Our Scans · (FS.5.05) Foreign Exchange · Weekly Summary

• [New] A White House official told TIME that Trump secured an agreement with foreign beef exporters to sell beef at a 25% discount, which will be passed on to American consumers, in exchange for Trump lifting the out of quota tariff on lean beef trimmings that will be used for ground beef production. Time
• [New] BBVA, another bank, goes further: its head of Latin America foreign exchange strategy argues that the peso has already risen enough to reflect more than half of the gains it is expected to achieve. Economics Observatory
• [New] Wars and geopolitical tensions, trade and investment fragmentation, and the reconfiguration of global supply chains are reshaping capital flows, foreign direct investment (FDI), exchange-rate pressures, and growth opportunities. NBER
• While Indonesia and the Philippines have raised interest rates in the face of inflationary and foreign exchange risks, India has kept them unchanged. ST
• The addition of the world's fifth most-traded currency to its PvP service follows growing demand to limit foreign exchange settlement risk due to its rising role in global financial markets and cross-border transactions. FX Markets
• Central Bank Gold Reserves and China's Discrepancy The World Gold Council's annual survey of central banks revealed that 78% of respondents expect gold's proportion of global foreign exchange reserves to increase over the next five years (p. 12). WatchGold
• Opportunity: India's UPI and CBDC becoming regional payment standards could benefit from dollar alternatives in South Asia/ASEAN Risk: India holds approximately $680 billion in forex reserves, predominantly in US Treasuries. Ziro Market
• In conclusion, while India's forex reserves remain substantial, the ongoing West Asian conflict serves as a reminder of the vulnerability to external shocks. EduRev
• Even outside of CLS, there are new opportunities for PvP settlement popping up to cover non-CLS currencies such as the B3 Foreign Exchange Clearinghouse in Brazil, CHATS in Hong Kong, and Buna in the United Arab Emirates. FX Markets
• The combination of legal guarantees, tax relief, and hard currency protections addresses the trifecta of concerns - sovereign risk, fiscal unpredictability, and foreign exchange access - that have historically made Argentina a difficult jurisdiction for resource investment. Discovery Alert
• The US dollar has exhibited less consistent safe-haven characteristics through the different shocks over the last year, resulting in higher foreign exchange risk for euro area investors. European Central Bank
• The main provision in 2026-2027 relates to a £178 million potential foreign exchange rate movement on EU Programmes hedging on forward contracts. GOV.UK

Last updated: 25 August 2026