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Daily Dispatches
Pot calls kettle black as U.S. labels China a currency manipulator
Submitted by cpowell on Mon, 2019-08-05 19:31 Section: Daily DispatchesThe irony here is immense. The U.S. has just denounced China for withdrawing central bank support for its currency and thus letting its currency be valued by the market, while the U.S. government itself secretly trades in the currency and commodity markets and won't come clean about it even when a member of Congress asks:
Slide of China's yuan had OK of policymakers, sources tell Reuters
Submitted by cpowell on Mon, 2019-08-05 14:23 Section: Daily DispatchesBy Keith Zhai and Zheng Li
Reuters
Monday, August 5, 2019
Chinese monetary authorities let the yuan slide past the key 7-per-dollar level so that markets could finally factor in concerns around the Sino-U.S. trade war and weakening economic growth, three people with knowledge of the discussions said today.
Swiss central bank sight deposits hit record, suggesting FX interventions
Submitted by cpowell on Mon, 2019-08-05 12:41 Section: Daily DispatchesBy Catherine Bosley
Bloomberg News
Monday, August 5, 2019
The Swiss National Bank may have intervened to tame the franc's rise, with record-high sight deposits pointing to currency market activity.
Ambrose Evans-Pritchard: Currency war begins as China hurls devaluation back in Trump's face
Submitted by cpowell on Mon, 2019-08-05 08:27 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Monday, August 5, 2109
China has hit back against the Trump administration with a drastic exchange rate devaluation, almost guaranteeing a superpower showdown and a lurch towards full trade war.
Dollar intervention risk rises as yuan's slide stokes currency war bets
Submitted by cpowell on Mon, 2019-08-05 08:03 Section: Daily DispatchesBy Ruth Carson and Masaki Kondo
Bloomberg News
Monday, August 5, 2019
The risk of U.S. intervention to rein in the dollar is rising as a tumbling Chinese yuan stokes speculation that a global currency war is getting underway.
China lets yuan fall below 7 per dollar as trade war escalates
Submitted by cpowell on Mon, 2019-08-05 00:05 Section: Daily DispatchesBy Tian Chen
Bloomberg News
Sunday, August 4, 2019
The yuan plunged beyond 7 per dollar for the first time since 2008 amid speculation Beijing was allowing currency depreciation to counter President Donald Trump's latest tariff threat.
As gold and silver catch fire, what's happening?
Submitted by cpowell on Sun, 2019-08-04 23:43 Section: Daily Dispatches11:53p ET Monday, August 4, 2109
Dear Friend of GATA and Gold:
A friend who has not been paying close attention to the gold market for a while asked your secretary/treasurer this afternoon for a summary of his outlook. With the monetary metals on fire tonight as they have not been for a long, long time, maybe the reply is worth sharing:
Abrupt ousters, public missteps sink morale inside New York Fed
Submitted by cpowell on Sun, 2019-08-04 22:00 Section: Daily DispatchesPoor things.
* * *
By Matthew Boesler, Alex Harris, and Liz McCormick
Bloomberg News
Sunday, August 4, 2019
As the financial world watches the White House turn up the heat on the Federal Reserve in Washington, another Fed drama has been playing out right on Wall Street's doorstep.
Putin's pledge to ditch the dollar is slowly being fulfilled
Submitted by cpowell on Sun, 2019-08-04 10:06 Section: Daily DispatchesBy Andrey Biryukov
Bloomberg News
Saturday, August 3, 2019
Russia is acting on a pledge by President Vladimir Putin to shrink the role of dollar in international trade as tensions sour between Washington and Moscow.
White House's Kudlow again says no dollar intervention
Submitted by cpowell on Fri, 2019-08-02 23:54 Section: Daily DispatchesBy Ryan Haar
Bloomberg News
Friday, August 2, 2019
White House economic adviser Larry Kudlow said today the administration would not undertake currency intervention, one week after President Donald Trump explicitly said he had not ruled out taking steps on the dollar.
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