The dollar fell to its lowest level in more than two years against the yuan, and fell against other Asian currencies, as the Democratic nominee, former Vice President Joe Biden, came closer to the White House in an exciting US presidential election, according to Reuters.
Is cash still relevant? What is the future of the euro, and more importantly, what is the future of cash in general? These past few months have been tough for advocates of cash, with unfounded insinuations that cash can be a source for the spread of COVID-19. The Advocate General of the European Court of Justice, Giovanni Pitruzzella, has published a timely advisory opinion on the use of cash within the European monetary system.
During the trading session on Monday, the euro retreated to the 1.17 mark against the US dollar. Previously, European Central Bank President Christine Lagarde said that the ECB currently has not exhausted all available policy tools and options, and can still come up with more if necessary in the future.
In the European market on Monday, the Euro rose about 60 points against the US dollar to a three-day high of $1.1763. Meanwhile, US President Donald Trump said that he wanted a stimulus plan larger than that of House Speaker Nancy Pelosi (D-CA). He also said that the new coronavirus vaccine will be available soon.
On Friday (October 16), most of the US dollar fell against G-10 currencies. Previously released data showed that US retail sales grew faster than expected, and consumer confidence rose slightly in early October. The pound is stable as traders still have hope for the prospect of a trade agreement between the UK and the EU, and the two sides will continue negotiations next week. SEK and CAD led G-10 currencies.
No she is not in charge of Germany or a major country but she will soon be in charge of the European Central Bank– the European version of the United States Federal Reserve. Her name is Christine Lagarde and she has won European Union support to become the first female President of the European Central Bank (ECB). It will be the first time a women has been placed in charge of all European banking, as the ECB is one of the largest financial institutions in the World.
A negative interest rate definition: The issuer (for example a bank) will charge negative interest. Instead of receiving interest on the deposit funds, depositors must pay regularly, or have negative interest rates deducted, to keep their money with the bank. This is intended to incentivize banks to lend money more freely and businesses and individuals to invest, lend, and spend money rather than pay a fee to keep it safe.