A new factor in the trade war is the value of the Chinese yuan. The currency extends its erosion against the greenback, edging closer to 7 on USD/CNY. President Donald Trump accused China of manipulating its currency to support exports. So far, Chinese authorities have refrained from using this tool, keeping it as a last resort and also due to their own interests: preventing capital flight.
The diplomat stressed that the US penalties against the Venezuelan oil sector, along with freezing its dollar accounts, has had an enormous negative impact on the country’s economy. The measures deprived the Latin American nation of free access to international financial support and investments in its oil sector.
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KUALA LUMPUR: The ringgit rose for first time in almost three weeks after Malaysian economic data beat estimates and the central bank set out plans to boost market liquidity. The US$/ringgit fell as much as 0.4%, most since March 18, to 4.1565. Pair gained 1% in previous 12 sessions. The ringgit rose 0.33% against the dollar at 2.13pm to 4.1600. On Wednesday it closed at 4.1711. Malaysia’s GDP and current-account data are fairly positive, and are helping to support the ringgit, says Divya Devesh, head of Asean and South-Asia FX research at Standard Chartered Bank in Singapore. Central bank’s measures to support market liquidity and accessibility are also positive. Although domestic drivers have been supportive, external backdrop is quite negative for EM FX with concerns around further escalation of the trade war. USD/MYR is expected to be range bound in the short term Note: Central bank announced steps to boost market liquidity after FTSE Russell said it may drop Malaysian bonds from its index due to market accessibility Malaysian 1Q GDP +4.5% y/y vs est. +4.3%. Current-account surplus widened to the most in five years. – Bloomberg Below is the statement issued by Bank Negara on Thursday: Development Initiatives to Enhance Market Liquidity and Accessibility Bank Negara Malaysia (BNM) continually undertakes initiatives to broaden and deepen the Malaysian financial market. As part of these ongoing initiatives, BNM actively engages market participants to identify measures to promote a conducive and vibrant market environment that is supportive of domestic economic activities.
All Content © Pound Sterling Live 2019. The news and information contained on this site is by no means investment advice. We intend to merely bring together and collate the latest views and news pertaining to the currency markets – subsequent decision making is done so independently of this website. All quoted exchange rates are indicative. We cannot guarantee 100% accuracy owing to the highly volatile and liquid nature of this market.
Mike Johns, one of three Republican primary winners who defeated incumbents earlier this month largely on a platform of heightened fiscal accountability, said Mayor Andy Cook’s administration and the redevelopment commission was “hiding everything” by using the TIF money and said people are losing faith with the current City Council and the mayor’s spending habits.
Since President Trump escalated the trade war tension between the US and China on May 5 th , Brent crude futures have in fact risen over 4.5% amid the rising geopolitical tensions in the middle east ( full story ). While trade war tensions have seen dips in oil prices, this has failed to keep a lid on higher oil prices as the rising geopolitical premium has been the key driver in the oil market. Alongside this, the backwardation in the 6-month Brent crude futures has surged to the highest level in over 4years at $3.31 (above 2018 peak of $3), consequently, implying that oil inventories could see a large drawdown later in the year. However, despite the surge in backwardation which is typically seen as a bullish sign as it hints at undersupply, this has not been associated with a notable lift in the spot price, which still has some way to go until the 2018 peak. As such, in order to remove this discrepancy oil prices could rise, or backwardation will have to ease.
India Rs 68 = 1$, BD 85= 1 $, and Pak Rs 150= 1$. The most prominent reason is the trade imbalance wider gap in Pak, the huge circumtancial imports for CPEC project, the unavoidable expenditures on western border , the after affects of mega corruption and bad governance by previous two governments lead by COD alliance.. There’s one positive aspect in devaluation the Pak products will be much affordable in export markets, and exports can boost up by extra 50% if exporters may try to obtain more orders from their customers. Obviously some domestic inflation of 2% may be felt due to a little higher price of gasoline, diesel, but if better environment in oil related tension is diffuse in coming days the ease on oil prices can help absorb the domestic inflation. An awareness about preferring local products is imperative, and people must understand to shun imported products when almost same quality is at home. There’s no need to fix imported doors & windows in houses when locals are there.
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Run with the hare and hunt with the hounds. The latest developments surrounding Syria call this very common proverb to mind. Although credible diplomatic gains were achieved last year with the contributions of Turkey, Russia and the U.S. to put an end to the humanitarian crisis and find sustainable political solutions for the overdue conflict, the exit door still looks blurry. According to the generally accepted view, in this blurry picture of Syria major roles belong to Washington and Moscow. Yet, the actors on the scene seem to adopt the following tactic: Run with the hare and hunt with the hounds. Their reluctant stance can be illustrated within an example, where both have embraced a vague and contradictory stance, up to now, in order to fully implement the Manbij and Idlib road maps in Syria to end the Assad regime and PKK-affiliated groups’ brutal actions.