forex
The world’s newest currency is imploding as concerns about whether the experiment will work out. Zimbabwe Gold, popularly known as the ZiG, has plunged to its lowest level against the US dollar, erasing all the initial gains. Data by the Reserve Bank of Zimbabwe (RBZ) shows that the USD/ZIG pair surged to 13.67, up from its initial price of 13.56. It had initially peaked at around 7 against the US dollar, pushing the central bank chief to hint of an in intervention if the trend continued. For starters, the Zimbabwe ZiG is a new currency aimed at solving a perennial currency crisis in the count...
Invezz
The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
Invezz
New York (AFP) - The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a currency crash of a severity not seen since the 1997 Asian financial crisis reverberated around the world. The Federal Reserve's rapid, steep interest rate increases and the relative health of the US economy has caused investors to flood into the dollar, driving the greenback up and sending the British pound, Indian rupee, Egyptian pound and South Korean won and others to uncharted depths. "The moves are definitely getting extreme," said Brad Bechtel of Jefferies, warning that th...
AFP
New York (AFP) - The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. For an importer, the surge in the greenback against the euro, yen or British pound is a plus, because it makes the products they buy cheaper. But for a US export company, products sold in dollars have become more expensive, which increases the risk of losing clients and seeing sales decline. And they also lose money when converting foreign revenue back i...
AFP
Washington (AFP) - First he loved them, then he doubted them, but is he manipulating them? Tesla boss Elon Musk's tweets about cryptocurrencies like bitcoin are annoying their devotees and raising eyebrows among market watchers. The saga started in February when Musk's company Tesla announced it would buy $1.5 billion worth of bitcoin and later said it would accept the virtual currency as payment for its electric cars. But in mid-May, he broke hearts with tweets questioning the digital asset, particularly its vast consumption of electricity produced from polluting substances like coal. That s...
AFP
London (AFP) - Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the "highly speculative" unit could be used for "illicit" purposes. At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival ethereum declined 15 percent to $1,539. Tesla boss Elon Musk -- whose company has invested heavily in bitcoin -- tweeted Saturday that the prices of both cryptocurrencies "seem high". Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy -- and she expressed fear it was used for "...
AFP
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