#interbank fx rates live

[allthebrazilianpolitics]

External scenario pressures Brazilian real to lowest level in 2 months

Chance of Republican victory in White House, Congress affects emerging markets

The positive sentiment in local markets, buoyed by more favorable fiscal signals from the Brazilian government, was short-lived. External factors once again dominated the movements of domestic assets on Tuesday, with increased bets on a win by Republican Donald Trump in the U.S. presidential election significantly impacting emerging markets. The sharp drop in oil prices also played a role in the session, marked by a surge in the exchange rate and future interest rates.

The possibility of a “red wave,” with a Republican victory in both the White House and Congress, gained traction in betting markets. According to the betting site Polymarket, which compiles options involving both the presidential race winner and the majority in the Lower House and Senate, there is now a 40% chance of a “red wave,” which has rattled emerging markets.

In the Brazilian market, the real weakened to R$5.6565 to the dollar, the highest FX rate in two months. The interbank deposit (DI) rate for January 2029 futures soared from 12.635% to 12.77%, closing at the day’s high. The rate abandoned the morning decline when government signals about spending restraint had an impact. The benchmark stock indexIbovespa closed with a slight gain of 0.03%, at 131,043 points.

The government’s signaling was insufficient to support the real or the decline in future interest rates. The possibility of Mr. Trump’s victory became more prominent in business, especially affecting Latin American currencies. By late afternoon, the dollar was up 1.50% against the Mexican peso; 0.83% against the Colombian peso; and 1.42% against the Chilean peso.

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[fxasker-blog]

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What Spreads Do CORSA CAPITAL Offer On MT5? Read More http://fxasker.com/question/84342c042bd29c37/ FXAsker

[forexstat]

Trading and Analysis Forex I've been trading forex live since 2004. Watch me and I will show you how to trade in forex. Forex Trading Beginners and newbies welcomed!.   These forex trading videos will cover basic educational and training topics for new / beginning fx traders. However, they will also cover advanced trading strategies for those who've traded currencies for years.    Technical Analysis and Fundamental Trading Strategies Covered.    Questions and Participation Welcomed!   RISK WARNING Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Seek education and gain experience before risking real money, but please always remember, your past performance does not guarantee future results.   What Is Forex? The foreign exchange market (or "forex" for short) is the biggest financial market in the world, with over $4 trillion worth of transactions occurring every day. Simply, forex is the market in which currencies, or money, are traded in the interbanking system.   Forex Tutorial: What is Forex Trading? By Investopedia Staff   What Is Forex? The foreign exchange market is the "place" where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business. If you are living in the U.S. and want to buy cheese from France, either you or the company that you buy the cheese from has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to exchange the equivalent value of U.S. dollars (USD) into euros. The same goes for traveling. A French tourist in Egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the Egyptian pound, at the current exchange rate.      What is the spot market? More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations (both locally and internationally), as well as the perception of the future performance of one currency against another. When a deal is finalized, this is known as a "spot deal". It is a bilateral transaction by which one party delivers an agreed-upon currency amount to the counter party and receives a specified amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present (rather than the future), these trades actually take two days for settlement.    Note that you'll see the terms: FX, forex, foreign-exchange market and currency market. These terms are synonymous and all refer to the forex market.   please click link below for more education about forex: https://dasarforex.com thank you very much   https://video.forexreview.top/trading-and-analysis-forex_e6286baf1.html by

[ericfruits]

The great foreign exchange rip-off is coming to an end

SOME years ago, when Gulliver was a wide-eyed reporter on his first business trip, he sidled up to a bureau de change in London’s Heathrow Airport to buy some foreign currency. His nervous excitement quickly turned to dismay when the teller gouged 12% from the transaction, justifying the theft by tapping on a display-screen of ruinous exchange rates. Today, Gulliver knows better than to buy foreign currency at an airport. But many do not: in 2016 Heathrow raked in £50m ($68m) by renting retail space to bureaux de change. New technology and startups could soon change that.

Savvier travellers have, until now, bought their foreign currency in advance from bureaux de change outside the airport. Higher competition and lower costs mean that these firms trade closer to the interbank exchange rate—the price at which two currencies are actually swapped by financial institutions. Yet all middlemen need a mark up, so they still add a margin of 2-5% to their “commission-free” quotes.

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A new breed of “challenger banks” wants to bring that racket to an end. Revolut, a financial-technology (or “fintech”) startup that operates solely through its mobile app, is leading the charge. Like a traditional bank, it gives customers a British current account and a prepaid debit card. Unlike one, it offers live interbank exchange rates for overseas transactions that users can lock in on the app. Other fintech rivals are also squeezing the margins that traditional firms charge and, in some cases, forcing them to adapt. In 2016, Santander, a high-street bank, admitted that it was charging six times more for international cash transfers than TransferWise, a digital rival. Amid mounting pressure, last month it launched a new platform, One Pay FX, that uses blockchain technology and claims to be even cheaper than the challengers.

Revolut and TransferWise are just two fish in a growing pond of startups aiming to upset the established order of Britain’s retail banking sector. Other newcomers, such as Monzo and Starling Bank, focus on domestic transactions rather than foreign exchange. All appeal to younger generations through their digital apps, which are cheaper to run than bricks-and-mortar banks and bureaux de change.

Of course, finance is not the only industry grappling with digital disruption. Hoteliers and taxi firms used to take advantage of their position just as banks do, until Airbnb, a website for booking overnight stays in other people’s homes, and Uber, a ride-hailing app, exposed them to greater competition. The banks and bureaux de change can take comfort from the fact that old habits die hard. Some travellers will still need to buy physical currency before they travel abroad, which generally attracts higher handling costs and commission margins than digital money. Not all places have cash machines and some, such as rural Germany, do not even accept card payments. On an emotional level, many people think uploading one’s wealth to a mobile app is riskier than locking it up in a bricks-and-mortar bank—whatever the legal guarantees. Yet the same can be said about stepping into unmarked cars, or staying in strangers’ homes. And that has not stopped Uber and Airbnb thriving. Heathrow’s bureaux de change should enjoy their 12% wedge while they can.

[fxasker-blog]

Does Slippage Occur On movioptionr Platforms?

Does Slippage Occur On movioptionr Platforms? Read More http://fxasker.com/question/496a1c1ee6dcba2f/ FXAsker

[1computer-site-blog]

Is Spending for The Forex For You?

Lots of traders invest countless dollars on different Forex trading instructional outreach programs that do not produce any outcomes, while others take the danger of playing the market by themselves. The best Forex trading technique program is important to success in the market. 

   The advantages of trading this market are unlimited; from the chance to trade throughout the day, every day from Sunday night to Friday night, having the ability to trade immediately with the current news impacting the marketplaces, to constantly having purchasers and sellers to trade with in this really liquid market. 

   In addition, the truth that Forex trading is usually traded without commissions multiplies the advantages of this field of trading. For those traders thinking about handling the marketplace on a regular basis, this element is extremely helpful. 

   Ending up being an effective Forex trader is the objective for millions throughout the world, however numerous - even most - brand-new traders stop working within the very first year or lose countless invested dollars since they have not understood an extensive understanding of the market and the method the marketplace works. 

   Forex training is crucial to getting the most out of each dollar. Any unskilled financier that chooses to begin trading the forex without the correct tools and education, might also play their cash on a live roulette wheel at a gambling establishment. With the correct education and mentoring, nevertheless, financiers end up being much more most likely to reach their monetary objectives. 

   Unlike trading on a normal stock market, the Forex market is thought about an “over the counter” market due to the fact that it is not carried out by a main exchange. Rather, Forex trading method takes location on an “interbank” market. 

   The liquidity of specific currency sets makes rate stability possible-- even possible-- and guarantees narrow spreads. Trading the most popular currencies is less expensive than trading others since of the high level of liquidity. 

   Trading chances are limitless in this market since currency worths are compromising and enhancing in relation to other currencies on a consistent basis. The marketplace moves every minute of the day and executing the best Forex trading method is type in getting ahead of the video game. 

   Twenty-four hours a day, every day, the Forex market stays in business. Forex, Forex or FX are a few of the terms representing the trading of the world’s different currencies: the biggest market in the world. 

   Trading offers are done straight in between the 2 getting involved accounts needed to make a trade and take place either over the phone or on around the world electronic networks. Sydney, Tokyo, London, New York and Frankfurt are the primary centers, which suggests Forex trading takes place throughout the world 24 hours a day. 

   With cash to be made in the Forex market and every hour of the day to trade, suitable and reliable Forex training and understanding the ideal Forex trading techniques are of utmost significance.

[saleggdbdiscount-blog]

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[jamieclawhorn]

Is this the biggest threat to FTSE 100 banks Lloyds, Barclays and HSBC?

When you think of threats to FTSE 100 banks Lloyds, Barclays, and HSBC, what comes to mind? Brexit? A property market collapse? A global recession? PPI claims?

All of these threats are valid, of course. They could all potentially impact profitability at the banks. However, I think there’s another dominant threat that’s lurking and I’m concerned that it has the potential to have devastating consequences for the FTSE 100 banks over the next decade. I’m referring to the rapid growth of FinTech (financial technology), and the rise of digital banks such as Monzo and Revolut, which are changing the way banking works.

Traditional banks: asleep at the wheel?

What concerns me about the new digital banks and FinTech companies is that many offer innovative services that the traditional banks don’t. Or, they’re offering traditional banking services at a fraction of the price that high street banks charge for the same service.

Take digital bank Monzo, for example, which now has around 1.5m customers. Not only does Monzo offer a state-of-the-art banking app that enables customers to track their spending habits in real time, but it also offers many benefits for those who travel regularly, or transfer money internationally. For instance, customers can send money abroad at a rate up to eight times cheaper than high street banks through TransferWise (more on this below) and the bank also doesn’t charge any fees for international spending.

Then, there’s Revolut, another digital bank that’s growing at a formidable rate and already has over 3m customers. Revolut allows customers to spend money in over 150 currencies at the interbank exchange rate, meaning they could save a fortune when travelling abroad. The bank’s app also allows customers to save their spare change by rounding up every transaction and directing the pennies towards savings.

Does your bank offer you these services?

With such innovative features, I can these kinds of banks stealing more and more market share from the bigger banks in the years ahead if the traditional banks don’t innovate and improve their offerings. Younger consumers, who live their lives through their smartphones, will certainly be attracted to the start-of-the-art platforms and apps.

Disruptive innovation

Moreover, it’s not just the digital banks that the FTSE 100 banks need to be cautious of – a number of FinTech companies are also completely overhauling the traditional banking model right now.

For example, TransferWise, which I mentioned earlier, has been a game-changer for international money transfers.

Let’s say I want to transfer £1,000 to a friend in the US and the official GBP/USD exchange rate is 1.29. If I walk into a high street bank, I’ll be stung with a huge FX spread, meaning the bank will take a large cut of my money. I might only receive a rate of 1.23, or less. Yet through the TransferWise website, I could send that money to the US at a rate of 1.29, minus only a small fee of around £4, resulting in a saving of around £56.

Again, the banks are asleep at the wheel here. They need to be more competitive, otherwise they could lose market share.

In summary, technology is having a big impact on the banking sector right now, and I think the banking industry is set for massive changes over the next decade. FTSE 100 banks need to innovate quickly, otherwise they’ll be left behind. 

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More reading

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Will you get the full New State Pension? Here’s how to find out

Why I think using the FTSE 100 to beat the State Pension could be a good idea

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Why I’d ditch Bitcoin and invest in these FTSE 100 dividend stocks instead

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[legit-scam-review]

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14.

Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February.

The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying.

“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”

The release did not mention the overall payment volumes for the bank last year, Reuters referencing Bibbey as confirming the $250 billion represented a “small” portion of the total.

The statistics are nonetheless impressive, underscoring the opportunities for blockchain uptake in the traditional banking sector despite previous mixed reviews.

HSBC has engaged in multiple projects involving the technology recently, these including launching a joint trade finance platform in Hong Kong in November.

At October’s Money20/20 conference in Las Vegas meanwhile, HSBC’s Global Innovation Lead for Global Liquidity & Cash Management, Craig Ramsey, told audiences that both blockchain and cryptocurrency posed a “real challenge” to interbank settlements.

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[anywhereconsulting-blog]

How do we bank as a distributed company and how you should do it too

This is not a paid endorsement by any service provider by all means. 

Our company, Anywhere Consulting is a distributed business. It means that we do business without borders. Our legal entity is based in Estonia but our team is global. But how do we bank, what service provider do we use, and why you should use the same too? In short, we use Revolut Business for our business banking and I opened one of my personal accounts at Revolut as well.

The problem with traditional business bank accounts

The question really isn't about business bank accounts but with all traditional banks. Personally, I have used several banks for business and personal reasons from HSBC to ERSTE and others. I had the same problem with all, no matter which country they are based in. 

1. Poor, I mean amazingly bad customer service

No matter if they have nice people on their team, the very basic foundation of their customer service is broken. Usually it has to do with the customer service issue timeline: I have a problem -- I email them or message them over their online platform where I logged in -- they tell me I have to call them as my problem is really special (every problem is) -- over the phone I encounter a phone-bot or dial-monster and it takes endless minutes until I get a human over the line -- at this point, they either solve my problem after I have provided them with a bunch of ID numbers and cut through an overcomplicated verification process OR they tell me that my problem can be done only offline -- I have to go to the branch. On foot. Personally. During business hours. Also, their phone line is live during their indicated business hours. Oh, and they answer emails within 31 days.

I know it sounds harsh but it's 2018. There's a thing called the internet and customer services run on instant messages. Exclusively. No phone and no "come to our branch." I understand that there are situations and type of businesses that need serious verifications, but I'm a small business or sole-entrepreneur, I don't deal with zillions. I just need someone to help me with the issue of my poor tiny business debit card. 

See my point? Get the feeling? Meanwhile, Revolut offers 24/7 customer service over instant messages on your mobile or desktop, no matter which timezone you are in. I tried it. They are super helpful, quick and great.

2. Hidden fees and bad rates

Of course, there's a thing called free account everywhere. However, there are loads of hidden fees even if your account is labeled free. Also, there are banks that charge you a small amount just because you are their client. Yeah, I don't get it either. But let's say you have a free account. This means, your business debit card is not free, there should be an annual rate for that. And I'm not talking about credit cards, but only about simple debit cards. Also, there are countries where the government applies a special rate on every bank transfers called transfer tax or something like that.

But let's say you are one of the lucky few who has a free account with free cards. Your bank will certainly charge you amazingly bad rates for exchanges. I own a distributed business and my clients are from all over the world with their own currencies (mainly EUR, USD, and GBP). In a traditional bank, this means 3 separate accounts. Or you have 1 account and you pay for exchange rates. I've done a calculation before on my banking fees - traditional bank, a big one in the UK - and I lost around 2-5% of my company's revenue just on banking fees / bad exchange rates. 

Meanwhile, at Revolut Business, I hold many currencies in separate accounts and if I want to exchange, I get interbank FX rates. I also pay a simple fee for the Business account, which comes with almost unlimited physical business cards where I have to pay a one-off cost on mailing it to me and I have an unlimited amount of virtual cards for free which I can use for stuff purchased online (most of the stuff I purchase to my business is purchased online anyway). 

3. It's just a bank...

When it comes to managing your business, a simple service can save a lot of time for you. When it comes to business banking, there are a few things that can be done with a bare minimum and there are things that can be added as an extra.

The bare minimum is to have a user-friendly internet banking platform. You can't imagine how many banks fail to comply with this expectation. They are heavy, overcomplicated and super-slow. Not to mention they look ugly. The bare minimum is the option where you can download annual transactions for your accounting or you can simply just hook up your bank details with an accounting software for your accountant. There are many banks that are simply incapable of achieving this.

Extra features can save you time. These services may include: helping with managing company expenses, a hand for your accountant or just simply a cashflow management system that tracks your expenses in an easy-to-understand method. Revolut offers simple expense tracking, all employees can get a business debit card, and all cards are managed and tracked from a simple dashboard. Clearing invoices and requesting payment is also simple to do. Other service providers like Holvi, they integrate basic accounting into their offerings for clients.

There are other new and hot players in this field apart from Revolut. To name a few: N26, Holvi, and Transferwise, the latter is currently rolling out its new debit cards for Borderless Business customers. All of these can be opened fully online but you need to verify your business and yourself -- which is straight-forward and easy. Sadly, the majority of people don't know about these alternatives and still bank with traditional institutions. I get it: when you are a bigger company, you need other banking services like business loans and company credits, plus you need a physical bank where you keep your funds intact. But for small distributed businesses generating less than 1 million USD revenue annually, new emerging financial technology service providers are a must to try. 

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At Anywhere Consulting, we help entrepreneurs to launch, build and grow their remote business. We provide support and consulting services as well as educational products to overcome the challenges of remote businesses. If you are a freelancer who wants to launch a distributed business or you already have an established business but want to grow remotely, we can help you.

[forexstat]

Forex Trading and Technical Analysis I've been trading forex live since 2004. Watch me and I will show you how to trade in forex. Forex Trading Beginners and newbies welcomed!.   These forex trading videos will cover basic educational and training topics for new / beginning fx traders. However, they will also cover advanced trading strategies for those who've traded currencies for years.    Technical Analysis and Fundamental Trading Strategies Covered.    Questions and Participation Welcomed!   RISK WARNING Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Seek education and gain experience before risking real money, but please always remember, your past performance does not guarantee future results.   What Is Forex? The foreign exchange market (or "forex" for short) is the biggest financial market in the world, with over $4 trillion worth of transactions occurring every day. Simply, forex is the market in which currencies, or money, are traded in the interbanking system.   Forex Tutorial: What is Forex Trading? By Investopedia Staff   What Is Forex? The foreign exchange market is the "place" where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business. If you are living in the U.S. and want to buy cheese from France, either you or the company that you buy the cheese from has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to exchange the equivalent value of U.S. dollars (USD) into euros. The same goes for traveling. A French tourist in Egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the Egyptian pound, at the current exchange rate.      What is the spot market? More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations (both locally and internationally), as well as the perception of the future performance of one currency against another. When a deal is finalized, this is known as a "spot deal". It is a bilateral transaction by which one party delivers an agreed-upon currency amount to the counter party and receives a specified amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present (rather than the future), these trades actually take two days for settlement.    Note that you'll see the terms: FX, forex, foreign-exchange market and currency market. These terms are synonymous and all refer to the forex market.   please click link below for more education about forex: https://dasarforex.com thank you very much   https://video.forexreview.top/forex-trading-and-technical-analysis-13_86f111c02.html by

[jettadarkwynd]

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

© Reuters. Lessons From 1997 Show It’s Scary Being a Hong Kong Dollar Bear

(Bloomberg) — As the Hong Kong dollar sinks toward the weak end of its trading band, it’s worth looking back to 1997 for lessons of how the authorities may respond. What was back then a currency peg has since been replaced by a band, but that will not alter the determination of the Hong Kong Monetary Authority to defend it.

Although Hong Kong avoided the initial wave of currency attacks that began in July 1997 with the Thai baht’s devaluation, the city’s turn came in October. Excessive optimism in the quickly turned into panic selling and triggered a run on the currency. But the HKMA proved a brutal opponent for speculators to take on.

On the day that the fight reached a climax, overnight interest rates were allowed to climb to 300 percent as the HKMA held back from putting liquidity into the interbank market. This was enough to kill off the hedge fund attack as local banks could only raise funding for their own needs, so there were no Hong Kong dollars left to finance short sellers.

This time around it will be the first defense of the 7.85 level and the HKMA will need to rely on its currency reserves rather than a hard convertibility peg. Not that traders should expect any hesitation in the use of their full arsenal, worth more than $400 billion. And it’ll be combined with timely verbal intervention to remind investors that officials are on alert and fully engaged. Then there is China to consider.

Hong Kong’s money is Beijing’s money and the chance that Xi Jinping will sanction a devaluation of the Hong Kong dollar is very low. Currency swaps between central banks in Asia are being widely used, thus a line from the PBOC to backstop the HKMA would be completely normal. Access to China’s currency reserve pile is a very big stick to swing, even against today’s multi trillion dollar FX market.

The question for Hong Kong dollar speculators in 2018 is one that Clint Eastwood once used in a movie. So do you feel lucky?

(Mark Cranfield is a former currency trader who was working in Hong Kong in 1997, and is now a Markets Live blogger for Bloomberg. The observations he makes are his own and are not intended as investment advice. For more markets commentary, see the MLIV blog.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

[breakbit]

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

© Reuters. Lessons From 1997 Show It’s Scary Being a Hong Kong Dollar Bear

(Bloomberg) — As the Hong Kong dollar sinks toward the weak end of its trading band, it’s worth looking back to 1997 for lessons of how the authorities may respond. What was back then a currency peg has since been replaced by a band, but that will not alter the determination of the Hong Kong Monetary Authority to defend it.

Although Hong Kong avoided the initial wave of currency attacks that began in July 1997 with the Thai baht’s devaluation, the city’s turn came in October. Excessive optimism in the quickly turned into panic selling and triggered a run on the currency. But the HKMA proved a brutal opponent for speculators to take on.

On the day that the fight reached a climax, overnight interest rates were allowed to climb to 300 percent as the HKMA held back from putting liquidity into the interbank market. This was enough to kill off the hedge fund attack as local banks could only raise funding for their own needs, so there were no Hong Kong dollars left to finance short sellers.

This time around it will be the first defense of the 7.85 level and the HKMA will need to rely on its currency reserves rather than a hard convertibility peg. Not that traders should expect any hesitation in the use of their full arsenal, worth more than $400 billion. And it’ll be combined with timely verbal intervention to remind investors that officials are on alert and fully engaged. Then there is China to consider.

Hong Kong’s money is Beijing’s money and the chance that Xi Jinping will sanction a devaluation of the Hong Kong dollar is very low. Currency swaps between central banks in Asia are being widely used, thus a line from the PBOC to backstop the HKMA would be completely normal. Access to China’s currency reserve pile is a very big stick to swing, even against today’s multi trillion dollar FX market.

The question for Hong Kong dollar speculators in 2018 is one that Clint Eastwood once used in a movie. So do you feel lucky?

(Mark Cranfield is a former currency trader who was working in Hong Kong in 1997, and is now a Markets Live blogger for Bloomberg. The observations he makes are his own and are not intended as investment advice. For more markets commentary, see the MLIV blog.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

[taylordmorris]

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

Lessons From 1997 Show It's Scary Being a Hong Kong Dollar Bear

© Reuters. Lessons From 1997 Show It’s Scary Being a Hong Kong Dollar Bear

(Bloomberg) — As the Hong Kong dollar sinks toward the weak end of its trading band, it’s worth looking back to 1997 for lessons of how the authorities may respond. What was back then a currency peg has since been replaced by a band, but that will not alter the determination of the Hong Kong Monetary Authority to defend it.

Although Hong Kong avoided the initial wave of currency attacks that began in July 1997 with the Thai baht’s devaluation, the city’s turn came in October. Excessive optimism in the quickly turned into panic selling and triggered a run on the currency. But the HKMA proved a brutal opponent for speculators to take on.

On the day that the fight reached a climax, overnight interest rates were allowed to climb to 300 percent as the HKMA held back from putting liquidity into the interbank market. This was enough to kill off the hedge fund attack as local banks could only raise funding for their own needs, so there were no Hong Kong dollars left to finance short sellers.

This time around it will be the first defense of the 7.85 level and the HKMA will need to rely on its currency reserves rather than a hard convertibility peg. Not that traders should expect any hesitation in the use of their full arsenal, worth more than $400 billion. And it’ll be combined with timely verbal intervention to remind investors that officials are on alert and fully engaged. Then there is China to consider.

Hong Kong’s money is Beijing’s money and the chance that Xi Jinping will sanction a devaluation of the Hong Kong dollar is very low. Currency swaps between central banks in Asia are being widely used, thus a line from the PBOC to backstop the HKMA would be completely normal. Access to China’s currency reserve pile is a very big stick to swing, even against today’s multi trillion dollar FX market.

The question for Hong Kong dollar speculators in 2018 is one that Clint Eastwood once used in a movie. So do you feel lucky?

(Mark Cranfield is a former currency trader who was working in Hong Kong in 1997, and is now a Markets Live blogger for Bloomberg. The observations he makes are his own and are not intended as investment advice. For more markets commentary, see the MLIV blog.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/lessons-from-1997-show-its-scary-being-a-hong-kong-dollar-bear

[blueprintnewspapers-blog]

FX market gets $210m boost

New Post has been published on http://blueprint.ng/fx-market-gets-210m-boost/

FX market gets $210m boost

Abuja

The inter-bank Foreign Exchange market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market. In its determination to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Monday, February 12 2018. The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. The Banks Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the countrys import bills and halting depletion of its foreign reserves. It will be recalled that last Friday, February 9, 2018, the Central Bank of Nigeria (CBN) had again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors. Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, February 12, 2018. Osinbajo lauds investors’ job opportunities as Nestle opens new factory Vice President, Yemi Osinbajo, says multinational companies would create more job opportunities for Nigerians by sustaining investments in the country’s economy. Mr. Osinbajo made the call in Agbara, Ogun state, while inaugurating Nestle Nigeria’s Milo Ready -to- Drink beverage production plant. The plant, which costs N4.1 billion, is said to be the first of its kind in Nigeria. The new plant, commissioned on Thursday, is part of the company’s existing Agbara factory, which has been operating for 37 years. Speaking at the event, Mr. Osinbajo said that if companies make sufficient investments in Nigeria, such investments can create millions of jobs in 2018 and reduce the crime rate in the country. “I urge other manufacturing firms to emulate Nestle and domicile their investment opportunities in Nigeria as that is the only way they can help the federal government achieve its effective growth in job creation,” he said. “The new plant, I believe, is a significant step not just for Nestle, but for the Ogun State Government . This will keep the economy on sustainable growth . It will bring about reforms and the ease of doing business .” Mr. Osinbajo also attributed the new Nestle plant to the continued confidence the industry has in the growth and potentials of the Nigerian economy. He maintained that the project will create 150,000 direct jobs in addition to local sourcing. He said, “We are grateful to Nestlé for these significant investments , particularly for locating its factories in rural communities and sourcing its raw materials from local farmers, thereby contributing to the sustainable development of Nigeria.” In his remarks, the Managing Director and Chief Executive Officer, Nestle Nigeria, Mauricio Alarcon, noted that the new Nestlé Milo RTD is complementing the existing range of offerings of our iconic Milo brand. “It is conveniently packaged to offer the unique Milo taste and meet the nutrition needs of active children on the go. This is in line with the company’s commitments to enable healthier and happier lives,” he said. “This new production plant is a true reflection of how Nestlé creates shared value for all by providing good jobs , sourcing 80 per cent of our inputs from local farmers and investing in the development of rural communities .” Meanwhile, the deputy governor of Ogun State, Yetunde Onanuga, promised that the state will continue to create an enabking environment for businesses and industries to thrive in the state. Mrs. Onanuga, who represented Governor Ibikunle Amosun, also hinted that initiatives like the Nestle investment would add value to the economy of the state.