forex
Hedge funds are increasingly short the Japanese yen, pointing to more downside of the currency. The USD/JPY exchange rate was trading at 159.81 on Wednesday, a few pips below the year-to-date high of 160.22. Hedge funds are short the yenThe Japanese yen has been the worst-performing currency in developed countries in the past few years. It has already crashed by over 5% from the highest level in May and by over 20% from its post-pandemic high. Hedge funds have continued to increase their short bets against the Japanese yen. Data by the CFTC shows that these funds have been short the currency s...
Invezz
Violence broke out again today in the Kenyan capital of Nairobi, as well as several other towns and villages, as the latest in an ongoing protest against both a proposed financial bill and the nation’s president. Earlier today on June 25, riots throughout the African nation of Kenya gained steam, with many being wounded in altercations between protestors and police. This comes after previous unrest last week, on June 20, resulted in more clashes between protesters and police, killing at least one Kenyan in the struggle and injuring several others. Crowd control gone wrongKenyan politicians met...
Invezz
The Ghanaian cedi continued its freefall this week after the country reached a deal with its Eurobond creditors. The USD/GHS exchange rate has risen for 13 straight months and is now sitting at a record high of 15. It has soared by more than 164% from its lowest level in 2021, making it one of the worst-performing currencies in Africa. USD/GHS weekly chart The Ghanaian cedi plunged after the country reached a deal in principle with its Eurobond to restructure about $13 billion of its debt. According to the deal. The creditors will take a 37% haircut and choose between two instruments. One of t...
Invezz
The USD/JPY exchange rate has soared in the past six consecutive days and is slowly nearing its all-time high as the Japanese yen sell-off intensifies. It was trading at 158 on Friday and was nearing its all-time high of 160.2. It has soared by more than 13% from its lowest point in January. Japanese yen is plungingThe Japanese yen has become the worst-performing major currency this year as concerns about the Bank of Japan policy continues. In a statement last week, the bank announced that it would scale back its bond purchases significantly as it seeks to exit its ultra-loose monetary policie...
Invezz
The USD/CHF exchange rate will be in the spotlight on Thursday as the Swiss National Bank (SNB) delivers its interest rate decision. It has crashed by over 4% from its lowest level this month and is now hovering near its lowest level since March. SNB interest rate decisionThe Swiss National Bank will deliver its monetary policy decision as the country’s inflation remains elevated and the economy slows. Recent data showed that the headline Consumer Price Index (CPI) rose to 1.4% YoY in May, higher than March’s 1.0%. While the CPI has remained below the SNB’s target of 2.0% and is lower than in ...
Invezz
The South African rand has staged a strong comeback this week after last week’s coalition deal between ANC and Democratic Alliance. The USD/ZAR exchange rate has plunged to a low of 17.91, its lowest swing since August 2023. It has plunged by more than 7.5% from its highest point this year. SARB rate cuts to be delayedThe biggest catalyst for the USD/ZAR pair was the decision by the ANC and DA party to form a coalition government. Analysts have cheered the fact that the political situation took a less period than expected. The pair also tumbled after the latest South Africa inflation data. Acc...
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Today, the U.S. Census Bureau announced the United States’ advance monthly sales figures for May 2024, for retail and food services in the nation. In anticipation of the data, the US dollar has been trading higher against most other currencies today, including the Euro, with the EUR/USD struggling and experiencing pressure near 1.074 mark, Japanese yen, where the USD/JPY moved to above 158.00 earlier. However, the US sales figures rose just 0.1% in May, disappointing the market’s expectations. Furthermore, this came after a 0.2% drop in sales for April 2024. April’s sales had previously been r...
Invezz
The Russian ruble is doing well. The USD/RUB exchange rate plunged to a low of 85.5470, its lowest swing since June 2023. It has plunged by almost 10% from the highest point level this year. BoR and Federal Reserve actionsThe USD/RUB has crashed hard after last week’s Federal Reserve and Bank of Russia’s interest rate decisions. In its decision, the Fed decided to leave interest rates unchanged between 5.25% and 5.50%. It also signaled that it will hold rates higher for longer-than-expected since inflation has remained above the Fed’s target of 2.0%. I believe that the first rate cut will eith...
Invezz
The concept of the US dollar dominance has been in the spotlight in the past few months with experts in both sides sharing their ideas. Some experts believe that the end of the greenback in global trade and as a reserve currency is nearing. Others, on the other hand, opine that the dollar will never be dethroned. The case against the US dollar has grownThe case against the US dollar has grown in the past few years as the government has used it as a weapon. Washington has sanctioned countries like Russia, Iran, Cuba, North Korea, and Venezuela. Most importantly, the recently passed REPO Act all...
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The new Zimbabwe Gold currency has continued to stabilise against the US dollar and other currencies. According to the central bank, the USD to ZiG exchange rate was trading at 13.50, a few points above its initial price. ZiG has stabilised, helped by the actions by the government to prevent its volatility and its decline. The most important action has been to crackdown on street traders, who were blamed for crashing the other versions of the country’s currency. At the same time, the government has imposed substantial fines for transacting the currency outside of the official exchange rate. It...
Invezz
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