Leading investment bank JP Morgan has shared insights on de-dollarization and the major threat plaguing the US dollar. The US dollar is currently the dominant currency for trade and leads the charts in the forex markets. No country can survive without keeping the USD in its central bank reserves, as it boasts value and strength….
The US Dollar seems to be struggling with other currencies as market participants focus on the Federal Reserve’s policy meeting today and tomorrow. The US Dollar index (DXY) fell to 100.697. Traders fear volatility in the currency market as experts weigh in on a 50-basis-point rate cut instead of a 25-basis-point cut. USD fell to…
With the BRICS Pay platform likely to debut at the alliance’s 2024 Annual Summit, the bloc is set to increase its trade dealings while facilitating a global shift away from the US dollar. An independent think tank has recently delved into the economic groups’ focus on an alternative to the greenback. Moreover, why that focus…
The US dollar is on a slippery slope as BRICS is looking to topple it from the world’s reserve currency status. The de-dollarization agenda is gaining steam as the alliance is convincing developing countries to cut ties with the US dollar. On the heels of the BRICS de-dollarization efforts, Citi Bank has predicted the future…
Donald Trump fiercely advocates for the currency revival plan in the ongoing US elections, a carefully curated idea that may rejuvenate the US dollar’s prestige. The former US president has vowed to protect the USD’s prestige by announcing a new plan to levy a 100% tariff on countries moving away from the US dollar. But…
The current US elections have taken a rather aggressive turn. Former US president Donald Trump is getting fierce in his campaign by unravelling new details and promises that he has already mulled over in efforts to spice up his electoral campaigns. With new promises related to regional crypto boosts and tax-free overtime hours, will Trump…
Forbes recently updated the top 5 most strongest currencies in the world for 2024 and the US dollar did not make it to the list. Even the local currencies of BRICS countries failed to enter the top 10 list and are below the US dollar. However, oil-rich Middle Eastern currencies dominate the list taking the…
Donald Trump is a force to be reckoned with in the current US presidential campaign. The former US president’s strong and bold opinions have overtaken the world. In particular, Trump’s stance on the US dollar has been grabbing mainstream attention lately. His latest comments on adopting a tariff strategy to bolster the US dollar may…
The falling value of the Naira, Nigeria’s currency, has prompted the Central Bank of Nigeria to intervene. The intervention above has prompted CBN to resume US dollar sales in Naira to money changers in the hope of stabilizing the falling fortunes of their regional currency. Also Read: Top 3 Cryptocurrencies Under 50 Cents For The…
The Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to a low of NGN1,639 per dollar, likely due to increased demand for US dollars for travel and business. The central bank has outlined rules for…
Ripple CEO Brad Garlinghouse has shaken up the crypto world. He recently spoke about a possible yen-based stablecoin. This news comes as Ripple gets ready to launch its own USD-pegged stablecoin. These moves show Ripple’s growing impact on digital currencies and stablecoin adoption. Also Read: Digital Ruble Pilot Expands as Moscow Exchange Exits Crypto Garlinghouse’s…
Former President and Republican candidate Donald Trump announced future sanctions for countries supporting de-dollarization. At a rally held in Wisconsin, Trump declared: “You leave the dollar, and you’re not doing business with the United States because we are going to impose a 100% tariff on your goods.” These statements come months after reports indicated that…
Former US President Donald Trump has warned of serious economic consequences if BRICS and other countries sideline the US dollar. The presidential candidate pledged not to make trade deals easy for developing nations if they move away from the USD. The warning from Trump comes when the BRICS alliance is looking to make local currencies…
Chinese exporters have stockpiled a record $500 billion in 2024 after settling trade payments with other countries. The local currency could rally hard if China’s exporters decide to convert the $500 billion stockpile into the Chinese yuan. This puts BRICS member China in the spotlight as it could dictate the direction of the forex markets…
In a recent interview, Robin Vince, CEO of Bank of New York Mellon, has emphasized on the dominant position of the US dollar despite increase in use of cryptocurrencies. Bank of New York Mellon is the oldest bank in the US. During an interview with Yahoo Media, Vince commented that digital assets are still new…
Amid BRICS’ ongoing move to weaken the currency, Donald Trump has admitted that United States sanctions are hurting the dollar. During a recent appearance, the former president noted that he would lift all sanctions on Russia and Iran if he were to win reelection in November. The weaponization of the greenback has driven mass de-dollarization…
Leading financial markets worldwide are currently bracing for one of the year’s most anticipated events. The Federal Reserve has announced its decision to cut rates this September, an event that usually comes with heavy global repercussions. While the market braces for heavy dollar devaluation, certain ASEAN currencies may amp up, making the most out of…
Local Asian currencies have strengthened against the dollar after slowing US jobs data. The Chinese yuan surged 0.2% in the day’s trade after the People’s Bank of China pushed a stronger-than-expected midpoint for trading the currency. In addition, the Malaysian ringgit and the Indonesian rupiah spiked 0.5% against the USD on Thursday. Also Read: BRICS:…
With the highly anticipated event just a month away, 54 nations are set to attend the BRICS 2024 Summit. The bloc announced an increased list of countries that are set to get an invitation from the economic alliance. Moreover, the event should be host to extensive talks of lessening US dollar trade settlements within the…
BRICS member Russia had openly called the US dollar a “toxic” currency in June this year. The country doubled down on de-dollarization efforts and President Vladimir Putin called both the US dollar and Euro “toxic currencies.” Putin slammed the US and Western allies for pressing sanctions on its economy for invading Ukraine. However, despite calling…
Russia has imported more than $29 million in the US dollar and Euro currency from Rwanda this year. The confidential customs data reported by Vyorstka shows that the currency notes entered the country despite the US pressing sanctions. The White House sanctioned Russia in February 2022 for invading and waging war against its neighboring country…
Leading ASEAN nations Indonesia and Malaysia are currently enjoying new currency dynamics against the US dollar. As the DXY index hit new lows post-Fed Chair’s Jerome Powell speech last week, Ringgit and Rupiah emerged as scions, eclipsing the US dollar with their stellar statistics. Also Read: Global Gold Net Purchases Breach 480 Tonnes: Why Is…
In a recent reaffirmation of the bloc’s commitment, the BRICS bank president recently assured that ditching the US dollar is a main focus. The economic alliance’s New Development Bank has continued to ensure the promotion of local currencies. That has aligned with the groupings continued agenda. For the last several years, it has firmly embraced…
Amid the uncertainty facing the economy, and BRICS opposition, one finance expert has predicted a major US dollar crash to take place in 2025. Indeed, they note that the ongoing concern over the nation’s financial fragility is set to come to a head in the coming year. With has proven to be a crucial step…
Southeast Asia is increasingly becoming a central financial hub, harbouring great power and prestige. The ASEAN regions are increasingly becoming more successful, inviting foreign influx, and at the same time, have expedited efforts to end their reliance on the US dollar. This has been done while adhering to the multipolar currency narrative and pioneering the…
Gold remained safe above the $2,500 mark on Thursday’s opening bell, surging more than 13 points in the charts. The XAU/USD index shows gold prices reaching $2,518 today, with a 0.53% surge in the indices. While gold prices are going up, the US dollar remains on a slippery slope, trading at the 100.99 mark. Also…
Ever since Russia legalized crypto payments, all eyes were on how that would integrate into its prominent economic alliance. With the bloc’s payment system on the way, digital assets could play a huge role. Indeed, BRICS crypto payments could be key in overtaking the US dollar. The group has not been shy about its de-dollarization…
India is stretching its arm towards ASEAN nations, embracing the collective bloc by forging strategic collaborations. Indian Prime Minister Narendra Modi is scheduled to embark on an ASEAN tour soon, which outlines how valuable the southeast is to India regarding mutual trade and commercial proceedings. Also Read: Investors Pivot To ASEAN Amid Weak US Data…
The implications of the federal rate cut have already started to show their ripple effect. In his recent address, Jerome Powell, the Federal Reserve chair, shared his stance on the latest rate cut expectations, adding how a policy change is already under consideration. Powell’s remark has potentially caused a domino effect on the current US…
The U.S. dollar finally emerged from its 4-day losing streak by rising 0.39% in the charts on Wednesday’s opening bell. The world’s leading currency fell to a low of 100.4 early this week, sending fears that a dip below the 100 mark is inevitable. However, the USD picked up steam, breaking its downward trend, and…
The U.S. dollar fell to a dangerous low this week as the DXY index showed the currency plummeting to 100.70. Leading local currencies have performed fairly well against the USD this month taking the top spot in the forex markets. The Indian rupee, Chinese yuan, and the Japanese yen have briefly surged against the USD…
Around 126 nations will attend a BRICS Municipal Conference, all showing interest in joining the bloc and ditching the US Dollar. The queue to join BRICS is getting longer as developing countries are expressing their interest in joining the alliance. Developing countries are now looking to end dependency on the US dollar to promote local…
The US dollar is treading dangerous waters, falling to its seven-month low in the indices this week. The DXY index, which tracks the performance of the US dollar, shows the currency plummeting to 100.71 in the charts. It fell from a high of 106.05 in June to 100.70 in August 2024. That’s a dip of…
BRICS member China is taking full advantage of the US sanctions on Russia by pushing the Chinese yuan for trade settlements. The US Treasury Secretary Janet Yellen openly admitted that the sanctions are only helping local currencies and hurting the dollar. She revealed that it was the sanctions that led the BRICS alliance to consider…
The African nation Ghana is looking to back its local currency, the Cedi with gold. Ghana’s Vice President Mahamudu Bawumia pledged to back the Cedi with gold to solve the nation’s instability issue. The policy is yet to be implemented and could usher the country into a new era of monetary standards. Backing their currency…
A recent Central Bank of Nigeria survey reveals that Nigerian businesses expect the naira to weaken further before strengthening in late 2024 or early 2025. This pessimism comes despite the CBN injecting millions into the forex market. The naira’s depreciation has fueled inflation, sparking protests. While most businesses are pessimistic about the naira’s immediate future,…
Inspired by the BRICS de-dollarization agenda, Zimbabwe launched a new gold-backed currency, the ZIG, early this year to take on the US dollar. The gold-backed currency was launched in April 2024 to reduce the circulation of the US dollar in the country. Surprisingly, ZIG is gaining steam across Zimbabwe and 40% of payments are being…
Mercado Libre, the largest public company in Latam by market capitalization, has announced the release of its own dollar-pegged stablecoin, the meli dolar, for the Brazilian market. The development was completed in partnership with Ripio, an Argentine cryptocurrency exchange, and is issued by Meli Uruguay S.R.L., a part of the Mercado Libre group. Mercado Libre…
In what is a clear signifier of the BRICS de-dollarization success, US dollar global reserves have plummeted to record lows in 2024. Indeed, data shows that the share of reserves held in the greenback has fallen. Moreover, the economic alliance has continued to seek an international shift away from the currency. The bloc has embraced…
The U.S. dollar is facing stiff competition from local currencies this week taking the top spot in the forex markets. BRICS countries’ currencies like the Indian rupee and Chinese yuan have briefly surged against the U.S. dollar this week. The DXY index, which tracks the performance of the U.S. dollar shows the currency falling below…
The U.S. dollar has fallen to a new monthly low as local currencies climbed up the charts this week. The DXY index, which tracks the performance of the U.S. dollar, shows the currency falling to 101.5. This is the lowest the USD has fallen in the last two months after rising to a high of…
With the economic alliance currently developing its BRICS Bridge, there remains the question of what countries could ditch the US dollar in favor of the payment system. Indeed, it is poised to be a massive moment for global economics. Specifically, it should greatly further the group’s de-dollarization approach. The payment system is set to emerge…
Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance…
As the BRICS economic alliance continues its work to shift global finance, the group has made a massive de-dollarization announcement. Indeed, the bloc has expressed a notable milestone in its quest to lessen international reliance on the US dollar. The collective has not been shy about its stance against the currency. Since 2022, the group…
The de-dollarization drive is currently taking over the world. The greenback is now witnessing a surge in its enemies as new foes emerge to derail its value. The US dollar is currently at a precarious threshold, with ASEAN countries expediting efforts to topple it. These countries are working on their own currency system, one that…
Following the continued de-dollarization efforts of the BRICS group, India and Russia have taken a major step to ditch the US dollar in trade. Both sides recently met for a landmark meeting earlier this year. Indeed, India’s Prime Minister Narendra Modi met with Russia’s President Vladimir Putin in Moscow in early July. One of the…
The price of gold has skyrocketed to a new all-time high, in part thanks to the efforts of the BRICS bloc. The alliance members have been key investors in the precious metal over the past year, as their new currency is expected to be backed by the metal. In 2024, China has leveled up its…
The BRICS bloc has seen its trade with Russia hit a new record as the US dollar continues to struggle. Indeed, the economic alliance’s unilateral dealings with Moscow are up 6.3% over last year. That shows a notable increase from what ended up being a record year for the country. The Ministry of Industry and…