Hong Kong May Need Further FX Intervention, OCBC Bank Says
OCBC Bank's Frances Cheung shares her views on the Hong Kong dollar (HKD) after the city's monetary authority intervened to defend the peg to the US dollar (USD). She tells Bloomberg Television that the amount of local currency the HKMA bought "was actually quite small" and that she suspects "further or additional FX intervention will be needed."
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Miami Herald
10 hours ago
- Miami Herald
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Yahoo
18 hours ago
- Yahoo
Europe's Time Is Now (for Stablecoins)
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Yahoo
18 hours ago
- Yahoo
Market Cap of Euro Stablecoins Surges to Nearly $500M as EUR/USD Rivals Bitcoin's H1 Gains
The Euro-U.S. dollar exchange (EUR/USD), the world's most liquid foreign exchange pair, has surged 12.88% in the first half, outperforming Nasdaq and S&P 500 and nearly rivaling bitcoin BTC 14.8% rise, according to data source TradingView. The strength of the euro has increased the appeal of stablecoins with values pegged to the euro. The cumulative market cap of 21 euro-pegged stablecoins tracked by data source Coingecko has increased 44% from $310 million to $480 million. Leading the growth is the U.S.-listed Circle's EURC stablecoin, whose market cap has increased by 138% to $200.36 million. "One of my best trades this year was to move my entire stablecoin stack from USDC/USDT into a Euro-denominated stablecoin like EURC. Up 13% in dollar value in less than 5 months," Legendary, the pseudonymous host of The Modern Market Show, announced on X. While the demand for euro-pegged stablecoins has increased, their combined market cap remains less than 1% of that of dollar-pegged stablecoins, which boast a cumulative market value of $254.88 billion. EUR/USD has risen from 1.0354 to nearly 1.17, hitting the highest since September 2021. The upswing is characterized by a breakdown in the correlation between the exchange rate and the differential between the Fed and ECB interest rates, as well as a broad-based shift away from the US dollar. The 90-day correlation coefficient between EUR/USD and bitcoin has recently jumped to 0.62, the highest since February 2024, indicating a moderate positive correlation between the two. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
