Currencies

THE US dollar was on track for a weekly gain against major currencies, including the Swiss franc, yen and euro on Friday (May 9), after a US-UK trade deal increased optimism about upcoming US-China talks.Financial markets headed into the weekend with the focus squarely on the ongoing trade negotiations between Washington and Beijing in Switzerland.President Donald Trump announced on Thursday a US-UK trade deal that left in place a 10 per cent baseline tariff on British goods, but lowered prohibitive duties on vehicle imports.“There’s strong optimism across the market of...

Bhadrak (Odisha), May 11 (PTI) The Odisha police have detained one person in connection with the circulation of counterfeit currency and seized fake Indian currency notes with a face value of Rs 10,000 from his possession, a police officer said. The incident came to light on Saturday afternoon when two youths allegedly attempted to purchase goods using the fake notes at the Anand Bazaar, under Bhadrak rural police station limits, the officer said. According to an eyewitness, the two suspects, residents of Deopal village near Anand Bazaar, purchased groceries using...

This content was published on May 11, 2025 - 14:00 (Bloomberg) — After years of coming second to popular Latin American carry trades, Asian currencies are finding their cheapness has become an asset as traders seek to capitalize on the dollar’s eroding premium status.Currencies like South Korea’s won, the Indonesian rupiah, and the Indian rupee rank among the most undervalued in emerging markets relative to their historic average, according to data compiled by Bloomberg. Beyond attractive valuations, fresh economic stimulus in China and signs of progress in US-Asia trade negotiations...

Listen to article Indian stock markets lost an estimated $83 billion in market capitalisation this week as escalating military conflict with Pakistan triggered investor concerns and rattled financial markets. The sell-off deepened after Pakistan launched a retaliatory military operation, Operation Bunyan-un-Marsoos, targeting strategic Indian installations in response to missile strikes by New Delhi earlier in the week. The Nifty 50 index fell 1.1% on Friday, closing just above the key 24,000-point psychological level. The BSE Sensex also declined 1.1%, finishing below the 80,000 mark it held a day earlier. The two benchmark...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Asian markets this week gave a lively taster of what a full-blown currency war might look like under Trump 2.0. But we are not at panic stations yet, and probably (touch wood) will not be any time soon.It has, to be sure, been a week of high drama in a typically sleepy corner of markets. Seemingly out of nowhere, the Taiwanese dollar shot to the moon, jumping by, at the extremes, 10...

Sign up to receive CFR President Mike Froman’s analysis on the most important foreign policy story of the week, delivered to your inbox every Friday afternoon. Subscribe to The World This Week. More From Our Experts Greetings from Tokyo. More on: Japan United States U.S. Economy Trade My deep interest in Japan dates back to my days working as a young summer associate at a Japanese law firm in Tokyo in 1989. (My now-wife, Nancy, worked at the rival law firm.) In those days, Japan was in the midst of an incredible economic boom...

TL;DR The EU has issued new guidance that restricts how esports publishers can use virtual currencies. Virtual currencies enable frictionless in-game microtransactions and drive a lot of esports revenues. The gaming industry isn’t happy, and two of its leading bodies have accused regulators of overreach. Consumer advocates argue that game monetization practices mask the true cost of in-game purchases and make them hard to track. Now that the EU has signalled the direction of travel, US rule-makers might follow. Microtransactions with virtual currencies are a top earner for esports titles,...

In 1932, the small Austrian town of Wörgl was buckling under the weight of the Great Depression, with crumbling infrastructure, rising unemployment and ballooning debt. But within just a year, all that changed: Local unemployment dropped by 25 percent despite rising by 19 percent in the rest of Austria and tax revenue skyrocketed, fueling extensive municipal investment in road repair, a new bridge and even a ski jump—a transformation that is still referred to today as "the Miracle of Wörgl."Unsurprisingly, the miracle was made possible by money, but not the...

Something unusual is happening in global currency markets, and most people aren’t paying attention. This week, the Taiwan dollar surged more than 5% in a single day, recording its biggest jump since 1988. At the same time, Asian banks, exporters, and sovereign funds are increasingly trying to bypass the US dollar in their transactions. It’s not a full-blown crisis, yet, but the message is clear: confidence in the US dollar is slipping, and capital is moving.What used to be a slow drift is now turning into something larger. A big paradigm shift is...

The global sovereign credit rating agency, Morningstar DBRS on Friday upgraded India’s Long-Term Foreign and Local Currency – Issuer Ratings from BBB (low) to BBB with a Stable trend.India’s Short-Term Foreign and Local Currency Issuer Ratings were also upgraded to R-2 (high) from R-2 (middle) with a Stable trend.Key drivers for the upgrade include India’s structural reforms through infrastructure investments, digitalisation etc., all of which facilitated fiscal consolidation (declining debt and deficit) and sustained high growth (clocking an average GDP growth of 8.2% during FY22-25) with macroeconomic stability (stabilised inflation,...