EUR/USD
1.16202
0.240%
Gold
4229.01
0.799%
Oil
58.916
0.780%
USD/JPY
154.560
-0.161%
GBP/USD
1.31764
0.331%
GBP/JPY
203.660
0.182%
Real-time News
Russias central banks gold and foreign exchange reserves totaled $719.8 billion for the week ending November 7, compared with $725.8 billion in the previous week.On November 13th, the Bank of Spain stated that Spain must take measures to reduce spending and lower its public debt, which currently exceeds 100% of economic output. In its semi-annual Financial Stability Report, the Bank of Spain stated on Thursday that debt will remain "high," both historically and within Europe. The bank warned that this makes the country vulnerable to shocks from "potentially sudden shifts in market financing conditions"—such as any shocks stemming from political instability in France or the United States. The report stated that concrete measures to control spending and/or increase revenue are necessary. The governments medium-term fiscal plan "lacks this specificity," and the lack of a budget limits the ability to take any action. The Bank of Spain warned that financing needs will be severe in the coming years, citing an aging population, geopolitical tensions, digital transformation, and climate change. These issues will require higher public spending, which, without compensatory measures, will exacerbate imbalances in public finances.On November 13th, the Monetary Authority of Singapore (MAS) released a consultation paper on Thursday outlining guidelines requiring financial institutions boards of directors and senior management to be accountable for the risks arising from their use of artificial intelligence (AI). The consultation paper states that the board of directors or its authorized committees will be responsible for ensuring, among other things, that AI risks are clearly addressed within the financial institutions risk appetite framework. Senior management will be responsible for ensuring the effective implementation of AI-related risk management policies and procedures, and for ensuring that staff possess the necessary competence. This proposal comes as Singapore is urging businesses to increase investment in employee training and join its global peers in adopting AI. For example, three Singaporean banks are currently retraining all 35,000 local employees for one to two years to prepare for the changes brought about by AI.According to CGTN: EU ministers support imposing import tariffs on small parcels.November 13th - According to the minutes of the Chilean Central Banks last policy meeting, while policymakers unanimously agreed on the continued risks of inflation, one board member remained open to discussing lowering borrowing costs. The minutes of the October 28th policy meeting stated that the outlook for consumer prices faced persistent threats, necessitating the gathering of more information before proceeding with monetary easing. At this meeting, they stabilized borrowing costs at 4.75% for the second consecutive time. Policymakers wrote that while they unanimously agreed that the only "reasonable" option at the meeting was to maintain the current interest rate, "one board member noted that several factors pointed to a reduction in inflation risks, therefore the option of a 25 basis point reduction could have been discussed, although he would have rejected it."
