NEW YORK: The strength of the U.S. dollar has long been a thorn in President Donald Trump's side. That has put the almost unthinkable scenario of currency intervention up for debate in global foreign exchange circles.Forcibly halting the U.S. dollar's strength would be a drastic step, not deployed in more than three decades.The last big concerted effort to weaken the dollar was after the Plaza Accord in 1985 when five of the largest industrialized countries agreed to act to bring down the value of the dollar.Most recent FX interventions by policymakers in developed economies have been to address currencies getting out of whack from historical exchange rates or to counter disorderly markets.Analysts agree that while the possibility of a unilateral intervention in currency market by the United States is low it is not completely unthinkable."I think with this administration the mantra always has to be 'everything is on the table'," Gennadiy Goldberg, senior interest rates strategist at TD … [Read more...] about Explainer: US dollar intervention: What would it take?
Dollar japanese yen exchange rate
TOKYO, Japan - The dollar trod water early on Friday as investors awaited a crucial meeting between the leaders of the United States and China at a Group of 20 summit over the weekend for any signs of progress to end their heated trade war. The mood improved the previous day after the South China Morning Post said Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports. Negotiations between the world's two largest economies have been fraught, so traders and analysts caution that a resolution at the G20 summit is far from certain. Yet, markets seem to be clinging on to hopes of progress in a meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 in the western Japanese city of Osaka. Trump is set to hold the much-anticipated trade talks with Xi at 11:30 a.m. (0230 GMT) on Saturday. "The minimum to keep markets where they're at now is for the United States and China … [Read more...] about Dollar holds steady, markets edgy ahead of Trump-Xi talks at G20
Facebook's plans to launch a cryptocurrency could usher in a new type of "currency competition" and force China to rethink how it deals with the realities of the digital world, analysts said. In the past, Beijing has cracked down on cryptocurrencies like bitcoin, viewing them as a threat to financial stability, and has tried, with little success, to develop a "sovereign" digital currency of its own. Facebook's Libra, which is expected to be launched next year, raises a tough question for Beijing as it may have greater implications for global currencies, payments and financial systems than traditional currencies. That is because it will be pegged to a basket of convertible currencies - so it could serve as a stable online currency - while its payments will be endorsed by Visa and Mastercard meaning it can be used for a range of online services. Also, Facebook has more than 2 billion users. Also, its aim to make payments easier could undermine Beijing's efforts to curb capital outflows, … [Read more...] about How will Beijing react to Facebook’s Libra cryptocurrency?
TOKYO: The dollar held up against its key rivals on Thursday after fears of an escalation in the Sino-U.S. trade standoff forced investors to take shelter in safe-haven assets, including government bonds. As the dispute between the world's two biggest economies showed no signs of abating, worries that global growth will be hurt have rippled through financial markets in recent sessions, with riskier assets in particular taking the brunt of selling. Against a basket of six major currencies, the dollar was basically flat at 98.128, hovering within reach of a two-year high of 98.371 brushed a week ago. The index is up more than 2% for the year. "The outlook for global growth, and any drag from the festering trade dispute, remain key issues for markets," said Michael McCarthy, Sydney-based chief market strategist at CMC Markets. "The data over the next twenty-four hours has potential to either confirm or dispel the gloom," he wrote in a note. Offering the latest sign the standoff between … [Read more...] about Dollar holds up near 2-year peak on trade-war, growth worries
In a press release on Thursday the bank said that from now on its corporate clients who open multi-currency account can manage six major currencies, comprising baht, US dollar, euro, pound sterling, Australian dollar, and Japanese yen in one bank account. The unique feature of this account includes foreign currency fund transfers, currency conversion and eStatement that can be accessed conveniently via the hassle-free “TMB Business Click” online banking system for corporate clients. They also earn interest on the fund in this multi-currency account. Saranya Phuphatana, Head of TMB Financial Markets and International Transaction Banking, said: “TMB is determined to develop new solutions to offer more benefits for our clients. TMB Multi-Currency Account product will help corporate clients and exporters to conveniently manage their multi-currency fund in a single bank account. “This account will put an end to the traditional way of dealing with … [Read more...] about TMB launches first ‘multi-currency account’