Japanese yen surged against dollar on Monday. Speculation from non-Japanese short-term currency players pushed the currency to the highest point against dollar.
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Nigeria is suffering from fuel shortages as well as lack of hard currency. Four major oil companies agreed to finance the country’s $200 million fuel import along with the lack of the dollars to sustain the country’s fuel needs.
Tracking sell-off on Wall Street, Asian markets turned weaker. Renewed growth concerns and effectiveness of central bank policy have worsened the investor sentiment.
Overstock.com is making a strategic investment in Caribbean digital currency firm Bitt. The $4 million in Series A will be allocated to improve Bitt’s software as well as expanding its operation across other Caribbean countries.
After a series of setbacks, UK's Serious Fraud Office will start the third trial on Libor rigging case. Five former bankers in Barclays will stand accused as conspirators.
Many speculates why Microsoft stops accepting Bitcoin as a mode of payment for purchasing apps in its Windows Store. Users became alarmed since they can no longer add Bitcoins to their account and existing balance can no longer be refunded. A Microsoft spokesperson apologized for the incorrect information and said that it will be taken care of.
The US dollar recorded a multi-year bull run and has still enough steam to gain 10 percent further this year. All eyes are on the two-day policy meeting of US Federal Reserve beginning from Tuesday as it will set the tone for US currency.
One of China’s biggest venture capital firm, Qiming, secured its fifth US dollar venture capital fund in total of $648 million. The fund will help expand the firm’s investments in Chinese top startups in various sectors such as internet, consumer, technology, healthcare, as well as cleantech.
The rise of oil prices had brought positive growth to most of the Asian markets, except for Japan. On the other hand, European market had seen a drop. The oil prices increased overnight due to speculations that U.S Federal Reserve would possibly decide not to increase interest rates throughout 2016.
The pound fell without precedent for the first time in four days against the dollar amid speculation Federal Reserve authorities speaking Thursday will set the stage for a U.S Interest-rate increment in December.
The International group of governments and central bank governors from 20 major economies agreed Saturday to hasten slow growth, saying the low interest rates will not be enough to accelerate economic improvement, but they are optimistic that growth will happen.
The International Monetary Fund raises concern about the potential fallout of a US rate hike this year. The fund says raising interest rates at this time puts the already fragile global economy at risk. "Monetary policy must stay accommodative to prevent real interest rates from rising prematurely," the IMF said Wednesday in a letter to top central bankers and finance ministers meeting in Turkey this week.
Most of the world stock markets were higher last Monday due to the steady Yuan and the expected bailout of Greece.
The International Monetary Fund should put off any move to add the yuan to its Special Drawing Rights currency basket until September 2016, an IMF staff report said, a move that would effectively end the Chinese currency's chances of an early inclusion.
Concerns over China dominated financial markets on Monday, with the biggest fall in Shanghai shares in eight years driving stock markets and prices of major commodities lower across the board.