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US Dollar Weakens Against Other Major Currencies

The dollar index, which measures the greenback against six major peers, decreased 0.13 per cent at 96.1871 in late trading

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US Dollar Image, pixabay

The US dollar weakened as the US Federal Reserve Chairman Jerome Powell’s dovish remarks on rate hikes coupled with strong jobs data alleviated traders’ demand for safe havens.

In late New York trading on Friday, the euro was up to $1.1398 from $1.1391 in the previous session, and the British pound rose to $1.2740 from $1.2629 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7116 from $0.7002.

The US dollar bought 108.52 Japanese yen, higher than 107.75 Japanese yen of the previous session. The US dollar fell to 0.9864 Swiss franc from 0.9885 Swiss franc, and it was down to 1.3394 Canadian dollars from 1.3480 Canadian dollars.

The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.
US dollar weakens against major currencies, pixabay

Powell said the central bank would remain patient in hiking benchmark overnight lending rates. He stressed Fed’s future move will depend on “how the economy evolves”.

Meanwhile, the upbeat jobs data also helped ease fears that the US economy is at risk of slipping into a recession over the next two years.

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US total nonfarm payroll employment increased by 312,000 in December, exceeding market expectations, the the Department of Labor said on Friday.

The dollar index, which measures the greenback against six major peers, decreased 0.13 per cent at 96.1871 in late trading. (IANS)

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New Currency: CBK Insists KICC and Mzee Kenyatta Statue Can’t be Separated

High Court judges on Thursday visited the Kenyatta International Conference Centre (KICC) to establish whether Mzee Jomo Kenyatta’s statue

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Currency, CBK, KICC
High Court judges visit the Kenyatta International Conference Centre (KICC) on August 15, 2019.

BY GEOFFREY ISAYA

High Court judges on Thursday visited the Kenyatta International Conference Centre (KICC) to establish whether Mzee Jomo Kenyatta’s statue at the premises is part of the iconic building.

This follows a case filed by activist Okiya Omtatah who is challenging the inclusion of Mzee Kenyatta’s effigy on the new currency.

While the Central Bank of Kenya argues that the statue is part of KICC, Omtatah insists that the two are separate and that inclusion of the statue violates Article 231(4) of the Constitution, which decrees that Kenyan currency bank notes shall not bear the portrait of any individual.

During the Thursday visit to KICC, a three-judge bench measured the distance between the KICC building and Mzee’s statue, establishing that the two are 80 metres apart.

Currency, CBK, KICC
File image of the Kenyatta International Conference Centre (KICC)and Mzee Jomo Kenyatta’s statue.

It was also brought to the judges attention the two structures were unveiled on separate days.

Founding President Mzee Kenyatta opened KICC on September 10, 1973 while the then Vice President Daniel arap Moi unveiled the statue the following day.

Omtatah maintained that the two are distinct, further submitting that Mzee Kenyatta’s image on the currency is bigger than the statue and hence, its inclusion on the currency appears as a portrait.

On its part, CBK told the court that the two structures can’t be separated.

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“The two features can’t be separated… They are one and the same,” said CBK, further adding: “it is a statue and not a portrait and they stand on the same land number…”

The court will deliver it’s judgement on the September 27, 2019.

Omtatah maintains that by putting a picture of Mzee Kenyatta’s full statue on every new note, the CBK was simply “sneaking in” the late president’s portrait onto the currency.