The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. Molly Gambhir tells you more.

WION Fineprint | Eurozone recession fears mount as Euro strikes dollar parity

For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy. Currently, 1 euro is equal to 1 US dollar. With the change, European businesses and consumers will pay more for the goods and services they import while seeing an immediate decrease in the price of European exports on global markets.

Since early February, when it was worth over $1.13, the value of the euro has fallen dramatically. Fear that Russia, the primary energy supplier for the EU, will entirely cut off gas deliveries in response to Western sanctions has caused the slump to pick up speed in recent weeks.

So far, 12 European Union nations have experienced a whole or partial decrease in Russian gas. For a scheduled 10-day maintenance, supplies from the Nord Stream 1 pipeline were suspended earlier this week. It is unknown whether the Kremlin will order the suspension to continue through that date and last indefinitely.

"Let's prepare for a total cut-off of Russian gas. "This is now the most likely option," Bruno Le Maire, France's finance minister, has said.

The euro will be closely watched to see if it manages to surpass the value of the US dollar. When the euro was valued at $0.99 in November 2002, this occurrence occurred last.

However, Russia's all-out assault on Ukraine has turned the tables and severely hurt the economy of the EU. Gas prices have reached record highs as a result of the invasion's disruption of the energy markets.

The unexpected shock has resulted in both a steady slowdown in economic activity and record-breaking inflation throughout the eurozone, with a total of 8.6 percent in June.

The spectre of stagflation, a perilous concoction that stunts growth while keeping things prohibitively expensive for both consumers and businesses, has returned as a result of the interaction of the two causes.

The European Central Bank has already increased interest rates in an effort to rein in inflation, and it plans to do so in the future as things get worse.

As Croatia completes the process of joining the eurozone and becomes the 20th EU member state to adopt the common currency, the euro and the dollar have reached parity. The European Commission is expected to announce a new downward revision to its updated economic outlook on Thursday.

Brussels has purposefully refrained from issuing any definitive predictions about an impending recession for the time being and is still optimistic that the eurozone will be strong enough to withstand the disruption caused by the conflict in Ukraine and the energy issue. 
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For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy.

For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy. Currently, 1 euro is equal to 1 US dollar. With the change, European businesses and consumers will pay more for the goods and services they import while seeing an immediate decrease in the price of European exports on global markets. Since early February, when it was worth over $1.13, the value of the euro has fallen dramatically. Fear that Russia, the primary energy supplier for the EU, will entirely cut off gas deliveries in response to Western sanctions has caused the slump to pick up speed in recent weeks. So far, 12 European Union nations have experienced a whole or partial decrease in Russian gas. For a scheduled 10-day maintenance, supplies from the Nord Stream 1 pipeline were suspended earlier this week. It is unknown whether the Kremlin will order the suspension to continue through that date and last indefinitely. "Let's prepare for a total cut-off of Russian gas. "This is now the most likely option," Bruno Le Maire, France's finance minister, has said. The euro will be closely watched to see if it manages to surpass the value of the US dollar. When the euro was valued at $0.99 in November 2002, this occurrence occurred last. However, Russia's all-out assault on Ukraine has turned the tables and severely hurt the economy of the EU. Gas prices have reached record highs as a result of the invasion's disruption of the energy markets. The unexpected shock has resulted in both a steady slowdown in economic activity and record-breaking inflation throughout the eurozone, with a total of 8.6 percent in June. The spectre of stagflation, a perilous concoction that stunts growth while keeping things prohibitively expensive for both consumers and businesses, has returned as a result of the interaction of the two causes. The European Central Bank has already increased interest rates in an effort to rein in inflation, and it plans to do so in the future as things get worse. As Croatia completes the process of joining the eurozone and becomes the 20th EU member state to adopt the common currency, the euro and the dollar have reached parity. The European Commission is expected to announce a new downward revision to its updated economic outlook on Thursday. Brussels has purposefully refrained from issuing any definitive predictions about an impending recession for the time being and is still optimistic that the eurozone will be strong enough to withstand the disruption caused by the conflict in Ukraine and the energy issue. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

1 Euro equals 1 US dollar: For the first time in 20 years, Euro hits dollar parity

With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday. The single currency traded at $1.025, a fraction above its weakest level since late 2002 touched overnight as fears of a slowdown and rising commodity prices weighed.

As reported by Reuters, government bond yields across the euro area nudged up too, and European stocks also made gains, while Brent crude bounced almost 3% after slumping on Tuesday 9.5% to its lowest in 2-1/2 months. Nevertheless, fears over growth that have stalked markets in recent were lingering, investors said.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/udaipur-terror-attack-how-my-hometown-turned-into-a-curfew-zone-494414">Udaipur terror attack: How my hometown turned into a curfew zone&nbsp;</a>

"The market moves over the past couple of days have been classic recessionary pricing," said Hugh Gimber, global market strategist at J.P. Morgan Asset Management. "Investors are really becoming more cognizant of the risks." The dollar index was just off its overnight 20-year peak at 106.57, with safe havens in demand including the Japanese yen in demand. The MSCI world equity index, which tracks shares in 50 countries, was up 0.1%. S&amp;P 500 futures pointed to gains of about 0.3% on Wall Street. Earlier, MSCI's index of Asia-Pacific stocks outside Japan fell 1%, led by a 2% drop in Taiwan's benchmark index.

Britain's pound traded near a two-year dollar against the dollar as Prime Minister Boris Johnson clung to power, wounded by the resignation of ministers and with a growing number of lawmakers calling for him to go. Sterling was down 0.1% against the dollar at $1.1912, just off the $1.1899 touched a day earlier, its lowest since March 2020. Uncertainty over Europe's gas supply has led to the latest round of growth worries, sending prices rocketing. Benchmark Dutch gas prices have doubled since the middle of June, as reported by Reuters.

(with inputs from agencies) 
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With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday.

With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday. The single currency traded at $1.025, a fraction above its weakest level since late 2002 touched overnight as fears of a slowdown and rising commodity prices weighed. As reported by Reuters, government bond yields across the euro area nudged up too, and European stocks also made gains, while Brent crude bounced almost 3% after slumping on Tuesday 9.5% to its lowest in 2-1/2 months. Nevertheless, fears over growth that have stalked markets in recent were lingering, investors said. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone "The market moves over the past couple of days have been classic recessionary pricing," said Hugh Gimber, global market strategist at J.P. Morgan Asset Management. "Investors are really becoming more cognizant of the risks." The dollar index was just off its overnight 20-year peak at 106.57, with safe havens in demand including the Japanese yen in demand. The MSCI world equity index, which tracks shares in 50 countries, was up 0.1%. S&P 500 futures pointed to gains of about 0.3% on Wall Street. Earlier, MSCI's index of Asia-Pacific stocks outside Japan fell 1%, led by a 2% drop in Taiwan's benchmark index. Britain's pound traded near a two-year dollar against the dollar as Prime Minister Boris Johnson clung to power, wounded by the resignation of ministers and with a growing number of lawmakers calling for him to go. Sterling was down 0.1% against the dollar at $1.1912, just off the $1.1899 touched a day earlier, its lowest since March 2020. Uncertainty over Europe's gas supply has led to the latest round of growth worries, sending prices rocketing. Benchmark Dutch gas prices have doubled since the middle of June, as reported by Reuters. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global Recession: Euro steady after dropping to a two-decade low, oil prices bounce back

Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.

Economic growth in the eurozone floundered in June, a key survey showed Tuesday, hit by soaring inflation. S&amp;P Global's closely-watched monthly purchasing managers' index (PMI), which measures corporate confidence, fell to 52.0 in June from 54.8 in May.

The reading, which was a 16-month low, however, remains above the 50-point level signalling expansion.

"Growing fears of a recession are hammering the euro lower, whilst the dollar is soaring on bets that the Fed will keep hiking rates aggressively to tame inflation," City Index analyst Fiona Cincotta told AFP.

"Today's PMI data from Europe have highlighted the risk of slowing growth at the end of the second quarter and raise the prospect of a contraction in activity in the coming months," he added.

By contrast, most Asian stock markets closed higher on growing speculation that US President Joe Biden is about to roll back some of the Trump-era tariffs on Chinese goods.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/udaipur-terror-attack-how-my-hometown-turned-into-a-curfew-zone-494414">Udaipur terror attack: How my hometown turned into a curfew zone&nbsp;</a>

The mood on trading floors has nevertheless become increasingly gloomy in recent months as observers warn that sharp interest rate hikes aimed at curbing price rises could cause a contraction, compounding uncertainty caused by Russia's war in Ukraine.

Oil prices were mixed as traders assessed the market with demand outstripping supplies. Investors were keeping tabs also on fresh Covid outbreaks in China that have triggered City lockdowns. US markets were set to reopen later Tuesday following July 4 celebrations.

(with inputs from agencies) 
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Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.

Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases. Economic growth in the eurozone floundered in June, a key survey showed Tuesday, hit by soaring inflation. S&P Global's closely-watched monthly purchasing managers' index (PMI), which measures corporate confidence, fell to 52.0 in June from 54.8 in May. The reading, which was a 16-month low, however, remains above the 50-point level signalling expansion. "Growing fears of a recession are hammering the euro lower, whilst the dollar is soaring on bets that the Fed will keep hiking rates aggressively to tame inflation," City Index analyst Fiona Cincotta told AFP. "Today's PMI data from Europe have highlighted the risk of slowing growth at the end of the second quarter and raise the prospect of a contraction in activity in the coming months," he added. By contrast, most Asian stock markets closed higher on growing speculation that US President Joe Biden is about to roll back some of the Trump-era tariffs on Chinese goods. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone The mood on trading floors has nevertheless become increasingly gloomy in recent months as observers warn that sharp interest rate hikes aimed at curbing price rises could cause a contraction, compounding uncertainty caused by Russia's war in Ukraine. Oil prices were mixed as traders assessed the market with demand outstripping supplies. Investors were keeping tabs also on fresh Covid outbreaks in China that have triggered City lockdowns. US markets were set to reopen later Tuesday following July 4 celebrations. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Euro hits 20-year low against dollar after US hikes interest rate

Euro hits 20-year low against dollar as recession risk escalates

The transfer of $1.3 billion in economic aid to Ukraine as part of the initial $7.5 billion promised to Kyiv by the Biden administration in May has been done, the US Treasury Department announced on Wednesday, as reported by AFP. 
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"With this delivery of economic assistance, we reaffirm our resolute commitment to the people of Ukraine as they defend themselves against Putin's war of aggression and work to sustain their economy," Treasury Secretary Janet Yellen said in a statement.&nbsp; 
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The payment, part of the $7.5 billion aid package signed by President Joe Biden in May, is set to be made through the World Bank. 
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According to World Bank estimates, the war, which began with Russia's invasion of its former Soviet neighbour in February, could cause the Ukrainian economy to contract by up to 45 per cent in 2022. 
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The country is currently running a budget deficit that is growing by $5 billion every month, exacerbated by its inability to raise funds or access financing on external markets.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/syria-first-country-other-than-russia-to-recognise-ukraine-separatist-republics-of-donetsk-and-lugansk-493080">Syria first country other than Russia to recognise Ukraine separatist republics of Donetsk and Lugansk</a> 
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Allies have rushed to pump Ukraine with aid, with the G7 and the European Union also announcing commitments of $29.6 billion in further money for Kyiv, with $8.5 billion of that coming from the United States, according to the Treasury Department.&nbsp; 
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Washington already disbursed two payments of $500 million of that through the World Bank in April and May to help cover Ukraine's immediate costs as it dealt with "Russia's unprovoked and unjustified invasion," the Treasury said.&nbsp; 
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Washington has already supplied Kyiv with more than $6 billion in military equipment since Russia's invasion.&nbsp; 
&nbsp; 
(with inputs from agencies) 
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The transfer of $1.3 billion in economic aid to Ukraine as part of the initial $7.5 billion promised to Kyiv by the Biden administration in May has been done, the US Treasury Department announced on Wednesday, as reported by AFP.

The transfer of $1.3 billion in economic aid to Ukraine as part of the initial $7.5 billion promised to Kyiv by the Biden administration in May has been done, the US Treasury Department announced on Wednesday, as reported by AFP. "With this delivery of economic assistance, we reaffirm our resolute commitment to the people of Ukraine as they defend themselves against Putin's war of aggression and work to sustain their economy," Treasury Secretary Janet Yellen said in a statement. The payment, part of the $7.5 billion aid package signed by President Joe Biden in May, is set to be made through the World Bank. According to World Bank estimates, the war, which began with Russia's invasion of its former Soviet neighbour in February, could cause the Ukrainian economy to contract by up to 45 per cent in 2022. The country is currently running a budget deficit that is growing by $5 billion every month, exacerbated by its inability to raise funds or access financing on external markets. Also Read: Syria first country other than Russia to recognise Ukraine separatist republics of Donetsk and Lugansk Allies have rushed to pump Ukraine with aid, with the G7 and the European Union also announcing commitments of $29.6 billion in further money for Kyiv, with $8.5 billion of that coming from the United States, according to the Treasury Department. Washington already disbursed two payments of $500 million of that through the World Bank in April and May to help cover Ukraine's immediate costs as it dealt with "Russia's unprovoked and unjustified invasion," the Treasury said. Washington has already supplied Kyiv with more than $6 billion in military equipment since Russia's invasion. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

United States disburses $1.3 bn of total $7.5 bn promised aid to Ukraine

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77.

Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline.

The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value.

This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020.

According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. 
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On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies. Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77. Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline. The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value. This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020. According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Rupee hits all-time low of 78.9 against dollar; 80-level at sight

In an exclusive interview of Sri Lankan PM Ranil Wickremesinghe with Palki Sharma on WION's Global Leadership, he said, all the shortages are over lack of dollars. We need to find the dollars, our real crisis is the dollar crisis.

Global Leadership Series: "Our real crisis is the dollar crisis", says Sri Lankan PM

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors.

But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth.

The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen.

Also read |&nbsp;<a href="https://www.wionews.com/world/why-japan-prefers-higher-inflation-481910">Why Japan prefers higher inflation</a>

It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar.

"The&nbsp;ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary.

And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further."

US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March.

Benefits for tourism, exporters

In Japan however, inflation has only just hit the central bank's long-term target of two percent.

And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth.

As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75).

But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News.

Watch |&nbsp;Asia stocks hit 3-week top, dollar near 5 weeks low

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He also pointed to the benefits of a weaker yen for&nbsp;Japanese&nbsp;exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months.

The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours.

"The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore.

"These will help drive the economic recovery further," he told AFP.

Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years."

The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes.

But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports.

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The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy. Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth. The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen. Also read | Why Japan prefers higher inflation It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar. "The ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary. And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further." US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March. Benefits for tourism, exporters In Japan however, inflation has only just hit the central bank's long-term target of two percent. And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth. As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75). But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News. Watch | Asia stocks hit 3-week top, dollar near 5 weeks low He also pointed to the benefits of a weaker yen for Japanese exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months. The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours. "The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore. "These will help drive the economic recovery further," he told AFP. Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said. Also read | Dollar gains as US stocks fall, ECB decision on tap "It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years." The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes. But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Yen slides to 24-year low against dollar

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement.

The greenback reached a fresh two-decade high against the yen, which weakened to hit 134.47 per dollar, its softest since Feb. 27, 2002, and the euro achieved its highest level against the safe-haven yen since Jan. 5, 2015.

The Bank of Japan remains one of the few global central banks to maintain a dovish stance while others have adopted tightening policies of hiking interest rates to combat inflation.

The European Central Bank (ECB) is expected on Thursday to take a hawkish stance, with interest rate hikes to begin in July as traders price in 75 basis points of hikes by September.

"The bulls are hoping to see a 50 (basis point hike) and they will probably get a 25," said Edward Moya, senior market analyst at Oanda in New York. "The expectation is that where global bond yields are and specifically across Europe there is a probably a lot more upside and that is why you are getting some good moves here, eventually the market is really going to fixate on exactly what (ECB president Christine) Lagarde`s message is going to be at that press conference."

The yen has now fallen for 10 straight trading sessions against the euro, its longest losing streak in eight months.

The dollar index rose 0.107% to 102.520, with the euro up 0.15% to $1.0715.

The euro rose 1.3% against the yen to 143.780.

Following the ECB announcement, investors will get a read on U.S. inflation on Friday in the form of the May consumer price index (CPI). Expectations call for a year-over-year inflation increase of 8.3%, unchanged from April.

In a choppy session, stocks on Wall Street were lower, with the S&amp;P down more than 1% as the 10-year U.S. Treasury yield climbed above 3% following a soft auction and as inflation concerns simmered with oil prices hitting a 13-week high.

The data is highly unlikely to alter the Fed`s current rate hike path. Traders have completely priced in a rate hike of at least 50 basis points, according to CME`s FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html.

Japanese policymakers stood by their stance supporting a weaker yen on Wednesday, saying it is a positive for the economy.

The Japanese yen weakened 1.17% versus the greenback at 134.17 per dollar, while Sterling was last trading at $1.2541, down 0.37% on the day.

The pound was down against the dollar as political risks and fears of a slowing economy weighed on sterling in the wake of a confidence vote on British Prime Minister Boris Johnson on Monday.

In cryptocurrencies, bitcoin last fell 3.55% to $30,216.58.

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement.

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement. The greenback reached a fresh two-decade high against the yen, which weakened to hit 134.47 per dollar, its softest since Feb. 27, 2002, and the euro achieved its highest level against the safe-haven yen since Jan. 5, 2015. The Bank of Japan remains one of the few global central banks to maintain a dovish stance while others have adopted tightening policies of hiking interest rates to combat inflation. The European Central Bank (ECB) is expected on Thursday to take a hawkish stance, with interest rate hikes to begin in July as traders price in 75 basis points of hikes by September. "The bulls are hoping to see a 50 (basis point hike) and they will probably get a 25," said Edward Moya, senior market analyst at Oanda in New York. "The expectation is that where global bond yields are and specifically across Europe there is a probably a lot more upside and that is why you are getting some good moves here, eventually the market is really going to fixate on exactly what (ECB president Christine) Lagarde`s message is going to be at that press conference." The yen has now fallen for 10 straight trading sessions against the euro, its longest losing streak in eight months. The dollar index rose 0.107% to 102.520, with the euro up 0.15% to $1.0715. The euro rose 1.3% against the yen to 143.780. Following the ECB announcement, investors will get a read on U.S. inflation on Friday in the form of the May consumer price index (CPI). Expectations call for a year-over-year inflation increase of 8.3%, unchanged from April. In a choppy session, stocks on Wall Street were lower, with the S&P down more than 1% as the 10-year U.S. Treasury yield climbed above 3% following a soft auction and as inflation concerns simmered with oil prices hitting a 13-week high. The data is highly unlikely to alter the Fed`s current rate hike path. Traders have completely priced in a rate hike of at least 50 basis points, according to CME`s FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html. Japanese policymakers stood by their stance supporting a weaker yen on Wednesday, saying it is a positive for the economy. The Japanese yen weakened 1.17% versus the greenback at 134.17 per dollar, while Sterling was last trading at $1.2541, down 0.37% on the day. The pound was down against the dollar as political risks and fears of a slowing economy weighed on sterling in the wake of a confidence vote on British Prime Minister Boris Johnson on Monday. In cryptocurrencies, bitcoin last fell 3.55% to $30,216.58.

Dollar gains as US stocks fall, ECB decision on tap

Asian stocks swing to 3-week high on Monday while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in US monetary tightening.

Asia stocks hit 3-week top, dollar near 5 weeks low

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Is the world's most powerful currency, the US dollar, in danger?

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data.

Creating a risk-off mood on Monday, China`s retail and factory activity fell sharply in April as extensive COVID-19 lockdowns confined workers and consumers to their homes. The offshore Chinese yuan was down against the dollar, holding near a September 2020 low of 6.8380 yuan hit last week.

Following the release of China`s data, Bipan Rai, North America head of FX Strategy at CIBC Capital Markets, said trading was focused on macro economic data.

"It`s important to highlight that the risks are towards a stronger dollar and primarily, that`s because if you look at the macro economic climate, the fundamentals don`t look good. From a risk-off perspective that should still support the dollar against most currencies," Rai said.

But he said the greenback was consolidating after its recent strength and that more range-bound trading sessions were possible: "It makes sense for some period of consolidation before the next leg higher."

The euro was pulled from its earlier lows after European Central Bank policymaker Francois Villeroy de Galhau said the common currency`s weakness could threaten the ECB`s efforts to steer inflation towards its target.

The Australian dollar, which is highly exposed to the Chinese economy, reversed course as the day wore on and was last up against the dollar after falling as much as 0.9%.

The dollar index was last down 0.11%, after having briefly crossed the 105 level on Friday - its highest level since December 2002, after six successive weeks of gains.&nbsp;

Weekly positioning data showed investors built their long dollar bets.

The euro was marginally higher at $1.0414, but not far from last week`s low of $1.0354, its lowest level since early 2017. Analysts see $1.0340 as a crucial level of euro support.

HSBC strategists expect the euro to fall to parity against the dollar in the coming year. "Much weaker growth and much higher inflation leave the ECB facing one of the toughest policy challenges in G10 (central banks)," they said.

Crypto markets, which trade around the clock, had a quiet weekend after turmoil last week driven by TerraUSD, a so-called stablecoin, which broke its dollar peg. An affiliate of the company behind TerraUSD said it had spent the bulk of its reserves trying to defend its dollar peg and would use the remainder to try to compensate some users who had lost out.

Bitcoin was last trading at around $29,647, down more than 5%, after having dropped to $25,400 on Thursday, its lowest mark since December 2020.

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data.

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data. Creating a risk-off mood on Monday, China`s retail and factory activity fell sharply in April as extensive COVID-19 lockdowns confined workers and consumers to their homes. The offshore Chinese yuan was down against the dollar, holding near a September 2020 low of 6.8380 yuan hit last week. Following the release of China`s data, Bipan Rai, North America head of FX Strategy at CIBC Capital Markets, said trading was focused on macro economic data. "It`s important to highlight that the risks are towards a stronger dollar and primarily, that`s because if you look at the macro economic climate, the fundamentals don`t look good. From a risk-off perspective that should still support the dollar against most currencies," Rai said. But he said the greenback was consolidating after its recent strength and that more range-bound trading sessions were possible: "It makes sense for some period of consolidation before the next leg higher." The euro was pulled from its earlier lows after European Central Bank policymaker Francois Villeroy de Galhau said the common currency`s weakness could threaten the ECB`s efforts to steer inflation towards its target. The Australian dollar, which is highly exposed to the Chinese economy, reversed course as the day wore on and was last up against the dollar after falling as much as 0.9%. The dollar index was last down 0.11%, after having briefly crossed the 105 level on Friday - its highest level since December 2002, after six successive weeks of gains. Weekly positioning data showed investors built their long dollar bets. The euro was marginally higher at $1.0414, but not far from last week`s low of $1.0354, its lowest level since early 2017. Analysts see $1.0340 as a crucial level of euro support. HSBC strategists expect the euro to fall to parity against the dollar in the coming year. "Much weaker growth and much higher inflation leave the ECB facing one of the toughest policy challenges in G10 (central banks)," they said. Crypto markets, which trade around the clock, had a quiet weekend after turmoil last week driven by TerraUSD, a so-called stablecoin, which broke its dollar peg. An affiliate of the company behind TerraUSD said it had spent the bulk of its reserves trying to defend its dollar peg and would use the remainder to try to compensate some users who had lost out. Bitcoin was last trading at around $29,647, down more than 5%, after having dropped to $25,400 on Thursday, its lowest mark since December 2020.

Dollar slips from 2-decade highs; yuan falls on weak China data

India's foreign exchange reserves dropped below $600 bn, the lowest level in nearly a year. The rupee has been severely weakened due to various factors, hitting an all-time low yesterday.

Indian economy: India forex reserves dip below $600 bn, Rupee hit an-all time low

On Monday, the Russian ruble hit a new low against the dollar, as the West intensified its drive to punish and isolate Moscow for its takeover of Ukraine.

After Russian President Vladimir Putin put the nuclear armed forces on full alert Sunday, the fourth day of the greatest attack on a European country since World War II, investors flocked to safer currencies like the US dollar and the yen.

In recent days, the United States, the European Union, the United Kingdom, Japan, Canada, and Australia have issued a slew of sanctions against Russia in response to international outrage over Russian President Vladimir Putin's military offensive against Ukraine.&nbsp;

Some banks have been barred from using the international SWIFT payment system, the Russian central bank has been barred from utilising its foreign exchange reserves, Russian official media broadcasts have been banned, and Russian flights have been restricted from flying over European territory.&nbsp;

The ruble of Russia has dropped to 117 per US dollar, a 41% drop.&nbsp;

(With inputs from agencies)

On Monday, the Russian ruble hit a new low against the dollar, as the West intensified its drive to punish and isolate Moscow for its takeover of Ukraine. After Russian President Vladimir Putin put the nuclear armed forces on full alert Sunday, the fourth day of the greatest attack on a European country since World War II, investors flocked to safer currencies like the US dollar and the yen.

On Monday, the Russian ruble hit a new low against the dollar, as the West intensified its drive to punish and isolate Moscow for its takeover of Ukraine. After Russian President Vladimir Putin put the nuclear armed forces on full alert Sunday, the fourth day of the greatest attack on a European country since World War II, investors flocked to safer currencies like the US dollar and the yen. In recent days, the United States, the European Union, the United Kingdom, Japan, Canada, and Australia have issued a slew of sanctions against Russia in response to international outrage over Russian President Vladimir Putin's military offensive against Ukraine. Some banks have been barred from using the international SWIFT payment system, the Russian central bank has been barred from utilising its foreign exchange reserves, Russian official media broadcasts have been banned, and Russian flights have been restricted from flying over European territory. The ruble of Russia has dropped to 117 per US dollar, a 41% drop. (With inputs from agencies)

Russia's ruble falls to 117 per US dollar, a decline of 41%

South Asia's economic crisis worsens amid the ongoing COVID-19 pandemic. Indian Rupee plunges against US Dollar, whereas Sri Lanka's foreign reserve is depleting rapidly.

South Asia's economic crisis: India & Sri Lanka facing financial woes amid the COVID pandemic

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market.

The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market.

Prime Minister Imran Khan stated last week at the opening of the Kisan Portal that the pressure on the Pakistani currency is transitory and would end shortly.&nbsp;

Since May, the Pakistani rupee has been gradually falling.

According to analysts, the rupee has been harmed by persistently high demand for dollars as a result of the country's current account deficit, while the Afghan crisis is putting further strain on the currency.&nbsp;

Since 1948, the Pakistani rupee has served as the country's official currency.

The central bank, the State Bank of Pakistan, issues and controls the coins and notes.&nbsp;

(With inputs from agencies)

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market. The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market.

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market. The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market. Prime Minister Imran Khan stated last week at the opening of the Kisan Portal that the pressure on the Pakistani currency is transitory and would end shortly. Since May, the Pakistani rupee has been gradually falling. According to analysts, the rupee has been harmed by persistently high demand for dollars as a result of the country's current account deficit, while the Afghan crisis is putting further strain on the currency. Since 1948, the Pakistani rupee has served as the country's official currency. The central bank, the State Bank of Pakistan, issues and controls the coins and notes. (With inputs from agencies)

$1=PKR 173: Pakistani rupee hit an all-time low against the US dollar

Asian shares lost ground on Wednesday, and were set for&nbsp;worst quarter since the coronavirus pandemic hit, as worries about&nbsp;economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

The dollar touched an 18-month high against the yen in Asian hours and&nbsp;stayed steady at over a 10 month high versus other major peers after&nbsp;overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets.

Doubts are re-emerging over the global recovery at a time when&nbsp;the US&nbsp;Federal Reserve is set to taper stimulus and the administration of US&nbsp;President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there.

MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19.

There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%.

Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks.

Futures suggested a risk friendlier mood could return later with US&nbsp;stock futures, the S&amp;P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat.

One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses.

The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong.

"I think the window will close in the next one or two months as GDP may surprise on the downside&nbsp;and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors.

"When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines"

Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond.

 
ROTATE TO VALUE

Overnight, all three major US&nbsp;stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names.&nbsp;

Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before.

"We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered.

Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year.

Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US&nbsp;crude dipped 1.75% to $73.97 a barrel.&nbsp;

Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower. The dollar touched an 18-month high against the yen in Asian hours and stayed steady at over a 10 month high versus other major peers after overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets. Doubts are re-emerging over the global recovery at a time when the US Federal Reserve is set to taper stimulus and the administration of US President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19. There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%. Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks. Futures suggested a risk friendlier mood could return later with US stock futures, the S&P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat. One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses. The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong. "I think the window will close in the next one or two months as GDP may surprise on the downside and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors. "When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines" Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond. ROTATE TO VALUE Overnight, all three major US stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names. Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before. "We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered. Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year. Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US crude dipped 1.75% to $73.97 a barrel. Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares stumble while the dollar holds firm

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided&nbsp; 
some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields.

Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80.

 
“Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips&nbsp;with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play,” Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said.

Investors continued to fret over China Evergrande Group , which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated.

But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak.

Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed.

U.S. central bank officials also tied reduction in Federal Reserve’s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank’s bond “taper.”

While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday.

Silver fell 0.3% to $22.59 an ounce.

Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83.

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields. Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80. “Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play,” Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said. Investors continued to fret over China Evergrande Group , which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated. But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak. Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed. U.S. central bank officials also tied reduction in Federal Reserve’s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank’s bond “taper.” While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday. Silver fell 0.3% to $22.59 an ounce. Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83.

Gold holds firm as Evergrande crisis offsets firmer dollar, yields

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline.

Spot gold was up 0.4% at $1,757.00 per ounce, as of 0656 GMT, while US&nbsp;gold futures were up 0.4% at $1,758.50.

The dollar index softened, making bullion cheaper for holders of other currencies. Meanwhile the benchmark 10-year Treasury yields eased after hitting their highest since early-July.

"Gold is still looking slightly precarious where it is right now, and it`s probably bouncing off key technical level around $1,750," IG Market analyst Kyle Rodda said.

A slew of Fed officials are due to speak this week including Chairman Jerome Powell, who will testify this week before Congress on the central bank`s policy response to the pandemic.

"There`ll be a lot of questions being put to Fed speakers about what the dot plots implied last week and whether there is higher risk of heightened inflation going forward and that rate hikes could be coming in the first half of 2022," Rodda added.

Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest.

Investors also kept a close watch on developments in debt-laden property giant China Evergrande saga as the firm missed a payment on offshore bonds last week, with further payment due this week.

The People`s Bank of China continues to inject liquidity into markets indicating some systemic risks in the market and supported the bullion, Stephen Innes, managing partner at SPI Asset Management, said.

Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, increased 0.1% to 993.52 tonnes on Friday.

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline.

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for speeches from U.S. Federal Reserve policymakers this week for cues on the central bank`s rate hike timeline. Spot gold was up 0.4% at $1,757.00 per ounce, as of 0656 GMT, while US gold futures were up 0.4% at $1,758.50. The dollar index softened, making bullion cheaper for holders of other currencies. Meanwhile the benchmark 10-year Treasury yields eased after hitting their highest since early-July. "Gold is still looking slightly precarious where it is right now, and it`s probably bouncing off key technical level around $1,750," IG Market analyst Kyle Rodda said. A slew of Fed officials are due to speak this week including Chairman Jerome Powell, who will testify this week before Congress on the central bank`s policy response to the pandemic. "There`ll be a lot of questions being put to Fed speakers about what the dot plots implied last week and whether there is higher risk of heightened inflation going forward and that rate hikes could be coming in the first half of 2022," Rodda added. Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest. Investors also kept a close watch on developments in debt-laden property giant China Evergrande saga as the firm missed a payment on offshore bonds last week, with further payment due this week. The People`s Bank of China continues to inject liquidity into markets indicating some systemic risks in the market and supported the bullion, Stephen Innes, managing partner at SPI Asset Management, said. Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, increased 0.1% to 993.52 tonnes on Friday.

Gold gains as soft dollar lifts bullion appeal; Fed in focus

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions.

"The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done," Putin said at the Saint Petersburg International Economic Forum.

Putin's comments came a day after Russian economy ministry announced that it was dropping the dollar from its National Wealth Fund (NWF) and shifting to other currencies.

Russia has been trying for years to wean the economy off the dollar. Even Russia's state-owned energy companies have been turning to non-dollar settlement.

The economy ministry said that from May 20 the share of dollar assets in the fund had been reduced to zero percent from 35 percent.

Finance Minister Anton Siluanov said the euro will make up 40 percent of the fund, with 30 percent in yuan and 20 percent in gold.

The British pound and the Japanese yen will make up five percent each.

Some economists said the move was designed to send a signal to Washington ahead of a summit between Russian leader Vladimir Putin and US President Joe Biden on June 16.

The face-to-face meeting in Geneva comes amid the biggest crisis in ties between the two countries in years, with tensions high over a litany of issues including human rights, election meddling, Ukraine, and Belarus.

Moscow has been reducing the share of its dollar holdings since the West imposed sanctions on Russia following the annexation of Crimea in 2014.

(With inputs from agencies)

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions.

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions. "The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done," Putin said at the Saint Petersburg International Economic Forum. Putin's comments came a day after Russian economy ministry announced that it was dropping the dollar from its National Wealth Fund (NWF) and shifting to other currencies. Russia has been trying for years to wean the economy off the dollar. Even Russia's state-owned energy companies have been turning to non-dollar settlement. The economy ministry said that from May 20 the share of dollar assets in the fund had been reduced to zero percent from 35 percent. Finance Minister Anton Siluanov said the euro will make up 40 percent of the fund, with 30 percent in yuan and 20 percent in gold. The British pound and the Japanese yen will make up five percent each. Some economists said the move was designed to send a signal to Washington ahead of a summit between Russian leader Vladimir Putin and US President Joe Biden on June 16. The face-to-face meeting in Geneva comes amid the biggest crisis in ties between the two countries in years, with tensions high over a litany of issues including human rights, election meddling, Ukraine, and Belarus. Moscow has been reducing the share of its dollar holdings since the West imposed sanctions on Russia following the annexation of Crimea in 2014. (With inputs from agencies)

Putin urges Europe to pay in euro not dollars

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency.&nbsp;

Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment.&nbsp;

At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close.&nbsp;

On Friday, rupee had closed at 74.09 against the US dollar.&nbsp;

Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global.&nbsp;

Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias".&nbsp;

The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week.&nbsp;

The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95.&nbsp;

The daily COVID-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday.&nbsp;

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data.&nbsp;

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33.&nbsp;

Brent crude futures, the global oil benchmark, was down by 0.45 per cent to USD 66.46 per barrel. &nbsp;

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency. Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment.

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency. Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment. At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close. On Friday, rupee had closed at 74.09 against the US dollar. Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global. Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias". The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week. The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95. The daily COVID-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday. Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33. Brent crude futures, the global oil benchmark, was down by 0.45 per cent to USD 66.46 per barrel.

Rupee falls 24 paise to 74.33 against US dollar in early trade 

Lebanon's crumbling economy has triggered fresh protests in the nation. People are out on the roads again expressing their anger as the currency continues to plummet to all-time lows.

Lebanese Pound hits a new low against the Dollar

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.

Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30.

"Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo.

U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February.

While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.

The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery.

"At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure.

Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields.

Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term.

Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index. Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30. "Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo. U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February. While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion. The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery. "At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure. Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields. Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term. Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.

Gold gains for third day as bond yields, dollar retreat

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from&nbsp;the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

This has happened for the first time since 2013. The European Union's single currency&nbsp;and the greenback were followed&nbsp;by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said.&nbsp;

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Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States&nbsp;currency&nbsp;has debilitated over 11 per cent&nbsp;from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further.&nbsp;

The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85&nbsp;per cent&nbsp;of all unfamiliar trade exchanges happen against the dollar and it represents 61&nbsp;per cent&nbsp;of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US&nbsp;money.&nbsp;

Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money.&nbsp;

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About 37.82&nbsp;per cent&nbsp;of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago.&nbsp;

The US&nbsp;dollar's use fell about 4.6 rate focuses from December to 37.64&nbsp;per cent&nbsp;of exchanges a month ago. The dollar crested at 45.3&nbsp;per cent&nbsp;in April 2015. The British, Japanese and Canadian monetary standards together held 12.25&nbsp;per cent&nbsp;of exchanges in October.&nbsp;

The yuan's offer tumbled to 1.66&nbsp;per cent&nbsp;of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2&nbsp;per cent&nbsp;share universally since.&nbsp;

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). This has happened for the first time since 2013. The European Union's single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said. Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States currency has debilitated over 11 per cent from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further. The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85 per cent of all unfamiliar trade exchanges happen against the dollar and it represents 61 per cent of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US money. Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money. × About 37.82 per cent of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago. The US dollar's use fell about 4.6 rate focuses from December to 37.64 per cent of exchanges a month ago. The dollar crested at 45.3 per cent in April 2015. The British, Japanese and Canadian monetary standards together held 12.25 per cent of exchanges in October. The yuan's offer tumbled to 1.66 per cent of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2 per cent share universally since.

Euro beats dollar as payment currency for first time after 7 years

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market.

The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35.

&nbsp;“While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”.

&nbsp;The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90.

(With inputs from agencies)

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35. “While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global. Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”. The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90. (With inputs from agencies)

Rupee closes near day's high at 73.24 per dollar

One of the first dollar coins that was made&nbsp;by the US Mint almost 200 years ago is now being auctioned as the owner feels it is "time to move on".

The silver dollar coin was stuck by the US Mint back in 1794. The coin is known as "Flowing Hair" dollar. It features a portrait of Lady Liberty with long open hair on one side and an eagle on the other.

Bruce Morelan, who owns the rare 1794 silver dollar, feels it is time to let go of this precious collection and move on to next adventures.&nbsp;"This is a dream coin -- a priceless artifact that I have been proud to own, and I'm very sorry to see it go," he told a local media house.

Morelean got this coin in 2013 for nearly $10 million. However, he now feels that it is&nbsp;"time to move on to other challenges and I hope that the new owner of the coin treasures it just as much as I have."

<a href="https://www.wionews.com/world/customs-to-destroy-alligator-skin-bag-worth-19000-over-51-missing-permit-325182">Also read:&nbsp;Customs to destroy alligator skin bag worth $19,000 over $51 missing permit</a>

Over 200 years ago when the United States&nbsp;Congress passed the Coinage Act of 1792 and established country's first national mint&nbsp;in Philadelphia, this was one of the first dollar coins that was produced.

"The Constitution had specified that the dollar was going to be the cornerstone of the US monetary system," Douglas Mudd, the curator and director of the American Numismatic Association's Money Museum told local media house.

The mint started producing silver coins in 1794, but these silver coins were not for public use but were to be distributed as&nbsp;souvenirs to specific 'important' people of the society as a PR policy.

<a href="https://www.wionews.com/world/adolf-hitlers-rumoured-alligator-dies-in-moscow-300749">Also read:&nbsp;Adolf Hitler's 'rumoured' alligator dies in Moscow</a>

The "Flowing Hair" figure of Liberty was inspired from Roman coins where female figures were used to represent freedom.

A total of 1,758 coins were produced, out of which 130-140 coins are still out in the world.

The auction, which can have a low turnout due to the novel coronavirus pandemic, will be held at&nbsp;Legend Auctions on October 8 at The Venetian Hotel in Las Vegas.

One of the first dollar coins that was made by the US Mint almost 200 years ago is now being auctioned as the owner feels it is "time to move on". The silver dollar coin was stuck by the US Mint back in 1794.

One of the first dollar coins that was made by the US Mint almost 200 years ago is now being auctioned as the owner feels it is "time to move on". The silver dollar coin was stuck by the US Mint back in 1794. The coin is known as "Flowing Hair" dollar. It features a portrait of Lady Liberty with long open hair on one side and an eagle on the other. Bruce Morelan, who owns the rare 1794 silver dollar, feels it is time to let go of this precious collection and move on to next adventures. "This is a dream coin -- a priceless artifact that I have been proud to own, and I'm very sorry to see it go," he told a local media house. Morelean got this coin in 2013 for nearly $10 million. However, he now feels that it is "time to move on to other challenges and I hope that the new owner of the coin treasures it just as much as I have." Also read: Customs to destroy alligator skin bag worth $19,000 over $51 missing permit Over 200 years ago when the United States Congress passed the Coinage Act of 1792 and established country's first national mint in Philadelphia, this was one of the first dollar coins that was produced. "The Constitution had specified that the dollar was going to be the cornerstone of the US monetary system," Douglas Mudd, the curator and director of the American Numismatic Association's Money Museum told local media house. The mint started producing silver coins in 1794, but these silver coins were not for public use but were to be distributed as souvenirs to specific 'important' people of the society as a PR policy. Also read: Adolf Hitler's 'rumoured' alligator dies in Moscow The "Flowing Hair" figure of Liberty was inspired from Roman coins where female figures were used to represent freedom. A total of 1,758 coins were produced, out of which 130-140 coins are still out in the world. The auction, which can have a low turnout due to the novel coronavirus pandemic, will be held at Legend Auctions on October 8 at The Venetian Hotel in Las Vegas.

Flowing hair: A rare 1794 silver dollar coin up for auction

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market.

At the interbank forex market, the rupee opened at 74.74, gained further ground and touched 74.69 against the US dollar, up 15 paise over its last close of 74.84.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.40 per cent to 92.65.

"The US dollar extended losses this morning in Asian trade weighed down by weak economic data and President Trump's tweet on elections," Reliance Securities said in a research note.

(With inputs from agencies)

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market. At the interbank forex market, the rupee opened at 74.

Indian rupee is trading higher at 74.75 per dollar, amid volatile trade seen in the domestic equity market. At the interbank forex market, the rupee opened at 74.74, gained further ground and touched 74.69 against the US dollar, up 15 paise over its last close of 74.84. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.40 per cent to 92.65. "The US dollar extended losses this morning in Asian trade weighed down by weak economic data and President Trump's tweet on elections," Reliance Securities said in a research note. (With inputs from agencies)

Rupee trades higher at 74.745 per dollar

Turkey is heading for second recession in two years, Turkish lira hit a record low against dollar. Watch this video to know more.

Turkey heading for second recession in two years

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible.

The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply.

Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins.

When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years.

Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: 
 
<img alt="Data Model" data-entity-type="file" data-entity-uuid="62d444e9-f7c6-4a9f-aae1-65abf35197fb" src="//cdn.wionews.com/sites/default/files/inline-images/medium_Com_PlanB_S2F_model%20%281%29.png" />

This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved.

Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.”

During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper.

@C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.”

In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth.

Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;&nbsp;

&nbsp;

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities.

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible. The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply. Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins. When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years. Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved. Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.” During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper. @C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.” In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth. Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Explained: Bitcoin halving and the expected bull-market for digital assets

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session.

The Australian dollar decreased to $0.6329 from $0.6434.

The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars.

On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday.

The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported.

(with inputs)

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading. According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session. The Australian dollar decreased to $0.6329 from $0.6434. The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars. On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday. The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported. (with inputs)

US dollar appreciates in late trading

dollar

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