U.S. dollar shorts mount before Yellen outlines market-based policy
Ruth Carson, Bloomberg News Janet Yellen, chair of the U.S. Federal Reserve, listens to a question during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., U.S., on Wednesday, Dec. 13, 2017. , Bloomberg
Investors may take Janet Yellenâs expected endorsement of a market-driven exchange rate as an additional green light for the U.S. currencyâs long-term downtrend.
The U.S. Treasury Secretary-designate will affirm the U.S.âs commitment to a market-determined dollar value on Tuesday, the Wall Street Journal reported. The comments could fuel speculation authorities will not object to a softer greenback, which earlier this month fell to a two-year low against its major peers.
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14 Jan, 2021 Author Ranina SanglapRehan Ahmad
Major Australian banks face a tougher year in 2021, as their scaled-down operations following a spate of misconduct cases has left them with less cushion against high compliance costs, record low interest rates, elevated loan loss provisions and competition from nonbanks, analysts say.
Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. have sold or are off-loading their wealth management and insurance businesses since the Royal Commission exposed their misconduct and violations of consumer rights in February 2019.
As their revenue sources are now primarily corporate and mortgage lending in Australia and New Zealand, the banks no longer enjoy the benefits of risk diversification and fee growth they used to have during the few strong years prior to 2019. As COVID-19 continues to rage, th
6,607 points.
Over in US political news, it seems the US Democratic Party is poised to win the US senate with wins in Georgia.
Here are some of the highlights from the ASX:
Oil rises
The oil price rose after it was reported that Saudi Arabia is going to cut oil production. According to reporting by various media, such as the
Australian Financial Review, Saudi Arabia is going to cut 1 million barrels of oil a day of production.
This caused the oil price to rise by around 5% to a 10-month high because the global oil market will receive less supply than what was expected.
China s recovery shows signs of peak taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.