September 7, 2022
United States:
Fed Effect Stirs Global FX Moves as Mighty Dollar Runs Rampant
The dollar is steamrolling currencies from Japan to South Africa and the UK as bond market bets on higher-for-longer US rates gave fresh fuel to the greenback’s rally, triggering a vocal pushback from officials in various countries.
Europe:
BOE Says Energy Bill Cap Could Cut Inflation in Short Term
Bank of England Chief Economist Huw Pill said it’s the longer-term impact on inflation of the UK government’s multi-billion pound energy bail out that will be key to determining where interest rates are headed.
Asia:
China’s Foreign Exchange Reserves Drop to Near Four-Year Low
China’s foreign exchange reserves declined for a second straight month to the lowest since October 2018 as global financial asset prices dropped, according to the government.
Reserves decreased to $3.0549 trillion as of the end of August, down $49.2 billion from a month ago, data released by the People’s Bank of China showed. That was slightly below the median estimate of $3.065 trillion in a Bloomberg survey of economists.
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