The forex market is experiencing a wave of new currency dynamics as the US dollar shows signs of volatility. In the middle of this alternate hedge, assets like Bitcoin and Gold rally higher on the radar, dividing user sentiment into diverse branches of interest. Also Read: China-Russia Crypto Pact: A New Threat to US Dominance?…
The BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The latest report shows that around 40 countries are interested in joining the BRICS alliance in 2024. All…
A Nasdaq analyst has issued a warning concerning the BRICS alliance, saying the bloc could destabilize the US dollar into a crisis. The BRICS bloc has threatened the greenback’s place as the top fiat in the world for a few years, and the threat continues to grow. As the US dollar has suffered from a…
As the BRICS bloc looks to continue its de-dollarization efforts, one expert has outlined that a failing US dollar would precede the end of the Western empire. Indeed, Geopolitical Economy Report founder Ben Norton recently discussed how the greenback is key to the American prominence that has been present since the late 1940s. In a…
The US dollar is currently under strict scrutiny, with new foes in the queue to hammer USD down a notch. At press time, the dollar index is sitting at 100, up 0.03% in the last 24 hours. However, the currency has battered down intensely, hitting a new 18-month low in the current situation. At the…
In what is an important development for the impending BRICS pay platform, nearly 50 nations are looking to the blockchain-based payment system over the US dollar. Indeed, reports show that 47 countries in total are discussing the adoption of the payment system that is likely to debut at the BRICS 2024 Summit. BRICS Pay is…
The purchasing power of the US dollar is declining every year leading to inflation in the homeland. The CEO of Zang Enterprises, Lynette Zang emphasized that the purchasing power of the US dollar is eroding at an advanced speed. This comes when the BRICS alliance is looking to pin the US dollar down as the…
The BRICS currency, which is reported to be in development, is said to be backed by 40% gold and 60% local currencies. The currency is disclosed to be apolitical and would be outside the “circumference” of the SWIFT payment network. The much anticipated BRICS currency, which would be the principal driving force at the heart…
Former President Richard Nixon’s Treasury Secretary, John Connally once famously said, “The dollar is our currency, but it’s your problem.” The world was made to accept the dollar as the de facto currency and the US imported the tender around the globe. Things are taking a U-turn this decade as emerging economies kick-started the de-dollarization…
The Chinese yuan is the rising star of the world financial market, emerging as a competent contender to the US dollar. The inflating US debt metrics and its constant weaponization have paved the way for the regional currencies to surge high on the radar, with the Chinese Yuan taking the front lead. But will it…
On Wednesday, the Chinese yuan hit its highest level in 16 months against the US dollar. The development follows Beijing’s unveiling of a host of stimulus measures on Tuesday to boost the nation’s slowing economy. The Governor of the People’s Bank of China also announced that the central bank will cut the amount of cash…
The US presidential campaigns are inching towards their final stage, and their political undercurrents are shaping world economics. Former US president Donald Trump has already announced a trade war, adding that he may impose tariffs on countries moving away from the US dollar. If Trump is elected, his move could significantly bolster trade tensions with…
The US dollar has become one of the most scrutinized currencies in the world. With elements like de-dollarization and movements propagating the US dollar dumping catching pace, it’s evident how the USD has now attracted diverse inimical foes. With alliances like BRICS and ASEAN pioneering a way to ditch the US dollar by promoting local…
The decline of the US dollar’s value is accelerating with depleting purchasing power in 2024. A dip in the USD’s buying power could lead to hyperinflation in the homeland affecting the broader stock and commodity markets. The US dollar’s purchasing power is dwindling at a time when the BRICS alliance is looking to topple it…
The BRICS bloc might have already overcome its dollar-dependence problem, as the volume of settlements in the national currencies of its member nations has already surpassed the USD-based exchanges. Using the U.S. dollar can lead to expenses that can be avoided when paying with other currencies, BRICS Deputy Chairman of the Chamber of Commerce and…
Amid the alliance’s quest to decrease reliance on the greenback, one BRICS official already confirmed that native currency trade already exceeds deals settled in the US dollar. Indeed, the vice chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, confirmed the alliances continued to move away from trade in the Western currency. De-dollarization…
The Indian rupee (INR) dominates the currency markets this week, outperforming the US dollar (USD) by a wider margin. This significant change comes at a time when forex traders remained cautious before going long on the USD. Traders avoided taking entry positions in the currency markets on the heels of the Federal Reserve meeting. Also…
The US dollar is volatile, with market fluctuations putting pressure on its valuation and positioning. At the same time, the development is paving the way for other currencies, notably the ASEAN and several Asian currencies, to surge, sparking record-high rallies in their wake. But why are these currencies surging against the US dollar? Also Read:…
Global confidence in the Chinese yuan is growing, while assurance in the US dollar is declining. Developing countries seek to use local currencies, and China is pushing for trade settlements with the yuan. Countries in Asia, such as the United Arab Emirates (UAE), India, Maldives, Mauritius, and Pakistan, have already settled cross-border transactions in the…
The United States is slowly losing its hold as several countries have united to bring down the dollar. The BRICS bloc, consisting of Brazil, Russia, China, India, and South Africa, has been making strides with regard to de-dollarization. Thanks to China and Russia, over 90% of their bilateral commerce has been de-dollarized. Also Read: Top…
The BRICS alliance is working towards the formation of a new payment system to end reliance on the US dollar. The bloc wants to dim the lights on the USD and challenge the currency’s dominance in global trade and transactions. BRICS member Russia is also advancing in creating digital currencies (CBDC) in the ruble with…
Donald Trump and Kamala Harris are currently embroiled in an intense political battle that will help one of them claim the US presidential throne. In this wake, Trump has adopted a distinctive Web3 stance, promoting the usage of cryptocurrency once he becomes president again. But can Trump’s crypto policy sabotage the integrity of the US…
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…