News 

Turkey’s leadership scrambles to regain investor confidence in its monetary policy

“The central bank on Wednesday convened an extraordinary meeting to hike rates by 300 basis points to 16.5 percent, amid a currency rout and double-digit inflation” writes Natasha Turak for cnbc.com. Turkey may have made a long overdue move to raise interest rates in an attempt to rescue its plummeting national currency, but investors are still in doubt over the independence of its central bank ahead of national elections in June.But asked if this changed his mind on the central bank’s independence, he said, “Not really.”.  Source: cnbc.com Share This:

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South Korean won slumps as Trump cancels summit with North Korea

“The U.S. dollar gained 0.7% on South Korea’s currency USDKRW, +0.58% last fetching 1,084.89 won” writes Anneken Tappe for marketwatch.com. The won-Japanese yen cross KRWJPY, -1.3699% which is thought to be the best risk barometer for regional geopolitical tensions, collapsed 1.5%, with the won buying ¥0.1007 yen.The Japanese currency USDJPY, -0.81% is a bellwether for global risk sentiment and strengthened against the dollar as the market perceived the developments as negative. One dollar slipped to ¥109.23, down from ¥110.08 late Wednesday in New York. Source: marketwatch.com Share This:

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Crypto News 

Bitcoin could be just another failed currency experiment, Nobel-winning economist Robert Shiller warns

“Cryptocurrencies mirror some of the most famous failed currency experiments throughout history, according to Nobel-winning economist Robert Shiller” writes Kate Rooney for cnbc.com. “None of this is new, and, as with past monetary innovations, a seemingly compelling story may not be enough.”. “Each of these monetary innovations has been coupled with a unique technological story,” Shiller wrote in a blog post Monday.That mania and attempts to launch new units of money have existed in different forms since the 1800s, Shiller said. Source: cnbc.com Share This:

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Futures Markets News 

Being long the dollar is cool again

“Even the so recent termination of the Iran nuclear agreement seems in the distant past for dollar bulls” writes Anneken Tappe for marketwatch.com. Abating fears over a trade war with China that weighed on the U.S. unit before are also paving the way for the dollar resurgence.Fed funds futures show expectations for a 95% expectations for a 25 basis point rate increase next month.Bullish bets on the U.S. dollar became cool again as the currency proved itself against headwinds like trade tensions, geopolitical quarrels and high hopes for the eurozone…

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The future of digital currency, AI, space travel and food and drink

“Here is a selection of panelists, ranging from actress celebrities to chess grandmasters, weighing on the latest developments in digital currencies, AI, space travel, food and wine, beauty and wellness and gender inequality” writes Entertainment Writer for marketwatch.com. The Future of bitcoin and digital currency: “It’s not if but when that you’ll see large countries’ central banks start to accumulate and hold bitcoin as part of their sovereign wealth funds.I think it will be the same and I think it will probably be QR code- based because it’s the simplest,…

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Is King Dollar really under threat? I hope so.

“First, they allowed us to run large, persistent trade deficits” writes Jared Bernstein for washingtonpost.com. Could this process lead to the U.S. dollar no longer reigning supreme as the dominant currency in global commerce?. Inward capital flows strengthen the dollar, which makes our exports more expensive and our imports cheaper.Having our currency be the premier reserve currency — the one that countries most want to hold to transact business and protect against shocks — has benefits and costs (dollar reserves are about 63 percent of global reserve holdings). Source: washingtonpost.com Share…

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News Regulators 

Dollar gauge on track to extend win streak to 5 days, as euro softens on Italian angst

“Check out: How much the weak dollar lifted Q1 earnings for multinationals: Ameriprise The WSJ Dollar Index BUXX, +0.10% which tracks 16 monetary units against the greenback, was up 0.1% to 87.12” writes Mark Decambre for marketwatch.com. However, sterling lost some ground against the euro EURGBP, +0.0802% with the euro buying £0.8740, compared with £0.8728 in the previous session.The index, which measures the buck versus a half-dozen key rivals, is heavily weighted against the euro, 57.6%.Against the Japanese yen USDJPY, +0.15% the dollar extended its gains, buying ¥111.03, from ¥110.77…

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Crypto News 

CoinShares Chair: Bitcoin Will Rally Again This…

“The price of bitcoin will rally again this year, but it first needs to improve its ecosystem, according to the chair of CoinShares” writes Rebecca Campbell for livebitcoinnews.com. As mentioned above the currency remains under the $9,000 barrier.Danny Masters, the chair of CoinShares, an investment company that specialises in digital currency, was speaking on CNBC’s ‘Fast Money‘ yesterday, where he said: “We need to see this [cryptocurrency] structure continue to build.CoinShares, which launched the world’s first publicly traded bitcoin and ethereum fund, is not the only one that is bullish…

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Germany’s Merck Breaks Down Currency Impact

“Other pharmaceuticals companies on average hedge around 75% of their currency exposure, said Wimal Kapadia, an analyst at Sanford C. Bernstein & Co” writes Nina Trentmann Wsj for wsj.com. At the moment, the company has protected more than 50% of its currency exposure, he added.The more detailed guidance provided by Merck is helpful, he added. “We can now see what the [currency] impacts will be,” said Mr.Merck’s earnings before interest, tax, depreciation and amortization are forecast to come in between €3.9 billion and €4.1 billion, with currency fluctuations taking away…

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Turkish lira hits historic low as Erdogan eyes control of country’s central bank

“The dollar last fetched 4.4411 lira USDTRY, +2.0868% up 1.7%, just below its session and historic high of 4.4749” writes Anneken Tappe for marketwatch.com. Turkey’s currency hit a fresh historic low against the U.S. dollar Tuesday, after President Recep Tayyip Erdogan said he wanted to take more responsibility for monetary policy in the country, stoking concerns about the independence and credibility of Ankara’s central bank. S&P Global Ratings cut Turkey’s foreign currency rating to BB-/B earlier this month, citing risks of a ‘hard landing’, as well as imbalances in its…

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