Tag: Currencies

Morgan Stanley says it’s time to go ‘all-in’ on emerging market currencies – CNBC
Currencies

Morgan Stanley says it’s time to go ‘all-in’ on emerging market currencies – CNBC

People wait for a bus in Bogota, Colombia. Sebastian Barros | NurPhoto | Getty Images LONDON — It is time for investors to position for a year-end rally in emerging market currencies and sovereign credit, Morgan Stanley analysts have said, citing less time for surprises ahead of the U.S. presidential election and supportive seasonal factors. It comes with little over a week before the U.S. vote, with some market participants increasingly pricing in the prospect of a Democratic president. President Donald Trump is seen trailing former Vice President Joe Biden in nationwide polling trackers, including in swing states, as both candidates prepare for the final week of campaigning before the Nov. 3 vote. "The market appears to be underpricing the possibility of a Blue sweep," ana...
PayPal cuts ties with domain registrar Epik over digital currency
Currencies

PayPal cuts ties with domain registrar Epik over digital currency

PayPal has terminated the account of domain registrar and web hosting company Epik for violating its “risk controls,” prompting angry letters and blog posts from Epik alleging conservative bias was to blame, Mashable reported. Seattle-based Epik is perhaps best known for its support of right-wing social media site Gab. The site was banned by its hosting company, domain registrar, and PayPal in 2018, after it was discovered that the alleged shooter at a Pittsburgh synagogue had written anti-Semitic tirades on Gab. In a 2018 blog post, Epik CEO Robert Monster criticized what he called the “digital censorship” by other sites. According to Mashable, the issue that got Epik kicked off PayPal has to do with Epik’s digital “alternative currency” Masterbucks. It can be used to buy Epik product...
The State of Digitial Currencies in China, the US, and Europe – Bitrates
Currencies

The State of Digitial Currencies in China, the US, and Europe – Bitrates

Several banks are developing digital currencies pegged to fiat currencies such as the U.S. dollar, the Chinese yuan, and the Euro. In October, new details came to light about those efforts. These developments provide insight into the current state of "digital dollars" and similar coins. Over the weekend of October 10th, the People's Bank of China ran a lottery that distributed 10 million yuan ($1.5 million) worth of Chinese digital currency to citizens of Shenzen. About 2 million people participated in the lottery, and 50,000 people won the contest. Each winner received 200 digital yuan ($30), which can be spent through a Digital Renminbi App linked to the participant's bank account. This news marks one of the first public use cases for China's digital currency, which has been under d...
Emerging-market currencies diverge on expectations of Biden win
Currencies

Emerging-market currencies diverge on expectations of Biden win

Rising expectations for Joe Biden winning the US election are shaking up emerging-market currencies, with exchange rates moving to anticipate a softer line on Beijing and a tougher one on Moscow and Ankara. As the polls have shifted further in favour of the Democratic challenger over the past month and a half, emerging-world currencies joined a global rally in riskier assets — reflecting a growing expectation that a sweeping victory for Mr Biden’s party would clear the way for a second major stimulus package for the world’s biggest economy. A broad MSCI index of EM currencies has risen about 2.4 per cent since the start of September. A Biden presidency would “likely be seen as a more favourable outcome for emerging markets currencies as a whole, given a less confrontational approach on t...
Dollar index hits seven-week low with COVID stimulus in focus
Currencies

Dollar index hits seven-week low with COVID stimulus in focus

US dollar and Chinese yuan arranged for a photograph on September 7, 2017. studioEAST | Getty Images The dollar hit a seven-week low against a basket of currencies on Wednesday after U.S. President Donald Trump and House Speaker Nancy Pelosi boosted hopes for a large fiscal stimulus package, prompting some traders to ramp up bets on riskier currencies. The U.S. dollar index was 0.47% lower at 92.605, its lowest since Sept. 2. "We've entered a secular bear market for the dollar," said Axel Merk, president and portfolio manager at Merk Hard Currency Fund in Palo Alto, California. The weakness in the greenback came as the White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus-related aid package on Tuesday as Trump said he was willing to a...
Central bank digital cash could raise pressure for ‘currency substitution’: IMF – Kitco NEWS
Currencies

Central bank digital cash could raise pressure for ‘currency substitution’: IMF – Kitco NEWS

LONDON (Reuters) - Central bank digital cash could see foreign currencies displace domestic money in national economies, with adoption of the tech also potentially boosting illicit capital flows without proper safeguards, the International Monetary Fund said on Monday. Central banks around the world began looking closely at their own digital currencies, known as CBDCs, after Facebook last year unveiled its yet-to-be-launched Libra stablecoin. Guiding their research is the question of who will control money in the future, with many fearing the loss of control over payment systems if privately issued currencies such as Libra become widely adopted. In a report, the IMF said the economic and policy consequences of CBDCs and Big Tech-issued stablecoins depends on adoption - something hard ...
Gulf Currency Pegs Offer Silver Lining in Weaker-Dollar Era
Currencies

Gulf Currency Pegs Offer Silver Lining in Weaker-Dollar Era

Out on Wall Street, things are always changing. Share prices fluctuate, new players make their market debuts, the macro environment gets shaken up and long-term trends shift. That said, one thing remains the same: growth is the name of the game. Growth stocks consistently score a spot on investors’ wish lists, given their potential to deliver returns. This growth potential goes above and beyond the norm, as these plays have already posted some spectacular gains in 2020, with the upside set to keep on coming in the long run. Knowing what you’re looking for is one thing, but how are investors supposed to find these opportunities? One strategy is to take a cue from Wall Street pros. Bearing this in mind, we used TipRanks’ database during our search for exciting growth names, according to th...
Governments and banks are the only winners with fiat currency, says Max Keiser
Currencies

Governments and banks are the only winners with fiat currency, says Max Keiser

Using the analogy of a Hi/Lo poker game — a variety of poker which crowns the highest and lowest hands as victors — broadcaster Max Keiser explained citizens will ultimately lose when it comes to holding government-issued currencies. "Unless you're a country, that can make money by debasing your currency, by getting kickbacks from Wall Street who packages all those currencies in the form of negative rate interest-rate bonds, then you only have one choice," Keiser said during an Oct. 15 episode of his show, the Keiser Report, adding: "You can only try to win the hand with the high hand: gold, silver and Bitcoin. You can't win playing the low hand unless you're a sovereign state or a major investment bank, and that's the game today." At the tail end of a wild year, which included the U....
China’s digital currency aims to leave the rest of the world in the dust – Axios
Currencies

China’s digital currency aims to leave the rest of the world in the dust – Axios

China is already test-driving the future of finance while the rest of the world is stuck trying to get its learner's permit. What's happening: Over the past two weeks Chinese authorities in cities like Shenzhen and Chengdu have given out the country's brand new digital renminbi currency and are urging even faster rollout of the token nationwide. The country's central bank has distributed the currency to "lottery" winners who are reportedly spending it at thousands of retailers, including local supermarkets and pharmacies and even Walmart. What they're saying: "We must serve dual circulation with fintech-led innovations," Chen Yulu, deputy governor of the People’s Bank of China, said in an article published on Sunday in the PBOC-run China Finance magazine. "We must build an...
Coronavirus Can Remain On Paper Currency For 28 Days, Per New Study
Currencies

Coronavirus Can Remain On Paper Currency For 28 Days, Per New Study

The novel coronavirus can remain on paper banknotes for weeks, per an Australian study. getty The novel coronavirus can remain infectious for four weeks on banknotes, according to new research by the Australian Centre for Disease Preparedness, Australia’s top biosecurity laboratory. These findings reinforce the importance of hand-washing or using disinfecting hand sanitizer after visiting an ATM or handling cash. The researchers tested how long the coronavirus survived on both paper and polymer banknotes at various temperatures. They found that the coronavirus can survive “to at least 28 days” on both types of banknotes, which is significantly longer than the seasonal flu virus’s “demonstrated survival up to 17 days” at room temperature (20 degrees Celsius or 68 degrees Fahrenhe...