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Everbank.com - World Currency Accounts
Everbank is a FDIC insured federal savings bank headquartered in Jacksonville, Florida. Everbank’s National Banking Group is the largest private held branchless banking offering in the United States. Everbank provides several multi-currency accounts to choose from including their new ‘Chinese Renminbi Access Deposit Accounts’ as well as their ‘Asian Advantage CD’ which consists of the New Zealand dollar, Japanese yen, Thai baht and Singapore dollar. BankINTRO.com recommends you research this very unique and intelligent bank with their various WorldCurrency Access TM Deposit Accounts.
Recent Global Banking Headlines:
February 2017 - Italian Banking Sector Debt Load
Italy is experiencing a domestic banking challenge with upwards of 400 billion USD equivalent in non-performing loans. An Italian bank recapitalization proposal would slow Italian GDP growth as Italian domestic investors holding bank investments in equity, bonds and other security are likely to see some write-offs as new bank equity and debt instruments are to be issued to replace the original certificates.
January 2017 - United States - Regulation
America's new 45th U.S. President Donald J. Trump announced a review in banking sector regulation with regard to Dodd-Frank Wall Street Reform. Easing of banking sector regulations should help to stimulate American economic growth particularly amongst the smaller U.S. regional banks.
RECENT CURRENCY CRASHES
Nigeria - Year 2016 to February 2017
Nigeria is highly dependent upon oil exports for national revenue. Domestic oil protests coupled with the crash in the oil price over the last two years has greatly impacted the value of the national currency, the Nigerian naira.
During June 2016, the authorities ended the US-dollar (USD) peg and the naira immediately declined in value by 30 percent from 197 NGN to the USD to 261 NGN. As of mid February 2017, the naira is currently trading at 315 NGN reflecting further depreciation in the currency.
Egypt - November 2016
The Egyptian pound crashed by 48% falling from an exchange valuation of 8.8 EGP to the US-dollar (USD) down to the 13 EGP level as the authorities decided to let the currency free float to a flexible exchange rate regime.
China - February 2017
Chinese authorities in December 2016 implemented strict capital controls for Chinese nationals and companies seeking to move capital offshore. The immediate impact is being felt in countries like Canada (February 2017), Australia and New Zealand directly within a select few real estate markets (i.e. Vancouver, Canada & Sydney, Australia) which may have significant implications within their domestic economy due to China's restrictive policies for movement of monies.
Euroland Euro - Elections in 2017
National elections are scheduled in France, Germany and the Netherlands in year 2017. The key question is whether or not the populist wave that resurrected with BREXIT in the United Kingdom and the election of Donald J. Trump as U.S. President during year 2016 will have a continuation theme to Western Europe. The greatest threat to the stability of the euro currency appears to be from France and/or the Netherlands where populist movements are strong. A populist party would need to win their national election and then a following national referendum to have a right to remove their country from the EU and euro currency.
General Observations on some Currencies for 1st half 2017:
The following countries currencies look to be significantly undervalued to the US-dollar as measured by purchasing power parity such as South Africa, Poland, Mexico, Turkey and Russia to name just a few whilst Switzerland is the most overvalued industrialized currency.