Coronavirus: Sterling plunges as investors flock to dollar safe haven March 12, 2020 Sterling has plunged to its lowest level against the US dollar (GBP/USD) since October last year on the back of global coronavirus-related uncertainty. The pound crashed as low as 2.36 per cent against the dollar today to fall to just $1.2517, as traders flocked to the greenback. By 5.35pm it stood 1.63 per cent down [...]
Bank of England chief cashier indicates backing for official digital currency February 23, 2020 The Bank of England’s chief cashier has indicated support for an official digital currency, saying it is “crucial” for central banks to consider entering the market before it becomes dominated by tech giants. Sarah John, who is responsible for issuing banknotes, said it was “really important” for central banks to consider digital currencies “as an [...]
Chinese yuan set for best day in six months as risk appetite returns January 7, 2020 The Chinese yuan was set for its best day in more than six months this morning after investors’ appetite for risk returned and as traders await the signing of a “phase one” trade deal between China and the US. China’s yuan – the unit of its renminbi currency – had risen 0.57 per cent to [...]
Would libra have more success if it wasn’t launched by Facebook? November 11, 2019 At the World Blockchain Forum in September, one of the speakers asked who in the audience thought that libra was likely to succeed in taking cryptocurrencies mainstream. About half the room raised their hands. He then continued: “Who wants it to be Facebook that achieves this?” All hands were hastily lowered. It comes as no [...]
Pound nears $1.30 as weak dollar and election buoy GBP/USD November 1, 2019 The pound jumped against the dollar in early trading today thanks to a weaker US currency and hopes of a Tory majority at the upcoming election. GBP rose 0.34 per cent against USD to $1.297 as markets opened, buoyed by a weaker dollar due to the US Federal Reserve’s third cut to interest rates this [...]
Santander issues first end-to-end $20m blockchain bond September 12, 2019 Santander said today it has become the first financial institution to digitise the process of issuing bonds on a public blockchain. The Spanish banking giant used the public ethereum blockchain to tokenise the bond securely and register it on the blockchain – a sort of digital public ledger that can record transactions in close to [...]
Sterling resumes fall as Brexit debate takes bizarre turn August 7, 2019 Sterling has resumed its fall against the dollar on no-deal Brexit fears as the Queen was dragged into the acrimonious debate about Britain crashing out of the European Union. Read more: Dominic Cummings squares off over Dominic Grieve’s Brexit threat The pound had fallen 0.2 per cent against the dollar by 12.50pm UK time to [...]
DEBATE: Is Donald Trump right to label China a currency manipulator? August 7, 2019 Is Donald Trump right to label China a currency manipulator Alex Deane, a Conservative commentator, says YES. Once again, President Trump “triggers” his opponents by doing what he said he would do. He promised on the campaign trail to designate China as a currency manipulator; indeed, he’s late on this as he undertook to do [...]
Facebook’s libra cryptocurrency ‘poses global currency threat’ August 2, 2019 Facebook’s new cryptocurrency libra poses a threat to global financial policy, according to former Bank of Japan executive Hiromi Yamaoka. Worldwide, Facebook has over 2.4bn active monthly users and, should a significant proportion of these start using Facebook’s new currency, Yamaoka warned that this could significantly devalue trade and monetary policies globally. Read more: MP’s [...]
US senators grill top exec over Facebook libra cryptocurrency July 16, 2019 Facebook libra, the social network’s brand new cryptocurrency, should be regulated as if it is a security, the US House of Representatives heard today. US lawmakers were due to grill Facebook executives over its libra coin today as both Democrats and Republicans prepared to scrutinise chief executive Mark Zuckerberg’s latest project. Read more: Bitocin tumbles [...]