Central banks take rare step of flagging currency sales in advance

By Eva Szalay Financial Times, London Tuesday, February 2, 2021 Several central banks have ventured into unusual territory in the opening weeks of this year, announcing currency sales in advance as they tread a delicate line between dulling the impact of a sliding dollar and dodging the ire of the U.S. Treasury. Since the start of January, central banks in Chile, Israel, and Sweden have all outlined plans to sell their currencies in foreign exchange markets. Policymakers in Poland also issued a verbal warning to zloty bulls that they may intervene. ... Dispatch continues below ...

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The moves underline the pressure on small currencies that are pushing higher in response to a broad slide in the dollar, holding down inflation in their domestic economies, and threatening exports at a time when global trade remains fragile. But the warnings also suggest that policymakers are keen to avoid being labelled currency manipulators -- a title Switzerland and Vietnam earned from the U.S. last year. "We are in an interesting moment when it comes to central banks straddling the fine line between [foreign exchange] intervention and [foreign exchange] manipulation," said Alan Ruskin, chief international strategist at Deutsche Bank in a recent note to clients. "While each of the [central banks] has different motivations, they do appear to be deftly dancing around possible censure from the U.S. This is a slippery slope," he added.  Under pressure from the Federal Reserve's pledges to keep interest rates low potentially for years to come, the dollar has weakened almost 7 percent over the past year against a basket of peers, sending the currencies of emerging markets and trade-sensitive economies soaring. ... ... For the remainder of the report: https://www.ft.com/content/0383f3a4-41a0-464a-b831-fd1a09a6b1b0 * * * Toast to a free gold market with great GATA-label wine Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express. Here's what the bottles look like: http://www.gata.org/files/GATA-4-wine-bottles.jpg Buyers can compose their case by choosing as many as four varietals from the list here: http://www.gata.org/files/FayJWineryVarietals.jpg GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals? To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com. * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon -- https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651... -- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net. * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16