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Turkey To Restrict Access To Offshore Forex Trading Sites

Turkey is continuing with its campaign to curb largescale foreign exchange trading by small investors. A recent report released by the government stated that Turkish citizens will be barred from carrying out unauthorized foreign exchange transactions using offshore sites or

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Kiwi dollar rallies on narrowed current account deficit

A wider than anticipated trade deficit and fall in global dairy prices weakened the New Zealand dollar against the Greenback in the first week of March. The NZD/USD pair’s decline was also supported by lower unemployment claims and strong ISM

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Finance Experts Believe Cautious UK Budget Overlooks Brexit Worries

UK Chancellor Philip Hammond presented the Spring Budget last week which has been largely termed by experts as modest and safe, although it failed to mention the looming challenge of Brexit. According to the budget, UK’s economy is expected to

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China’s FX Reserves Show Surprise Increase To Cross $3 Trillion

The offshore Chinese yuan weakened against the dollar dropping by 0.04 percent to 6.8997 earlier this week, the lowest in two months even as the country’s foreign reserves climbed back over the psychological barrier of $3 trillion. According to latest

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Canadian dollar to strengthen on strong inflation data

The decline in the price of crude oil to $52.70, from $54.50 weakened the Canadian dollar, which is a commodity currency, against other major currencies. In particular, the Loonie fell sharply against the safe haven currency Swiss Franc. The demand

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Pound to rise on unwinding of ‘hard-Brexit’ trades

An increase in the price of iron ore to a 30-month high of about $100 per ton enabled the Aussie to gain strength against the Pound in the past few trading sessions. The hard-Brexit scenario in the UK also assisted

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Indian Govt Targets Shell Companies To Curb Black Money Flow

Expanding its war on black money, the Indian government is now said to be looking at shutting down nearly 700,000 dormant companies that are suspected to be shell companies. These companies are alleged to have carried out several high-value transactions

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U.S. Treasury Secretary Asks IMF To Review FX Rate Polices

U.S. Treasury Secretary Steven Mnuchin has asked the International Monetary Fund (IMF) to carry out a thorough and frank appraisal of the exchange rate policies of its member countries. According to Treasury spokesman, Mnuchin discussed the priorities of the new

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Citibank Agrees To Settle South African Price Rigging Case

Citibank has announced that it has entered into an agreement with South Africa’s regulatory body, the Competition Commission to settle charges of foreign exchange rigging. Its consumer banking arm has agreed to pay R69.5 million (approximately $5.3 million) for its

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Aussie UP on low unemployment rate, high commodity prices

A 23% decline in the price of coking coal to about $172 per ton weakened the Aussie in early January. The weakness was also aided by a lower-than- anticipated retail sales growth of 0.2% m-o-m in November. On the contrary,

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