Tag Archives: Currency Wars

Argentina: Dollar price at 10.45 Pesos over two times the ‘official’ price

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“The blue dollar jumped past the key psychological barrier of 10 Pesos on Tuesday in thin t rade, reflecting persistent demand for greenbacks amid tough currency controls.  Meanwhile, the official rate remained unchanged at exchange offices in Buenos Aires at Pesos 5.16 (buying price) and Pesos 5.22 (selling price), with the gap between the two markets over 100%.  In a context of high inflation, negative interest rates or other options to defend the value of the Argentine currency, Argentines are increasingly taking refuge in the US dollar. To this must be added an overall feeling of distrust and uncertainty which can have a greater impact that what stats can present.”

http://en.mercopress.com/2013/05/09/argentina-dollar-kept-climbing-on-wednesday-and-reached-10.45-pesos

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Currency Wars: Are We Winning?

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Bank Of Korea Delivers The Latest Surprise Interest Rate Cut This Week

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“The Bank of Korea just unexpectedly cut its key interest rate to 2.5% from 2.75%. This is pretty remarkable, considering that market economists have already been surprised by two other central bank rate cuts this week. On Monday, the Reserve Bank of Australia unexpectedly lowered its key interest rate to 2.75% from 3%. Earlier Wednesday, the National Bank of Poland unexpectedly cut its key interest rate to 3% from 3.25%. These three surprise rate cuts follow the ECB and the Reserve Bank of India last week. Global growth slowdown, ‘currency wars,’ etc. – call it whatever you’d like, but it seems to really be getting going now.”

http://www.businessinsider.com/3-surprise-interest-rate-cuts-this-week-2013-5

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China Opens New Front in Currency War as Yuan Speculation Distorts Export Data

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“The move came as April exports blew past expectations, which appeared on the surface to indicate that both China’s economy and global demand were on the mend. But economists were quick to suspect the figures were artificially inflated by investors who were disguising speculative bets on the yuan currency as trade payments.  Faced with the risk that such inflows could cause the yuan to appreciate so quickly that it destabilizes exports and the broader economy, the People’s Bank of China (PBOC) has begun intervening heavily in the domestic currency market this year, buying up dollars and selling yuan.”

http://www.moneynews.com/FinanceNews/China-Currency-War-Yuan-Export/2013/05/08/id/503340?s=al&promo_code=136B9-1

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Australian Central Bank Cuts Key Rate to Record-Low 2.75%

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“The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment.  Governor Glenn Stevens reduced the overnight cash-rate target by a quarter percentage point to 2.75 percent, saying in a statement that the Aussie’s record strength ‘is unusual given the decline in export prices and interest rates.’  He joins global counterparts in embracing record-low rates in an economy where inflation is contained, mining spending is predicted to crest, and credit growth remains subdued.”

http://www.businessweek.com/news/2013-05-07/rba-cuts-benchmark-rate-to-record-low-2-dot-75-percent-to-underpin-growth

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Indian gold smugglers take body route to outwit customs

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“Smugglers and couriers who bring gold into the country illegally, have usually been known to bring the commodity by hiding it outside their body through various means. But with air intelligence units of the customs wising up to myriad modes of concealment, smugglers have resorted to reshaping gold to get it through. In Monday’s incident two men who arrived from Sri Lanka at the airport had shaped crude gold bits to fit inside the base of their mouth under the tongue.  In another incident, a buxom lady was arrested after sleuths found that her bosom appeared extra-large as she had sewn 4 kg of shaped gold into her brassiere.”

http://newindianexpress.com/cities/chennai/article1528119.ece

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Is Japan’s Devaluation an Attack on China?

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“In an article yesterday we suggested that the reason Japan was embarking on a massive attempt at Keynesian-style stimulation was to promote the efficacy of Keynesian economic ‘cures.’  But there is another possibility as well. Perhaps the idea is to start a currency war aimed at least in part at China.  Japan is a longtime ally of the US, which defeated it in World War II. It is certainly possible that Japan has allied itself with the US to serve Anglo-American interests in this regard.  It is indeed possible to hypothesize that Japan’s current policy is intended to confront China and therefore is being used as a monetary ‘weapon of war.'”

http://www.thedailybell.com/28963/Is-Japans-Devaluation-an-Attack-on-China

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Kyle Bass Warns: “The ‘AIG’ Of The World Is Back”

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“His single best investment idea for the next ten years is, ‘Sell JPY, Buy Gold, and go to sleep,’ as he warns of the current situation in markets, ‘we are right back there! The brevity of financial memory is about two years.’  The main thrust of the discussion is Bass’ thesis on Japan’s pending collapse – which we wrote in detail on here, here, and here – and while the details of this thesis should prepare most for the worst, it is the Q&A that provides some very clear insights into just what is going on in the world.”

http://www.zerohedge.com/news/2013-03-12/kyle-bass-warns-aig-world-back

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Riot Alert: Look Out Argentina, South Africa, Turkey and India

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“If history teaches us anything, it is that inflation usually ends in violence.  The Johannesburg-based economic research house ETM Analytics (www.etmstrategy.com), which has a strong Austrian bias, puts out a monthly ‘riot alert‘ based on the speed with which countries are debasing their currencies. It has been scarily accurate in predicting where trouble is most likely to erupt.  For all the press acreage given to the political causes of violence in countries like Syria and Egypt, it is difficult to side-step the obvious common denominator: inflation. A 10% rise in food prices can transform a hungry man into an angry man.“

http://www.economicpolicyjournal.com/2013/02/riot-alert-look-out-argentina-south.html

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ECB Should Join ‘Currency War’ to Weaken Euro, France’s Montebourg Says

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“The European Central Bank should weaken the euro, confronting the new ‘currency war’ head on to help address economic stagnation in the region, French Industry Minister Arnaud Montebourg said today.  Calling for a more activist and ‘political’ management of the currency shared by 17 European nations, Montebourg said at a press conference in Paris that he wants ‘the European Central Bank to do its job.’ ‘The euro is too strong and doesn’t correspond to economic fundamentals,’ he said. The ECB ‘should prepare to confront a new currency war in which the weakening of currencies becomes a political tool.'”

http://www.bloomberg.com/news/2013-02-26/ecb-should-join-currency-war-to-weaken-euro-montebourg-says.html

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