The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter. Energy costs are rising worldwide, in some cases leading to shortages in major economies like China and India. In
A trillion-dollar platinum coin could be minted “within hours of the Treasury Secretary’s decision to do so,” Philip Diehl, former director of the United States Mint, tells Axios. Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time
The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally. Concern has mounted among some market participants over the dollar-denominated system as the U.S. Federal Reserve
Russia will not take out loans in US dollars for the remainder of this year and the whole of 2020, turning instead to the yuan and euro, according to the Finance Ministry. “We will borrow in currencies other than the dollar,” Russian Finance Minister Anton Siluanov said on Thursday. He
The pound has dropped to its lowest point since 1985, after British Prime Minister Boris Johnson vowed to call another general election in October if parliament hobbles his efforts to pull the UK out of the EU without a deal. The UK currency plummeted by 0.66% against the US dollar
President Trump has never been a fan of the strong dollar. And after beating around the bush for months by demanding a 50 bp rate cut and more QE from the Fed, it seems the president is now explicitly calling on the US to artificially weaken the greenback by any
House Financial Services Committee chair Maxine Waters (D-California) may have finally found something she opposes more than President Donald Trump: Libra, the proposed new Facebook cryptocurrency she says threatens the dollar. Waters is demanding that Facebook stop its cryptocurrency project at once, promising that regulators will move “aggressively” to deal
Russia and China took another step away from the US dollar after the two countries agreed to develop bilateral trade using the ruble and the yuan. It was just one of the major deals reached after the presidents of the two countries, Vladimir Putin and Xi Jinping, held talks in
The US Commerce Department has proposed a new rule to impose anti-subsidy duties on products from countries that Washington sees as undervaluing their currencies against the dollar to get an advantage in trade. The rule could put goods from Japan, South Korea, India, Germany, and Switzerland, at risk of higher
The Central Bank of Russia reports that foreign exchange reserves saw a significant boost of nearly $3.3 billion in April as the country pursues a policy of increasing its forex funds and diversifying them away from the US dollar. The latest growth of 0.7 percent brought Russian international reserve funds