The hottest Foreign Exchange Substack posts right now

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Plumbing Notes: War & Plumbing

Concoda • 383 implied HN points • 11 Mar 26
đź’° Finance Foreign Exchange
  1. The Middle Eastern conflict is splitting dollar funding markets: onshore rates are being pushed down by flight‑to‑safety flows while offshore demand for dollar hedges is widening cross‑currency bases.
  2. U.S. policy is reinforcing a unipolar security order, which pushes adversaries to try to destabilize global trade and the dollar rather than confront U.S. power directly.
  3. Markets are likely to feel a slow, persistent drag from the conflict, with weak risk appetite and little expectation that the Fed or government will aggressively backstop a rally.

International financial anarchy

Noahpinion • 27294 implied HN points • 01 Feb 26
đź’° Finance Foreign Exchange
  1. Gold has re-emerged as the main safe-haven asset, with central banks and investors buying it, while Bitcoin has not behaved like “digital gold” during recent turmoil.
  2. The dollar’s international roles — payments, reserves, and collateral — are distinct, and because currencies can be swapped quickly, using the dollar for payments doesn’t necessarily force large reserve holdings; building non-dollar payment systems makes de-dollarization easier.
  3. China’s push to expand yuan payments and accumulate gold could enable a challenge to the dollar, but China hasn’t shown a clear desire to replace it, and a change in reserve currency wouldn’t automatically revive U.S. manufacturing — policy choices matter more.

"The Dollar Is Fine," Says Everyone Watching It Burn

QTR’s Fringe Finance • 50 implied HN points • 15 Jan 26
đź’° Finance Foreign Exchange
  1. The world is moving away from the U.S. dollar and U.S. Treasuries as the unquestioned anchor, with countries rebuilding payment systems and settling more trade in local currencies.
  2. China is buying vast amounts of Russian gold — likely far more than official reports show — using bullion as a bridge asset to shrink dollar exposure and guard against sanctions risk.
  3. Meanwhile, U.S. markets are focused on tech and AI-driven valuations that look fragile, even as foreign governments quietly dump Treasuries, a mix that could erode confidence in the dollar and U.S. financial leadership.

BRICS Bank de-dollarizing, promises 30% of loans in local currencies, new chief Dilma Rousseff says

Geopolitical Economy Report • 657 implied HN points • 18 Apr 23
🌍 World Politics Foreign Exchange
  1. The BRICS New Development Bank is moving away from the US dollar and intends to provide 30% of loans in local currencies to member countries.
  2. The initiative to de-dollarize loans is seen as a step towards helping member countries avoid exchange rate risks and finance shortages that can hinder long-term investments.
  3. There is a push within BRICS, led by figures like Dilma Rousseff and Lula da Silva, to challenge US dollar dominance in global financial transactions and promote fairer systems of monetary exchange.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012

RegAlert • 0 implied HN points • 09 Feb 24
đź’° Finance Foreign Exchange
  1. Financial institutions are requested to remove the spread on foreign exchange transactions and conduct transactions on a 'Willing Buyer and Willing Seller' basis.
  2. Ethical standards like price disclosures and transparency are emphasized for foreign exchange dealings.
  3. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.
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Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/007

RegAlert • 0 implied HN points • 17 Aug 23
đź’° Finance Foreign Exchange
  1. The Central Bank of Nigeria has introduced new operational mechanisms for Bureau de Change (BDC) operations to enhance the efficiency of the foreign exchange market.
  2. BDC operators are mandated to maintain a spread on buying and selling within a specific range of -2.5% to +2.5% of the previous day's weighted average rate.
  3. Operators are required to submit periodic reports on the upgraded Financial Institution Forex Rendition System (FIFX); failure to comply may lead to sanctions or license withdrawal.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/01/002

RegAlert • 0 implied HN points • 25 Feb 22
đź’° Finance Foreign Exchange
  1. The Central Bank of Nigeria has introduced the RT200 Programme to reduce exposure to volatile foreign exchange sources and earn more stable inflows.
  2. The CBN has issued guidelines for the implementation of the RT200 Non-Oil Export Rebate scheme that Authorized Dealers must comply with immediately.
  3. The guidelines for the RT200 Programme are aimed at creating a more sustainable and stable foreign exchange system.