Currencies Brief – 28th August 2017

Digital currencies exist in a grey area of legalities. Chinese government is preparing for new rules to crackdown risky behavior in the financial sector. The full article can be read in this link - https://in.reuters.com/article/us-china-finance-digital-idINKCN1B80NY

“I don’t think expectations were that high in the market that Draghi would talk down the euro at Jackson Hole. Even if he had done so, the euro likely would have risen anyway,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities. The full article can be read in this link - https://in.reuters.com/article/uk-global-forex-idUSKCN1B70XZ

Chinese currency yuan climbed up and remained strongest against US dollar in more than an year based on guidance from the central bank. The full article can be read in this link - https://in.reuters.com/article/uk-china-yuan-midday-idUSKCN1AX0CA

Pound’s decline has pushed it to the weakest levels in the ten months against Euro. According to the analysts the four week slide against its European currency counterpart may be overdone. The full article can be read in this link - https://www.bloomberg.com/news/articles/2017-08-27/analysts-question-pound-negativity-as-crucial-brexit-talks-begin

The rupee opened 15 paise up against US dollar on account of selling of the currency by banks and exporters. The full article can be read in this link - http://economictimes.indiatimes.com/markets/forex/rupee-opens-15-paise-higher-against-us-dollar-at-63-89/articleshow/60252985.cms

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