© Reuters. In a significant turn of events, the Nigerian Naira has appreciated against the United States dollar, trading below N1,000 for the first time in 44 days across all markets, including the black market. As of Thursday, the Naira traded at N995 against the US dollar, marking an appreciation by N118 within hours. This
© Reuters The US dollar is forecasted to maintain its strength through the end of 2023, despite traditional weakness in the November-December period. This strength is driven by US macro outperformance and a hawkish Federal Reserve. High US rates, described as risk-negative events, are positively influencing the dollar while adversely affecting pro-cyclical currencies in Europe
© Reuters. India’s foreign exchange reserves saw a significant increase, despite a notable foreign investor pullout, ending the week of October 27 with a total of $586.111 billion, a surge of $2.579 billion according to the Reserve Bank of India (RBI). This considerable rise was largely attributed to the maturity and reversal of a $5
The currency pair is looking to end a three-week losing streak, with early trading today seeing the pair slightly lower at $0.5890/95, a narrow range below $0.59 due to softer US equity futures. Despite this minor setback, the pair has been extending gains for the third day in a row, nearing a two-week high above
© Reuters. Visa (NYSE:), in collaboration with HSBC and Bank, has completed the first phase of a Central Bank Digital Currency (CBDC) trial in Hong Kong. The trial, backed by Beijing’s central government, achieved “near real-time” transfers using tokenized electronic Hong Kong Dollar (e-HKD) deposits while preserving non-bank users’ information privacy. The pilot functioned 24/7
© Reuters. Investing.com– Most Asian currencies advanced on Friday, while the dollar eased further as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payrolls data kept gains in check. Regional trading volumes were also somewhat muted on account of a Japanese market holiday. Rate-sensitive, risk-heavy
© Reuters. The Swiss National Bank (SNB) has partnered with six commercial banks, including UBS, Zuercher Kantonal Bank, Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank (ETR:), and Hypothekarbank Lenzburg for a wholesale Central Bank Digital Currency (CBDC) pilot project. The initiative, dubbed Helvetia Phase III, aims to tokenize the Swiss franc for digital securities transactions on
© Reuters. A consortium of Swiss financial institutions is set to revolutionize digital financial markets through the launch of Helvetia Phase III, a project aimed at exploring the use of wholesale central bank digital currency (wCBDC). This initiative marks the first time real Swiss Franc wCBDC will be used to settle digital securities transactions. The
The exchange rate remained stable at €1.1502 on Thursday, as investors awaited the Bank of England’s (BoE) decision on interest rates amidst deteriorating economic conditions in the UK. This comes in the wake of October’s manufacturing PMI data, which showed a significant contraction in UK factory activity, fueling fears of a recession. S&P Global Market
© Reuters Investing.com– Most Asian currencies strengthened on Thursday, while the dollar fell sharply after mixed signals from the Federal Reserve ramped up bets that the central bank will not raise interest rates further. The was among the best performers for the day, surging 0.7% and blazing past weaker-than-expected . Markets were growing increasingly confident
