Nice one by Barclays...
The CNY's share of cross-border payments has overtaken the USD Source: Ronnie Stoeferle, Barclays, Bloomberg
Japan | Yen Gains With Bank Stocks as Wages, BOJ Remarks Boost Hike Bets – Bloomberg
The yen climbed to a one-month high and Japanese bank shares rose after wage data and a Bank of Japan board member’s remarks bolstered speculation the authority will raise interest rates this month. Japanese government bonds extended their drop as data from an auction of 30-year debt indicated weak investor demand for long-maturity securities ahead of the expected BOJ shift. Policy-sensitive two-year notes also fell, with their yield climbing to 0.195%, the highest level since 2011.
The Egyptian Pound is down 37% against the USD after switching to a flexible exchange rate
Source: Barchart
High global cost of capital hurts weak global balance sheets
Pakistan, Nigeria, Ethiopia, Egypt, DRC, Iran, Türkiye, Argentina account for 12% of world population (>1bn people) and they are all hit by inflation rates >30% (Argentina 250%, Türkiye 60%, DRC 50%), interest rates >20% & pressure of currencies. Source: BofA
NEW: Bitcoin just passed the Russian ruble and is now the 14th largest currency in the world 🔥
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Pound Bulls Stand Their Ground
source: bloomberg
The U.S. Dollar is currently used in more than 48% of international payment transactions, the highest level in more than a decade.
USD isn’t going away anytime soon 🇺🇸. Source: Barchart, Macrobond
The negative correlation between the us dollar with stocks (and other risk assets) has been strong for quite some time.
Meanwhile, US Dollar Index Futures are up every single week this year. Has this relationship now changed, or is the unwind about to come? Source: JC Parets
