News 

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 

The Marshall Islands replaces the US dollar with its own cryptocurrency

“The Marshall Islands made its own cryptocurrency, doing away with the US dollar” writes May Edt for theverge.com. In February, top officials from the Marshall Islands confirmed that the Pacific republic would issue its own cryptocurrency to be circulated as legal tender.The Marshall Islands is a United Nations member and a sovereign state, creating a larger impact for banks globally.The Marshall Islands’ population is 53,066, so the change doesn’t affect many, but it is significant for citizens of the islands because banks and credit card companies will need to begin…

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Turkish lira hits record low, down 20% against dollar this year

“If policymakers refrain from tightening monetary policy, the risk of a disorderly adjustment and a sharp economic downturn (possibly recession) will mount.”” writes Alkis Konstantinidis for cnbc.com. The Turkish lira tumbled more than 5 percent on Wednesday before recovering some ground, the latest drop in a sell-off that reflects growing investor alarm over the direction of monetary policy under President Tayyip Erdogan.”We expect the MPC to hold an interim meeting over the coming days to raise interest rates by at least 200bp,” Jason Tuvey of Capital Economics said in a…

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News Stocks 

Gold’s decline sets it on track for the lowest finish of the year

“Gold headed lower Wednesday, setting prices on track to mark their lowest settlement of the year, with upbeat monthly U.S. manufacturing data helping to provide a lift to the dollar” writes Markets Commodities Reporter for marketwatch.com. June gold GCM8, +0.06% fell by $3.30, or 0.3%, to $1,288.70 an ounce.Moves in the dollar can influence gold because the precious metal is traded in the greenback. Source: marketwatch.com Share This:

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Markets News 

Haven currencies rally as risk-averse traders take cover

“Emerging market currencies were weaker across the board, with the Turkish lira USDTRY, +3.9772% continuing its recent unraveling and falling to a record low against the U.S. unit” writes Markets Writer for marketwatch.com. The U.S. dollar climbed against many of its rivals early Wednesday, but lost ground versus the likes of the Japanese yen as geopolitical worries boosted traditional haven currencies.Softer-than-expected economic reports from the eurozone and U.K. also sent traders toward the buck.Versus the Swiss franc USDCHF, +0.2015%  — another haven currency — the dollar also slipped earlier in…

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Markets News 

Turkey lira ‘in freefall’, eyes on central bank…

“The next meeting of Turkey’s central bank is not due until June 7 but economists believe an emergency — and substantial — rate hike by the central bank is not only on the cards, but essential” writes Stuart Williams for yahoo.com. The situation has not been helped by Erdogan himself who has consistently pressured the central bank to keep rates down to boost growth. But Jackson said if the central bank failed to tighten monetary policy “the risk of a disorderly adjustment and a sharp economic downturn — possible a…

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News 

Trade and Growth Fears Spark Dash For Safe Havens

“The comments tempered optimism that China and the United States would be able to avert a damaging global trade war” writes Sujata Rao for reuters.com. The yen JPY=EBS rose more than 1 percent against the dollar, U.S. bond yields, which move inversely to price, fell to eight-day lows.The risk-off mood was initially triggered by Trump saying he was not pleased with progress on trade talks with China. Source: reuters.com Share This:

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Markets News Oil Stocks 

Stock market edges higher as trade tensions ease

“Analysts say global oil prices will remain elevated as long as the market thinks sanctions could be imposed on Venezuela and Iran” writes Markets Reporter for marketwatch.com. AZO, +0.90% shares rose 4.4% after the company blew past profit estimates for the first quarter.Given tight market conditions, he added, Brent oil prices are likely to stay around the $80-a-barrel level.U.S. stocks were trading modestly higher on Tuesday, as the dollar pulled back and trade tensions between the U.S. and China showed further signs of easing.TJX, +2.17% shares rose 1.2% after the…

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News Stocks 

Global Stocks Push Higher as China Tariff Move, Softer US Dollar Boost Sentiment

“Global stocks extended gains Tuesday as investors reacted to a significant move on trade tariffs from China and temporary easing of political pressures in Italy, both of which combined to soften the U.S. dollar and boost market sentiment” writes Martin Baccardax for thestreet.com. Investors have reacted by slamming Italian stocks, sending the benchmark FTSE MIB to a six week low in yesterday’s session and pushing 10-year government bond yields some 50 basis points higher over the past week to a 14-month high of 2.41%. Source: thestreet.com Share This:

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Markets News 

Selling pressure stays on dollar as pound climbs on BOE rate-hike comments

“The WSJ Dollar Index BUXX, -0.17% a broader measure of the greenback that also includes emerging-markets currencies, slipped 0.2% to 86.90” writes Markets Reporter for marketwatch.com. Check out: Being long the dollar is cool again The ICE U.S. Dollar Index DXY, -0.38% which measures the dollar against six rivals, was weaker at 93.368, from 93.630 late Monday.However, the 10-year Treasury yield TMUBMUSD10Y, +0.58%  has been stabilizing after touching a seven-year intraday high of 3.126% early Friday.The British pound GBPUSD, +0.2532%  jumped to $1.3472 from $1.3426 on Monday, when it tapped…

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