetary and fiscal policy.  Normally, currencies of major commodity exporters such as Australia, Brazil, Canada, Chile, Colombia, New Zealand, Russia and South Africa track indices weighted to reflect the economic importance of their various raw materials exports. So far in 2020, some of these currencies, notably the Australian and New Zealand dollars (AUD and NZD, respectively) have continued to track their commodity indices closely. Other currencies, such as the Brazilian real (BRL), Chilean peso (CHL) and South African rand (ZAR) have sharply underperformed their respective commodity indices. Currencies like the Canadian dollar (CAD), Russian ruble (R...
Emerging market currencies lifted by vaccine hopes and Biden win
Currencies

Emerging market currencies lifted by vaccine hopes and Biden win

Positive vaccine developments and Joe Biden’s win in the US election have boosted emerging market currencies and fuelled expectations among analysts for further gains in the weeks to come. An MSCI index measuring the performance of a basket of emerging market currencies has risen 1.6 per cent in the first 10 days of November, leaving it on track for its best month since late 2019 as growing confidence about the global economy prompts investors to take riskier bets. The South African rand, Mexican peso and Russian rouble jumped more than 1 per cent against the dollar on Monday after the announcement from Pfizer and BioNTech about the results of the phase 3 trial of their Covid-19 vaccine. After the initial surge, currencies like the rand have eased back from highs that had not been touched ...
Higher-risk currencies soar on Biden win, successful Covid-19 vaccine
Currencies

Higher-risk currencies soar on Biden win, successful Covid-19 vaccine

U.S. dollar bank notes are arranged for a photograph on September 7, 2017 in Hong Kong.Trade-related monetary forms were floated on Monday by a get in hazard hunger after Joe Biden secured the U.S. administration and Pfizer Inc said its trial antibody was over 90% powerful in forestalling COVID-19.The Scandinavian monetary standards and the Japanese yen were among the greatest movers, while the seaward Chinese yuan hit its most grounded in 28-months.A Biden administration is required to help worldwide trade relations and the possibility of a fruitful Covid antibody is viewed as a significant tailwind, with worldwide cases proceeding to rise.Simon Harvey, money expert at representative Monex Europe, said despite the fact that markets were at that point exchanging with "a qual...
Goldman Sachs drops the euro from its list of currencies expected to surge against the dollar
Currencies

Goldman Sachs drops the euro from its list of currencies expected to surge against the dollar

Goldman Sachs has dropped the euro from its list of major currencies backed to outperform against the dollar in the aftermath of the U.S. election.The Wall Street giant recommended a series of short positions for the dollar against G-10 currencies in early October, warning that the risks arising from vaccine trials and the U.S. election are skewed to the downside for the greenback.However, France and Germany both announced fresh lockdown measures last week and the European Central Bank (ECB) strongly hinted that it will ease monetary policy further in December, complicating the outlook for the common currency."On the one hand, a 'blue wave' scenario in the U.S. election and vaccine confirmation (expected in November) would likely boost all cyclical assets, including the euro," Goldm...
Bitcoin’s Higher High Shows Just How Weak Fiat Currencies are Becoming – Bitcoinist
Currencies

Bitcoin’s Higher High Shows Just How Weak Fiat Currencies are Becoming – Bitcoinist

Over the weekend, Bitcoin set a pivotal higher high. And although the crypto asset is pulling back slightly with this week’s election uncertainty, a confirmed uptrend could make for clear skies in the weeks ahead.However, does a lack of a higher high on other top currencies tell a different story about Bitcoin – one that instead highlights the dollar’s weakness more so than the cryptocurrency’s strength?Top Cryptocurrency Finally Sets Higher High for First Time Since Bull Market PeakAccording to Investopedia, the definition of an uptrend is “an overall move higher in price, created by higher swing lows and higher swing highs.” Bitcoin’s higher low on Black Thursday, as frightening as that day may have been, was one step in turning the trend from bearish to bullish.The second ...