A 0.3 % appreciation in the value of the British pound gave a boost to the British currency to place it above the euro.

The British pound stood at 82.50 pence per euro, a rebound that had not been seen since April 2022. The increase comes amid expectations that the Bank of England (BOE) “will be less aggressive in interest rate cuts compared to the European Central Bank (ECB)”.

On Tuesday, December 10, the pound appreciated by up to 0.3 %, while government bonds, known as gilts, fell, “with 10-year bond yields climbing to 4.33 %,” a high not seen since November 28, 2022.

“Looking ahead to 2025, interest rate differentials between the UK and the euro area are expected to widen. Swap rates indicate an easing of 80 basis points by the BOE and approximately 125 basis points by the ECB.”

M.Pino

Source: investing

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Recent data from Ecoanalítica show that more than 75 % of transactions in Venezuela are made in bolivars.

The partner director of the survey, Asdrúbal Oliveros, revealed these data in a graph that summarizes the payment ecosystem in the country.

The Colombian peso, which is used mostly in border states such as Táchira, is followed by transactions in euros, “which represented 3.1 % of the total, and, finally, cryptocurrencies and others, which made up 1.8 % of payments.”

Regarding payments in dollars, Oliveros indicated that since they have been carrying out this comparison (2021), it is the first time “that the level of transactions in foreign currency is the lowest.”

The 2024 study was carried out in “Caracas, Barquisimeto, Maracaibo, Valencia, Margarita, Puerto Ordaz, Lechería, Mérida, San Cristóbal and Maracay, where almost 70 % of the activities are concentrated.” Oliveros highlighted that there has been a drop of more than 40 percentage points in payments in dollars, partly due to the fact that citizens give preference to exchanging the currency in the market at the most convenient price.

M.Pino

Source: elcooperante

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Saudi Arabia decided not to renew the petrodollar agreement it had had with the United States for 50 years and which expired on June 9.

The country located in Western Asia did not renew the agreement through which it sold oil in US dollars, opening the door to marketing in other currencies, such as the yen, yuan, euro, among others.

The petrodollar agreement was signed in 1974 with Henry Kissinger as its architect. Saudi Arabia maintained the commitment until 2022, when it began to fail to comply with the agreement. The Saudi kingdom made the decision to “handle itself with complete freedom in the marketing of oil through different currencies.”

The change assumed by Saudi Arabia is expected to accelerate the de-dollarization process that the BRICS are already talking about.

M.Pino

Source: canal26

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The devaluation of the bolivar, the legal tender in Venezuela, has boosted creativity among the merchants of the Monseñor José Vicente de Unda municipality, Portuguesa state, who have adopted coffee as their local currency.

In an interview for Fedecámaras Radio, the president of the Chamber of Commerce of said municipality, Emmanuel López, indicated that the merchants adopted the payment of goods and services through grams and quintals of coffee.

The main reason for this measure is the constant devaluation of the national currency, the bolivar, which affects the activity of merchants.

“Due to the economic conditions, exchanges were made for different necessities… properties and cars are also traded with our currency: coffee,” López declared.

He stressed that the producers of the area in the Portuguesa state support the idea of ​​”converting coffee into an official local currency and giving it legal legality.”

They are fully aware that the price of coffee is based on the New York Stock Exchange rate.” So by establishing it as local currency, they add value to the item and thus “protect producers even more.”

M.Pino

Source: finanzasdigital

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Coinbase, one of the largest cryptocurrency exchanges in the world, recently announced that it now supports trading and transacting the euro-pegged stablecoin euro-c on its platform.

The digital currency, which is backed by the euro and issued on the ethereum blockchain, launched earlier this year and has already gained market traction.

The euro-c offers the ability to transfer euros quickly and cheaply, making it an attractive option for investors and merchants looking for a more efficient way to transact.

The euro-c also complies with European Union (EU) regulatory standards, making it a safe and reliable option for Coinbase users looking for a secure way to invest in cryptocurrency.

With this new addition to its platform, Coinbase demonstrates its continued commitment to offering its users a wide range of investment and trading options in the cryptocurrency market.

K. Tovar

Source: Diariobitcoin

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Russia will stop using the dollar and the euro in its international trade transactions, Russian Deputy Foreign Minister Alexander Pankin announced on Friday.

According to the statement by the Russian official, “the only way to guarantee the stability of trade, economic and investment relations between Russia and its partners is to stop using the currencies that have become ‘toxic’, mainly the US dollar and the euro.”

Pankin assures that the most convenient thing for Russia is to adopt alternatives to these currencies, particularly “national currencies”, as a way of rejecting what they consider a hegemony created by Washington in the world financial system.

The Russian deputy minister added that the current system benefits a group of countries and is inappropriate for the “multipolar world order.” In this sense, he pointed out that some nations are studying de-dollarizing their economies as a protection measure against United States sanctions.

Given this scenario, it is important to point out that the Russian Central Bank is currently studying the possible combination of currencies, such as the yuan, the rupee and the lira, which would be incorporated into the Wealth Fund under a budgetary mechanism based on the surplus of energy sales.

M.Pino

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Source: bles.com

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The price of the euro against the dollar briefly fell below parity this Monday in view of the prospects that point to a growing risk of recession in the euro zone and the expectation that at the end of this week they will meet in Jackson Hole, representatives the US Federal Reserve and other central banks.

In this way, the exchange rate for the euro against the “greenback” fell this Monday to 0.9992 dollars from the 1.0034 dollars of the previous closing, although after the opening of the stock markets of the Old Continent the European currency recovered part of the lost land and was exchanged for 1,0010 dollars.

Last week, the German representative on the board of the European Central Bank (ECB), Isabel Schnabel, recognized that the signs pointing to a slowdown in growth in the euro zone open the door for the region’s economy to enter a technical recession , while it will probably take some time for inflationary pressures to dissipate.

However, despite the expected deterioration in activity in the euro zone, Ella Schnabel noted that she does not see “any indication of a prolonged and deep recession at this time”.

In this way, with a view to the meeting of the Governing Council of the ECB next September, Schnabel was in favor of the entity acting decisively again, since, when looking at the most recent data, the concerns that were in July, when the central bank decided to undertake a 50 basis point rate hike, “they haven’t eased”.

K. Tovar

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Source: Infobae

La entrada The euro loses parity with the dollar again apareció primero en Bitfinance.

The price of the euro against the dollar continues to weaken, and is increasingly closer to parity with the American currency, something that has not happened since 2002, given the growing fears that the eurozone will enter a recession dragged down by the consequences of the war in Ukraine.

In this Tuesday’s session, the cross between the euro and the US currency fell to a minimum of 1.0003 dollars, the worst change since December 2002, 0.3 % below the closing price of the previous session.

So far this year, the euro has accumulated a depreciation of around 12% against the dollar as a result of the greater fear that the eurozone will end up entering a recession due to the impact of the war in Ukraine on prices and markets. As well as the advance with which the United States Federal Reserve (FED) began to tighten its monetary policy compared to the European Central Bank (ECB).

In fact, while the ECB announced that it will undertake its first-rate hike since 2011 next week, with a rise of 25 basis points, the Fed began the normalization of its monetary policy last March, with a rise of 25 basis points, which was followed by hikes of 50 and 75 basis points, respectively, in the two following meetings.

K. Tovar

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Source: ABC

La entrada Euro reaches parity with the dollar apareció primero en Bitfinance.

The Italian oil company Eni announced the opening of bank accounts in euros and items in the Russian financial entity Gazprombank in order to carry out the necessary transactions for the supply of Russian gas and thus comply with the new regulations required by Moscow.

These guidelines consist of “opening an account in the currency provided for in the contract, making a payment in that currency and making a statement saying that this is how the payment for the gas delivery in question is closed,” said the European official.

According to the information provided by the company, “the payment obligation can be fulfilled by transferring euros and this procedure should not be incompatible with the sanctions imposed by the European Union (EU) against Russia in response to the invasion of Ukraine.”

The Eni oil group, controlled by 30.3 % of its shares by the Italian State, stressed that the Russian authorities have guaranteed that “invoicing and payment will continue to be made in euros”, as it is the currency established in the contracts and in within 48 hours a financial operator will make the change to rubles, without the intervention of the central bank of Russia.

Payment for Russian gas in stages

As will be recalled, the European Commission recommended not to open accounts in currencies other than those established in the contracts. The opening of an account in rubles would be violating the sanctions established against Russia for its invasion of Ukraine.

In principle, the Russian government established that countries interested in acquiring gas must pay in items. But a new Kremlin decree introduced a two-stage payment method consisting of two phases. First, making the payment in the currency of the contract, that is, dollars or euros, in a Russian bank. The second phase is to convert that money into rubles in an account of the same institution.

With this new procedure, the Russian central bank does not intervene in financial transactions, for which the sanctions established by the United States and the European Union will not be violated.

M. Rodríguez

Source: swissinfo.ch

La entrada Italian oil company opens ruble accounts to pay for Russian gas apareció primero en Bitfinance.

The Spanish indicator has added 104.5 points, equivalent to that rise of 1.18 %, placing it at 8,970 points. The rest of the main European stocks closed with a mixed sign: while Milan rose 0.5 % and Frankfurt, 0.28 %. Paris fell 0.73 % and London 0.16 %.

At the close of the market in the Old Continent, the US indices were trading slightly down: the Nasdaq fell 0.15 %, while the Dow Jones and the S&P 500 each fell 0.14 %.

Back on the Ibex 35, Solaría was the most bullish value with a rise of 6.01 %, followed by Banco Sabadell and Siemens Gamesa, which registered 2.84 % and 2.82 %, respectively. On the contrary, Viscofan fell 0.5 % and Amadeus, 0.35 %.

Codere, for its part, has been the most bullish company in the entire Spanish market, registering a rise of 15.71 % due to its merger with a SPAC, followed by Clínica Baviera, with 13.68 %, while Día y Renta Corporation have closed the session with losses of 4.29 % and 3.85 %, respectively.

A barrel of West Texas Intermediate (WTI) oil, the benchmark for the United States, was trading at $ 66.33 at 5.30 p.m., while Brent crude, the benchmark for Europe, marked a price of $ 69.14, with a 0.16 % increase.

Finally, the price of the euro against the dollar stood at 1.1703 ‘greenbacks’, while the Spanish risk premium was around 69 basis points, with the interest on the ten-year bond at 0.216 %.

Source: dpa

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