Author: Anthony Persuader
Financial Journalist with global coverage.
Iran Approves Plan to Redenominate Currency Iran’s parliament on Sunday approved a plan to remove four zeros from the national currency, the rial, which has sharply depreciated as the country grapples with renewed sanctions. Lawmakers passed the bill two months after a parliamentary commission revived the long-stalled proposal aimed at simplifying transactions, the legislature’s website said. Under the revised law, 10,000 current rials will be equal to one new rial, which will be divided into 100 Qerans. The Central Bank of Iran (CBI) will be responsible for setting foreign currency exchange rates and buying and selling currency in line with…
Dollar Index Slips, Shutdown Reduces U.S GDP by 0.1% Weekly The United States (US) dollar index (DXY) snapped a two week rally to 97.7, representing a 0.5% decline for the week, pressured by growth concerns and signs of a softening labor market. The ongoing government shutdown stalled public economic activity, risked job cuts, and delayed the September Bureau of Labor Statistics (BLS) jobs report, leaving markets to rely on weaker private data. Deal to re-open the government does not appear imminent. Indeed, an off-ramp still seems difficult to envision. The US federal government was forced to close by the inability…
Oil Prices Drop Week on Week Ahead of OPEC+ Decision Oil prices were on track for a weekly loss on Friday as a build in US crude and the prospect of larger OPEC+ output outweighed support from tighter G7 sanctions on Russia and ongoing Ukraine war risks. The international benchmark Brent crude traded at $64.38 per barrel on Friday, down around 6.3% from last week’s close of $68.69. Similarly, the American benchmark West Texas Intermediate (WTI) stood at $60.60 per barrel, down 6.7% from $64.98 last Friday. Prices opened the week volatile after a major Russian strike on Ukraine. Kyiv…
10-Year US Treasury Yield Falls to 4% amidst Govt. Shutdown Amidst government shutdown, the yield on the 10-year US Treasury note fell below 4% on Thursday as growth concerns and evidence of a deteriorating labor market raised bets of two more rate cuts. Yields slumped across tenors amidst US political deadlock as markets anticipate an economic shock could be felt in a matter of days. Meanwhile, the U.S government is expected to produce its monthly jobs report on Friday, which may or may not be delivered. US shutdown after the Republican-controlled Senate failed to reach an agreement on a temporary…
Central Bank of Egypt Cuts Key Rate by 100 Basis Points The Central Bank of Egypt (CBE) cut its overnight deposit rate by 100bps to 21% in their October 2025 meeting, the fourth reduction this year, and loosely aligned with expectations of a slash that ranged between a cut of 100bps and 200bps. ON Thursday, the CBE’s Monetary Policy Committee reduced the overnight deposit rate, the overnight lending rate, and the main operation rate by 100 basis points to 21.00 percent, 22.00 percent, and 21.50 percent, respectively. “The discount rate was also lowered by 100 basis points to 21.50 percent,”…
British Pound Extends Gain as U.S Shutdown Fuels Dollar Selloff The British pound maintained its gaining streak, strengthening against the US dollar for three straight days due to US political deadlock. The sterling edged higher by 0.20% as investors sold off the US dollar amid fears of a US government shutdown. FX data revealed that the GBP/USD pair is trading at 1.3461 while markets anticipate tax hike after UK Chancellor speech. The market also anticipated dollar to remain downbeat against trading partners for the week. The lack of progress between the White House and Democratic leaders on funding the US…
Top Cryptocurrencies Rally Lifts Market Cap by 2.5% to $3.86T Top cryptocurrencies led by Bitcoin, Ethereum, XRP, and Solana’s fresh rally during early trading hours on Monday has fuelled a 2.5% surge in the market value of all listed assets, data obtained from CoinMarketCap.com shows. The world’s largest token with $2.23 trillion in market capitalisation (BTCUSD) climbed as it recovered from recent falls. The token has gained 2.40% over the last 24 hours, trading at $112.129. It’s now trading about 11% off the record high it hit last month. Despite this uptick, the largest cryptocurrency still trades 10% below its…
Bitcoin Falls to $109K, Global Market Cap Lower to $3.77T Bitcoin price continues to fluctuate below $110,000 as retail investors trim holdings. Ethereum is also trading negative, with total global cryptocurrencies market capitalisation at $3.77 trillion. In a week, the market value of all cryptocurrencies has weakened due to a raft of sell pressures on the top 10 assets, fueled by twisted sentiment amidst economic uncertainties. The global market cap of all cryptos reduced by about $300 billion this week as a wave of leveraged bets unravelled, battering the sector’s biggest tokens and dragging market sentiment to its weakest point…
Trump’s Pharma Tariff Could Trigger Global Investor Exodus A sweeping new tariff on branded and patented pharmaceuticals is poised to backfire on the United States, and global investors are already positioning for the fallout. This is the immediate reaction from Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory and asset management organizations, following the 100% duty announced by President Donald Trump, due to take effect on October 1. It is designed to force drug manufacturing back onshore. Instead, it threatens to raise costs, disrupt supply chains and accelerate capital flows away from US markets.…
Gold Slides as Dollar, U.S 10-Year Treasury Yield Rebound Gold declined to around $3,740 per ounce on Thursday, dropping for a second session since reaching a record high of $3,790. The price depreciation reflects reducing appetite for the safe haven assets post U.S Federal Reserve rates cut. US dollar is trading positively against major trading pairs, espcially the British Pounds, the Euro and Japaness Yen as well as Canadian dollar – though market noted increasing volatility. Softer expectations of cuts by the Fed drove yields in shorter notes to rise more than those in longer bonds, trimming the yield steepening…