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UBS Warns of Further US Dollar Decline, Advises Investors to Reduce USD holdings

UBS Warns of Further US Dollar Decline, Advises Investors to Reduce USD holdingsFinancial giant UBS expects the U.S. dollar to continue to depreciate, advising investors to reevaluate their portfolios. The bank predicts a medium-term decline due to shrinking interest rate advantages and a growing fiscal deficit. With the dollar down 5% since June, UBS recommends strategies like currency hedging and diversifying into other currencies and assets like […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigeria Resumes Dollar Sales to Money Changers Amid Naira’s Decline

Nigeria Resumes Dollar Sales to Money Changers Amid Naira’s DeclineThe Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to a low of NGN1,639 per dollar, likely due to increased demand for US dollars for travel and business. The central bank has outlined rules for […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped

Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements ScrappedEthiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Citi Analysts Predict ‘Near-Perfect Conditions’ for Silver’s Ongoing Bull Market; Experts Suggest $30 an Ounce a Possibility

Citi Analysts Predict ‘Near-Perfect Conditions’ for Silver’s Ongoing Bull Market; Experts Suggest  an Ounce a PossibilityThe price of silver fell 2.85% against the U.S. dollar last week. However, taking a broader perspective, the precious metal has made significant gains this year. Over the past six months, silver has risen more than 29% against the greenback, and as of April 22, 2023, it was hovering around $25.08 per ounce. Citi analysts […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Treasury Secretary Yellen Says US Government Will Take ‘Any Steps Necessary’ to Preserve Its Financial Dominance

Treasury Secretary Yellen Says US Government Will Take ‘Any Steps Necessary’ to Preserve Its Financial DominanceAccording to U.S. Treasury Secretary Janet Yellen, the United States government is prepared to take the steps necessary to ensure its financial system remains the world’s strongest and safest. Yellen said that the U.S. government will not hesitate to punish Chinese companies that violate its Russian sanctions policy. U.S. Ready to Shore up Its Financial […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio SaysFewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that Western sanctions on Russia have highlighted new risks of keeping dollar assets. ‘Dollar Is Debt,’ […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve CurrencyAccording to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries have to base their trade on the dollar?” Brazil’s President Wants to Reduce the […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

EUR/USD Hits 6-Week High, as Greenback Weakens Following Fed Hike

EUR/USD Hits 6-Week High, as Greenback Weakens Following Fed HikeEUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate hike. The greenback was lower across the board, falling versus several G7 currencies, including the British pound. EUR/USD On Thursday, the world’s most traded currency pair rose for a sixth straight session, as markets continued […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Federal Reserve Hikes Rate by 25bps to Keep Inflation at Bay, Aims for 2% Inflation Rate by 2025

Federal Reserve Hikes Rate by 25bps to Keep Inflation at Bay, Aims for 2% Inflation Rate by 2025Following the fallout over the past two weeks in the U.S. banking industry, the Federal Reserve raised the federal funds rate by 25 basis points (bps) on Wednesday, citing the need for the inflation rate to return to 2% over the long run. Fed Raises Rate Despite Calamity in the U.S. Banking Sector It’s been […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday

Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps K on SundayBitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe