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Forex News

Could cryptocurrency dethrone the dollar?

London - Bank of England governor Mark Carney has suggested that a virtual currency, modelled on Facebook's Libra, could one day replace the dollar as king of the foreign exchange market.

IMF to Trump: It's not working

Washington - US tariffs on China won't fix the trade deficit, and neither will weakening the US dollar through interest rate cuts, International Monetary Fund economists said Wednesday.

US-China trade deal in doubt, Trump says US 'not ready'

Washington - President Donald Trump cast more doubt on chances for a trade deal with Beijing on Friday, signaling he might cancel talks set for September amid an intensifying US-China trade war.

Sanctions-hit Iran to cut zeros and rename plunging currency

Tehran - The government in sanctions-hit Iran on Wednesday approved a plan to remove zeros from the rial and rename the currency -- something its people have long been doing to simplify transactions.

Trump accuses China, Europe of currency manipulation, stimulus

Washington - US President Donald Trump on Wednesday accused China and Europe of deliberately weakening their currencies and stimulating their economies to gain competitive advantages over the United States.

US Treasury again says China is not manipulating currency

Washington - The US Treasury expanded the number of countries subject to scrutiny in a semi-annual report released Tuesday, but again found that neither China nor any other trading partners was manipulating its currency.

Pound plunges as UK ministers quit over Brexit deal

London - The pound plunged against the dollar and euro Thursday after ministers, including Britain's Brexit secretary Dominic Raab, quit in protest against a draft deal to exit the EU.

Pound plunges after UK Brexit minister resigns

London - The pound plunged more than one percent against the dollar and euro Thursday after Britain's Brexit Secretary Dominic Raab quit over opposition to a draft deal to exit the EU.Around 0925 GMT, the pound was worth around $1.2831, compared with almost $1....

Russia seeks to dump dollar as new US sanctions loom

Moscow - Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback.

Argentina makes 'progress' in IMF talks to speed up crisis loan

Washington - Argentina "made progress" on Tuesday in talks with the International Monetary Fund aimed at securing an accelerated disbursement of a $50 million loan it hopes will calm its debilitating economic crisis.

Fragile Argentina placing faith in IMF meeting

Buenos Aires - Argentina's Economy Minister Nicolas Dujovne heads to Washington on Monday to thrash out a hastily revised loan deal with the International Monetary Fund to help revive South America's second-largest economy.

Turkey hikes tax on forex deposits to prop up lira

Istanbul - Turkey on Friday raised tax on foreign currency deposits in a bid to prop up the tumbling lira, in a presidential decision published in the official gazette.

US feud helps Erdogan deflect blame for Turkey's economic woes

Ankara - President Recep Tayyip Erdogan is exploiting a bitter row with the United States to pin the blame for Turkey's increasingly acute economic troubles on an external enemy rather than problems at home, analysts say.

Bitter pills: Erdogan's possible remedies for Turkey crisis

Istanbul - The crash in the Turkish lira sparked by US sanctions has left President Recep Tayyip Erdogan facing the biggest economic challenge of his one-and-a-half decades in power.

Turkey ready to respond if US imposes more sanctions

Istanbul - Turkey on Friday threatened to respond in kind if Washington imposed further sanctions over the detention of an American pastor which has sparked a diplomatic standoff and battered the Turkish currency.

Turkey will respond if US imposes more sanctions: minister

Istanbul - Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency.

US threatens more Turkey sanctions if pastor not freed

Washington - The US warned Thursday it would levy more sanctions on the troubled Turkish economy if Ankara does not soon release a jailed American pastor described by President Donald Trump as a "hostage.

Turkey slaps retaliatory tariff hikes on key US products

Istanbul - Turkey hiked Wednesday tariffs on imports of several key US products in retaliation for American sanctions against Ankara, as a bitter dispute between the two allies that has battered the Turkish lira showed no sign of ending.

Foreign tourists get surprise bonanza from Turkey woes

Istanbul - The collapse of the Turkish lira has caused trauma as Turks see their purchasing power slashed, but bargain-hunting foreign tourists visiting the country at the peak of the summer season are cashing in on a currency windfall.

Erdogan says Turkey to boycott US electronic goods

Istanbul - President Recep Tayyip Erdogan on Tuesday said Turkey would boycott US electronic goods like the iPhone in retaliation for punitive sanctions from Washington, as the Turkish lira finally clawed back some ground after going into a tailspin over the tens...

Erdogan says Turkey to 'boycott' US electronic goods

Istanbul - President Recep Tayyip Erdogan on Tuesday said Turkey would boycott US electronic goods in retaliation for punitive sanctions by Washington against Ankara over the detention of an American pastor.

Erdogan accuses US of seeking to stab Turkey 'in the back'

Ankara - President Recep Tayyip Erdogan on Monday accused the United States of seeking to stab Turkey "in the back" over a diplomatic row sparked by the detention of an American pastor that has sent the lira into a tailspin.

Erdogan says lira crash 'political plot' against Turkey

Istanbul - President Recep Tayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners.

Erdogan says crash of lira 'political plot' against Turkey

Istanbul - Turkish President Recep Tayyip Erdogan on Sunday slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.

Erdogan vows to defy US 'threats' after currency crash

Istanbul - President Recep Tayyip Erdogan vowed Saturday to defy US "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.

Erdogan vows to defy US 'threats' over detained pastor

Istanbul - President Recep Tayyip Erdogan hit back Saturday at US "threats" over a detained American pastor which has escalated tensions between the two NATO allies and piled pressure on the Turkish currency.

Turkey's lira crisis: How bad can it get?

Istanbul - Three, four, five, six… What next?Turks have over the last half decade counted the rapid depreciation of the Turkish lira on the screens outside doviz (exchange) booths with a mixture of bewilderment, alarm and ironic amusement.

Turkey says Trump tariff move will harm ties, vows retaliation

Ankara - Turkey on Friday warned a move announced by US President Donald Trump to double steel and aluminium tariffs on the country would harm ties, vowing retaliation against a measure it said was against WTO rules.

Turkey lira crashes as Trump piles on pressure

Istanbul - The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar on Friday as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an "economic war...

Top Turkish official to head to US as strains bash lira

Istanbul - A senior Turkish diplomat is to lead a delegation to Washington for talks in the next days, state media said on Tuesday, as Ankara seeks to defuse a crisis with the United States that has pushed the lira to record lows.
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