China keeping the fiver-year loan rates unchanged has put breaks on the five weeks rally in the US Dollar. Investors now wait for the Federal Reserve’s Jackson Hole symposium for any further guidance.
While the Japanese currency is headed towards a downward trajectory, the US dollar has displayed a strong uptrend since the close of July.
The Circle CEO said that it’s time for the US to build on-chain dollars and embrace the multichain future, otherwise, the reserve currency could lose market share to China and Europe.
According to Kennedy, backing the dollar with Bitcoin would help stabilize the economy. Kennedy has also spoken against anti-Bitcoin laws.
The RBI Governor Shaktikanta Das has severally admitted that the country is moving towards CBDC adoption amid de-dollarization.
The Central Bank raised the country’s key interest rate from 8.5% to 15% last month.
Now, wholesale payment clients including renowned multinationals can choose to transfer either dollar or euro to/from their JPMorgan accounts anywhere in the world.
Several Wall Street Banks, including Goldman Sachs, have cut their outlook on growth in China as the economy struggles.
Most analysts and traders expect the Federal Open Market Committee (FOMC) to vote for holding the rates as they are.
Laurence Fink described the debt ceiling deliberations as bad for the dollar as the Blackrock CEO predicts further interest rate hikes.
The latest news about world currencies including US dollar, Euro, Pound, Yuan and others.