Cambodia’s Central Bank Promotes Riel Usage via Bakong Digital Currency System
A key strategy to boost the use of the Cambodian local currency is to foster cross-border transactions in riel, which the Bakong digital financial system facilitates.
Currencies
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Arthur Hayes Proposes Solution to Strengthen Yen and Its Impact on Dollar
Hayes noted that the dollar-yen exchange rate is a core part of the power struggle, which he believes is the most important global economic variable.
South Korean Crypto Traders Emerge as Major Force in Recent BTC Rally
South Korea has long been recognized for its robust blockchain and crypto community.
Bank of Israel to Sell $30 Billion Foreign Reserves amidst Shekel’s Slide
By Chimamanda U. Martha
• 3 mins read
This is not the first time Israel’s central bank has intervened in the foreign exchange market to stabilize the shekel.
EUR/USD Pair Loses Momentum as Stronger Dollar and Economic Data Weigh In
By Godfrey Benjamin
• 3 mins read
The US Census Bureau reported that Durable Goods Orders in August improved by 0.2% month-on-month (m/m) following a 5.6% decline in the previous reading.
US Dollar Remains Steady as China Surprises by Keeping 5-Year Interest Rates Unchanged
By Bhushan Akolkar
• 3 mins read
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.
Japanese Yen Slumps to Lowest Level Against US Dollar Since November 2022
By Chimamanda U. Martha
• 3 mins read
While the Japanese currency is headed towards a downward trajectory, the US dollar has displayed a strong uptrend since the close of July.
Circle CEO Jeremy Allaire Cites Major Threat to USD in Global Economy
By Bhushan Akolkar
• 3 mins read
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.
Democratic Aspirant Robert F. Kennedy Jr Promises to Back Dollar with Bitcoin if Elected President
By Tolu Ajiboye
• 3 mins read
According to Kennedy, backing the dollar with Bitcoin would help stabilize the economy. Kennedy has also spoken against anti-Bitcoin laws.
Reserve Bank of India (RBI) in Talks with Other Central Banks to Promote Digital Rupee for Cross-border Payments
By Steve Muchoki
• 3 mins read
The RBI Governor Shaktikanta Das has severally admitted that the country is moving towards CBDC adoption amid de-dollarization.
Turkey’s Inflation Recovers despite Decline in Turkish Lira
By Godfrey Benjamin
• 3 mins read
The Central Bank raised the country’s key interest rate from 8.5% to 15% last month.
JPMorgan Introduces Euro-Dominated Transaction Settlement for Corporate Clients
By Godfrey Benjamin
• 3 mins read
Now, wholesale payment clients including renowned multinationals can choose to transfer either dollar or euro to/from their JPMorgan accounts anywhere in the world.
Goldman Sachs Cuts Growth Outlook on China Following Similar Reductions from Major Wall Street Banks
By Tolu Ajiboye
• 3 mins read
Several Wall Street Banks, including Goldman Sachs, have cut their outlook on growth in China as the economy struggles.
Gold Prices Increase while Dollar Weakens as Market Awaits Fed Decision
By Ibukun Ogundare
• 3 mins read
Most analysts and traders expect the Federal Open Market Committee (FOMC) to vote for holding the rates as they are.
Blackrock CEO Says US ‘Debt Ceiling Drama’ Is Bad for Dollar, Bitcoin May Benefit
By Tolu Ajiboye
• 3 mins read
Laurence Fink described the debt ceiling deliberations as bad for the dollar as the Blackrock CEO predicts further interest rate hikes.
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