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Currency

North Korea nerves knock dollar against yen

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Posted by Reuters

on Friday, 22 September 2017 07:44

North-Korea-war-USA-846462Tokyo (Sept 22)  The dollar buckled against the yen on Friday as tensions simmered on the Korean peninsula, though the sharp divergence between U.S. and Japanese monetary policy kept the greenback on track for a winning week against the yen.

North Korea said on Friday it might test a hydrogen bomb over the Pacific Ocean after U.S. President Donald Trump said he would destroy the country if it threatened the United States or its allies. Adding to investors' risk-aversion was S&P Global Ratings' downgrade to China's sovereign credit rating. On Friday, the ratings agency said the country's attempts to reduce risks from its rapid buildup in debt are not working as quickly as expected and credit growth is still too fast. The dollar dropped as much as 0.8 percent to 111.65 yen , before recovering to trade down around half a percent on the day at 111.96 yen in early London trade.

The yen tends to benefit during times of crisis due to Japan's net creditor nation status, and the expectation that Japanese investors would repatriate assets.

"Many are questioning whether that can remain the case in the presence of a risk event that is local to Japan," wrote RBC Capital Markets analysts in a note to clients.



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Currency

Bitcoins: Too Hot To Handle

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Posted by EquityMaster.com

on Wednesday, 20 September 2017 05:10

Screen Shot 2017-09-20 at 4.34.40 AMJP Morgan CEO Jamie Dimon calls Bitcoin a fraud.

Bitcoins have captured the imagination of everyone. Even people who have never invested in stock markets have started talking about the crypto currency. Bitcoins are the talk of the town right from college students to diamond brokers to housewives.

If the whole world is talking about Bitcoins then how can CEO of a top notch investment bank miss it? Bitcoins crashed recently after JP Morgan Chase CEO Jamie Dimon called it a fraud.

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon warned. Apart from this China also announced that it will shut down all the Bitcoin exchanges in the country.

This double whammy pushed Bitcoins from a high of 4,950$ on 2 September to a low of 2,950$ on 15 September. That's a drop of 40% in a fortnight. Bitcoin has bounced back smartly from the lows but it's nowhere close to the prior highs.

The price action for the last month or so has been too hot to handle for many. It's exciting to see the price double or triple quickly. But it's worse when it falls forty percent in a fortnight.

....continue reading HERE

 



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Currency

Suddenly, “De-Dollarization” Is A Thing

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Posted by John Rubino - DollarCollapse.com

on Monday, 18 September 2017 06:42

de-dollarizationFor what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange. 

These were challenges to the dollar’s dominance, but they weren’t mortal threats. 

What’s happening lately, however, is a lot more serious. It even has an ominous-sounding name: de-dollarization. Here’s an excerpt from a much longer article by “strategic risk consultant” F. William Engdahl:

Gold, Oil and De-Dollarization? Russia and China’s Extensive Gold Reserves, China Yuan Oil Market

(Global Research) – China, increasingly backed by Russia—the two great Eurasian nations—are taking decisive steps to create a very viable alternative to the tyranny of the US dollar over world trade and finance. Wall Street and Washington are not amused, but they are powerless to stop it.


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Currency

How Low Could EUR/USD Go?

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Posted by Nadia Simmons - Sunshine Profits

on Thursday, 14 September 2017 07:25

Yesterday, EUR/USD verified the breakdown under the upper border of the trend channel and declined, closing the day below the early August peak. What does it mean for the exchange rate?

EUR/USD

2017-09-14-EURUSDMonthly

On Tuesday, we wrote the following:

(…) on the long-term chart, we see that EUR/USD is still trading in the orange resistance zone. Additionally, indicators increased to the highest levels since April 2014. Back then, such high readings of the CCI and Stochastic Oscillator preceded bigger move to the downside, which suggests that we may see a similar price action in the coming week(s).

EUR/USD - the weekly chart

(…) on the medium-term chart (….), we can see that the CCI and Stochastic Oscillator already generated the sell signals, supporting currency bears. (…) we also see that the exchange rate is quite close to invalidating the earlier breakout above the 127.2% Fibonacci extension.



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Currency

Am I Certain About the Strong Dollar?

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Posted by Martin Armstrong - Armstrong Economics

on Tuesday, 12 September 2017 07:25

US-Dollar-Eye

QUESTION: Dear Mr. Armstrong,

I have been reading your blog for over a year now. Your posts are a superb read and one of the first things I check every morning before leaving for work! Although I admire your work and writings a great deal, I’m sometimes surprised by the level of certainty you seem to have about how things will unfold in the future. You stated multiple times now that ‘only a rising dollar will break the world monetary system’, but with more and more countries trying to bypass the dollar system, how will the dollar ever get to the strength that is needed to do so? Will the world monetary system break for sure, or is there an alternative ‘softer’ transition possible on a global scale?

Thank you for your insights!

B (from Belgium)

ANSWER:

Strong-EuroAll the governments of the entire world can try their best to create some new currency to dethrone the dollar. They will fail just as Europe has failed with the Euro, You can denominate oil to peanuts in some other currency but that still will never put a dent in the dollar. Why? It is capital flows than count and trade is minimal. When you cash out of your commodity, where do you put your profits? Oh back into dollar denominated instruments?



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