Business Maverick: Dollar steals global payment flows from euro amid market turmoil

Payments using the euro dropped to 34.5% of the market in August, a full percentage-point lower from the previous month, according to data from the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, a global financial messaging firm. Meanwhile, the dollar has been gaining share since May and remained in the top spot for the fifteenth consecutive month with a 42.6% share, the report released on Wednesday showed.

As Europe teeters on the brink of recession amid record inflation and an energy crisis worsened by Russia’s escalating war in the Ukraine, the euro has lost its appeal for use in deals. Instead, investors are fleeing to the safety of the dollar and further cementing its place as investors’ currency of choice. The greenback has been dominating global payments, for the most part, since 2013.

Such moves have also pushed the gap between payments in the two currencies to the widest in nearly two and half years as the euro’s proportion of payments fell to the lowest since June 2020. The spread has broadened from just over 1 percentage point in February to more than 8 percentage points in August. That falls in line with the euro’s more than 12% depreciation against the dollar this year.

Still, despite usage falling for the third straight month, the euro held onto its spot as the second most used legal tender in the world after the greenback, keeping ahead of currencies like the British pound and the Japanese yen. Elsewhere, the Chinese yuan’s share of transactions rose to the highest since January at 2.3%, even as the country grapples with an economic slump. And the use of the Canadian dollar was the worst since February 2018. The loonie has slumped over the past week and continued to trade at two-year lows against the dollar on Wednesday.earlier this month and is down about 20% year-to-date against the dollar, hasn’t gained ground when it comes to transactions either.

This is the greatest surprise all my life to wake up and receive $10,000 out of $1000 investment after so many tries I finally found a Legit platform for investment. All thanks to Mrs Nancy_L_Jeffer for making this possible. 🔽🔽🔽🔽 Nancy_L_Jeffer

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Asia stocks gauge gains for first time in six days: markets wrapStocks climbed in Asia following a rebound in the final hour of New York trading as investors shifted positions ahead of a flurry of central bank decisions this week led by the Federal Reserve. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met JamesAlderson0 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks JamesAlderson0
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Stocks Bounce as Yields Drop in Countdown to Fed: Markets WrapStocks bounced back as Treasury yields halted their surge, with traders awaiting to hear the Federal Reserve’s policy decision and its “dot plot” of economic projections that’s expected to show a push to hold rates higher for longer.
Source: dailymaverick - 🏆 3. / 84 Read more »

Some small businesses frustrated by long delays in SARS paying out Employment Tax Incentive - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Some small businesses say they’re frustrated by long delays with the payments of government’s Employment Tax Incentive (ETI) by SARS. I’m gradually making more earnings now in my trades but with the aid of a trader that was recommended and now I'm recommending her to y'all EliDonovan01 Did you ask SARS to comment on the article and if so what is their response
Source: SABCNews - 🏆 37. / 51 Read more »

Business Maverick: South Africa Produces First Military Aircraft Since the 1980sThe Paramount Group has produced and sold the first military aircraft made in South Africa since the 1980s when state-owned arms maker Denel SOC Ltd. unveiled the Rooivalk, or red falcon, attack helicopter. Congratulate paramount for a tour de force. Mentioning Rooivalk adds nothing but snide toward Mwari. Sexy COINcraft. With dozens of low-intensity, asymmetric conflicts in sparsely populated regions, in various parts of Africa and the ME, one would think there'd be more interest in this platform. Rooivalk = kestrel, not Red Falcon.
Source: dailymaverick - 🏆 3. / 84 Read more »