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  • The Sorry State Of Nigeria’s Judiciary Among Others Makes The Battle Cry For A Revolution Inevitable By Francis Adewale

    The Sorry State Of Nigeria’s Judiciary Among Others Makes The Battle Cry For A Revolution Inevitable By Francis Adewale

    Lawyers
    Lawyers

    “Those who make peaceful revolution impossible will make violent revolution inevitable.”
                                                   – President John F. Kennedy (1962)

    This week may be one of the worst weeks for Nigerian judiciary and they might have made the much vaunted Sowore’s revolution inevitable. The first salvo was the list of judges released by the National Judicial Council replete with the names of their sons and daughters as well as hangers on. Second is the farcical decision in EFCC vs Kalu where the Supreme Court “suo motu” created a new section to the constitution of Nigeria by vacating a conviction duly given under an extant law. The strange rationale by the Supreme Court is that the presiding judge, now elevated to the Court of Appeal should not have pronounced the sentence. The Court conveniently ignored the fact that the accused counsel had invited the judge to come back and continue the hearing by a formal letter!

    Gone are the days when Nigerian judiciary is famously celebrated as the last bastion of defense for the common man. The days of Kayode Esho, Chukwudifu Oputa, Muhammed Uwais is long gone. Our judiciary is no more like Caesar’s wife, above board. The problem however is not necessarily down to the hydra headed monster of corruption alone but a more sinister evil called, nepotism. It is my humble opinion that an opaque process for selection of judges led us to where we found ourselves this week. And the problem did not start with the current chief justice. The dysfunction and bastardization have been long in coming, and as we will find out in this piece, the cancer has eaten deep into the fabric of this nation. The revolution is inevitable. 

    The Sorry State Of Nigeria’s Judiciary Among Others Makes The Battle Cry For A Revolution Inevitable By Francis Adewale 1Lawyers

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    What precipitate this write up is a social media post by a good friend of mine and I obtained his permission to repost his comment with my personal edits:
    “It took Orji Kalu only 4 months including Covid lockdown challenge to move from the High Court to Supreme Court to get his so called sound judgment from Supreme Court while it took ten years to get his case completed at the High Court level. Ten good years! And we are told justice in Nigeria is not cash and carry? The Supreme Court is preparing the ground for a revolution and very soon something extraordinary will take place. The same Supreme Court that will give 2021 and 2022 court date for poor defendants, sat and summarily decide a case within 4 months while cases of those facing a life sentence languish in the labyrinth of jungle justice!”

    My first response to the post, is to retort that the problem did not start with judiciary, but they seem to have led the “nunc dimitis” for the internment of democracy in Nigeria. The judiciary may have pushed us to the praecipe but they were not the only one. We all recalled the impunity days of PDP rule and how they ride roughshod on people’s right, celebrating acquisition of jets obtained from corrupt practices while hordes of masses suffer the indignity of scrapping for foods from the gutter. Towards the end of that era, we all thought, if we can just get a man of integrity into Aso Rock, someone who will brook no atom of corruption, we will change the country. The election of 2015 seems to have lulled Nigerians into thinking that all we need is someone or a duo with integrity, so we elect Buhari and Osinbajo, a puritan and a pastor and went home satiated. What we were not prepared for or more appositely choose to ignore is the fact that the vehicle that brought them into governance is none other than the decrepit system that PDP used to feather their nest. In the first 4 years, we were told that the problem is with the National Assembly where the legistlooters shifted their control of the vortex of power in Abuja, opposing every anti-corruption moves of the executives. Then come the last election where the ruling party now controls the executive and legislative arm, but corruption runs through the gamut of the judiciary and Aso Rock looks the other way while nepotism festers in its rank.

    It is as if the cancer has completely swallowed up the entire fabric of the nation. Cases involving the poor dragged on for years while those who can afford senior advocate can get quick justice. Many warned that this will sound the death knell of democracy in Nigeria. Every attempt to even build on free and fair election has been truncated by the judiciary. What with the recent confounding judgment from Imo and Bayelsa. Our two gargantuan political parties now owned our judiciary lock, stock and barrel. They sit in smoke filled rooms to determine who will be governors, legislators and judges, and those who will play ball are readily appointed as pawns in the chest board of the Nigerian ruling class, wives, nephews, cousins, sons and daughters are made judges and senior advocates overnight without recourse to any modicum of meritocracy. A friend of mine recently quipped that the problem of nepotism is not just that it defeats meritocracy and breeds mediocrity but that it infects the entire body politics and renders it comatose. Corruption can be traced, and ill-gotten wealth recovered but nepotism is more sinister. Those who obtain position of power and authority through nepotism hold fealty only to their masters who appointed them. Such appointee will readily twist the constitution, made up section that does not exist all at the behest of their “godfather”. It is insidious and evil.

    I graduated from Nigerian Law School 30 years ago, after an excellent stint at Great Ife. My class at Ife, drawn from the north, east, west middle belt and south-south has in its rank some of the best legal minds any country will be proud of. We graduated with high hopes to take on the world and change the land. Few of us found ourselves abroad on scholarship where we flourish and excel. Those in legal practice in Nigeria, either at the federal or state ministry of justice or private practice are the ones my heart bleeds for, especially those without access to members of the National Judicial Council. I have had the privilege to advance my career abroad as an attorney and public defender. I frequently sit on panels that recommend colleagues for appointment as judges in a fair, open and transparent process; something my colleagues in Nigeria could only dream of.

    When I look at the state of Nigerian legal practice my heart bleeds. The career growth of colleagues in the legal profession in Nigeria is stunted not for lack of excellence but influence in the right place. Influence peddling is an art form in Nigeria and politicians used to have the exclusive preserve of selling it to the highest bidder, but our Judicial Council seems to have mastered the art. The problem will not be this pronounced if the sons and daughters they are foisting on Nigerian judiciary are steeped in the Nigerian experience or have a modicum of merit. As many of my colleagues are apt to complain, majority of the recent appointees hardly spend few years in Nigeria. They all went to schools abroad. Totally devoid of the Nigerian experience, and constantly removed from the everyday life Nigerians suffers under. Majority of them lives in the gilded mansions of their forbears in Abuja and other state capitals, where they are rarely touched by the “better angels of our nature” to use the phrase coined by Abraham Lincoln. It is therefore no surprise that they care only for what their “godfather” demand.

    Let me however warns that the biggest mistake we could make is to think that the rot is only in the heart of our judiciary. Think again. Nepotism is next door, next street, next town and everywhere in Nigeria. It rampages through the land, be it North, East or West. Just look at our churches and mosques, who do you see minister or lead the prayers when the founder/visioner is not around? You guess right,  if you say their sons and daughters. Gone are the days when Pa Fadayomi push to have a meritorious doctor of aerodynamics succeed him. Gone are the days when the leader of the faithful in Nigeria is selected by their aptitude in the knowledge of the Quaran. Nowadays, the exit of the leader is the beginning of the reign of the progeny. It has infected our colleges and universities, scholarship and opportunities that used to be available on merit are now exclusive preserve of the vice chancelor’s children and family members. Woe betide the school senate members that dare ask questions. Advertisement for jobs that has already been reserved for the children of the privileged are means to extort money in the form of application fees a la Abba Moro immigration recruitment scheme. A recent recruitment without advertisement at our apex bank reported by Sahara Reporters shows that successful applicants names were picked out of the rolodex of the governor. Commercial Banks staff are not an exemption, they are either recruited based on sex appeal or influential ministers/senators’ “recommendation” which doesn’t come easy for the educated but less privileged applicants.

    A friend concluded an animated discussion on social media on this issue with a distinctively Nigerian resignation: “It is clear that those who do not want things to work properly in Nigeria are more powerful than those who are working towards finding solutions to our problems.” Again, my response is what do we have to lose if we embrace Omoyele Sowore’s revolution, even with its youthful disdain for experience? Especially when our current experienced leadership seems to treat the Nigerian masses with contempt. Look at it this way: They do not need our votes to win election, as they could procure midnight judgment in Abuja a la Bayelsa and Imo. They do not need to legislate to fill any lacunae in our constitutional experience as the Supreme Court proved in Kalu’s case. In fact, as long as oil flows and they have the means to fill their Cayman Island bank accounts, we may as well not exist. Greed and avarice have become the directive principle of Nigerian ruling class. To rescue ourselves from their vice grip, we need revolution now!

    Francis Adewale
    Tioluwanimi@gmail.com

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    The Sorry State Of Nigeria’s Judiciary Among Others Makes The Battle Cry For A Revolution Inevitable By Francis Adewale
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  • Joint Statement by QU Dongyu, Tedros Adhanom Ghebreyesus and Roberto Azevedo, Directors-General of the Food and Agriculture Organization of the United Nations (FAO), the World Health Organization (WHO) and the World Trade Organization (WTO)

    Millions of people around the world depend on international trade for their food security and livelihoods. As countries move to enact measures aiming to halt the accelerating COVID-19 pandemic, care must be taken to minimise potential impacts on the food supply or unintended consequences on global trade and food security. 

    When acting to protect the health and well-being of their citizens, countries should ensure that any trade-related measures do not disrupt the food supply chain. Such disruptions including hampering the movement of agricultural and food industry workers and extending border delays for food containers, result in the spoilage of perishables and increasing food waste. Food trade restrictions could also be linked to unjustified concerns on food safety. If such a scenario were to materialize, it would disrupt the food supply chain, with particularly pronounced consequences for the most vulnerable and food insecure populations. 

    Uncertainty about food availability can spark a wave of export restrictions, creating a shortage on the global market. Such reactions can alter the balance between food supply and demand, resulting in price spikes and increased price volatility. We learned from previous crises that such measures are particularly damaging for low-income, food-deficit countries and to the efforts of humanitarian organizations to procure food for those in desperate need.

    We must prevent the repeat of such damaging measures. It is at times like this that more, not less, international cooperation becomes vital. In the midst of the COVID-19 lockdowns, every effort must be made to ensure that trade flows as freely as possible, specially to avoid food shortage. Similarly, it is also critical that food producers and food workers at processing and retail level are protected to minimise the spread of the disease within this sector and maintain food supply chains. Consumers, in particular the most vulnerable, must continue to be able to access food within their communities under strict safety requirements.  

    We must also ensure that information on food-related trade measures, levels of food production, consumption and stocks, as well as on food prices, is available to all in real time. This reduces uncertainty and allows producers, consumers and traders to make informed decisions. Above all, it helps contain ‘panic buying’ and the hoarding of food and other essential items.

    Now is the time to show solidarity, act responsibly and adhere to our common goal of enhancing food security, food safety and nutrition and improving the general welfare of people around the world.  We must ensure that our response to COVID-19 does not unintentionally create unwarranted shortages of essential items and exacerbate hunger and malnutrition.

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    https://www.who.int/news-room/detail/30-03-2020-joint-statement-by-qu-dongyu-tedros-adhanom-ghebreyesus-and-roberto-azevedo-directors-general-of-the-food-and-agriculture-organization-of-the-united-nations-(fao)-the-world-health-organization-(who)-and-the-world-trade-organization-(wto)

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  • The ozone layer is healing and redirecting wind flows around the globe

    The ozone layer is healing and redirecting wind flows around the globe

    The hole in the ozone layer is starting to recover thanks to regulations banning ozone-depleting substances, and this is now leading to changes in Earth’s atmosphere
    The ozone layer is healing and redirecting wind flows around the globe
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    https://www.newscientist.com/article/2238542-the-ozone-layer-is-healing-and-redirecting-wind-flows-around-the-globe/?utm_campaign=RSS%7CNSNS&utm_source=NSNS&utm_medium=RSS&utm_content=home

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  • ICC-WHO Joint Statement: An unprecedented private sector call to action to tackle COVID-19

    ICC-WHO Joint Statement: An unprecedented private sector call to action to tackle COVID-19

    In a coordinated effort to combat the coronavirus COVID-19 pandemic, the International Chamber of Commerce (ICC) and the World Health Organization (WHO) have agreed to work closely to ensure the latest and most reliable information and tailored guidance reaches the global business community.

    The COVID-19 pandemic is a global health and societal emergency that requires effective immediate action by governments, individuals and businesses. All businesses have a key role to play in minimising the likelihood of transmission and impact on society. Early, bold and effective action will reduce short- term risks to employees and long-term costs to businesses and the  economy.

    To aid this collective effort, ICC will regularly send updated advice to its network of over 45 million businesses so that businesses everywhere can take informed and effective action to protect their workers, customers and local communities and contribute to the production and distribution of essential supplies.

    ICC will also contribute to enhancing information flows on the coronavirus outbreak by surveying its global private sector network to map the global business response. This will both encourage businesses to adopt appropriate precautionary approaches and generate new data and insights to support national and international government efforts.

    As an immediate priority, businesses should be developing or updating, readying or implementing business continuity plans. Business continuity plans should aim to reduce transmission, including by: promoting understanding of the disease, its symptoms and appropriate behavior among employees; setting up a reporting system for any cases and contacts; preparing essentials; limiting travel and physical connectivity; and planning for measures such as teleworking when necessary.

    Calls to Action

    • ICC strongly endorses WHO’s call on national governments everywhere to adopt a whole-of- government and whole-of-society approach in responding to the COVID-19 pandemic. Reducing the further spread of COVID-19 and mitigating its impact should be a top priority for Heads of State and Government. Political action should be coordinated with actors in the private sector and civil society to maximize reach of messaging and effectiveness.
    • Governments should commit to making available all necessary resources to combat COVID-19 with the minimum of delay and to ensure that cross-border medical and other essential goods supply chains are able to function effectively and efficiently
    • ICC and the WHO encourage national chambers of commerce to work closely with UN country teams, including WHO country offices where they exist, and to designate mutual focal points to coordinate this collaboration.
    • ICC encourages its members to support their country’s national response efforts and to contribute to the global response efforts coordinated by the WHO through www.covid19responsefund.org.

    As the pandemic evolves, ICC Secretary General John W.H Denton AO and WHO Director General Dr Tedros Adhanom Ghebreyesus will continue to coordinate their efforts.

    Essential information on the COVID-19 pandemic can be found on the WHO’s dedicated site.

     

    ICC-WHO Joint Statement: An unprecedented private sector call to action to tackle COVID-19
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    https://www.who.int/news-room/detail/16-03-2020-icc-who-joint-statement-an-unprecedented-private-sector-call-to-action-to-tackle-covid-19

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  • The 7 Traits of an Exceptional & Successful Entrepreneur

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    How often have you either referred to or considered the expression, “Success is a journey and not a Destination?” Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.

    Though some people seem to have the Midas touch and easily turn everything to gold, most of us have to give our endeavors lots of time, effort and the sweat of our brow before seeing things come to fruition. The simple truth is that the majority of us are simply not born leaders, but become leaders by who we are and the actions we take. Consequently, whether or not you’re an established entrepreneur or just starting out on your journey, there are particular traits you’ll usually find operating within the exceptional entrepreneur. In fact there are 7 particular traits you’ll generally discover deeply embedded within the exceptional and successful businessperson.

    If you’ve already taken the plunge as an entrepreneur, you know that it takes a great deal of planning, development and strategic marketing to succeed. At any given time, there are changes to be considered and new directions to examine. In which case, whether you’re the CEO, CFO, Chief Marketer or Chief Solutions Officer of your company, your journey to success is probably full of trials and tribulations.

    To support you in your journey to success, be willing to open your mind and sense of reasoning as you consider whether these traits are part of your driving force. If they are not yet ingrained within you, I recommend that you give them some thought.

    THE 7 TRAITS TO SUCCESS

    1) Successful Entrepreneurs Gain the Respect of their Peers

    One of the first and most obvious characteristics you’ll see operating in an exceptional entrepreneur is an equitable and unbiased disposition . Plain and simple the successful entrepreneur recognizes that no one is above or below. With an attitude of respect for others, the successful entrepreneur gains the respect from everyone they encounter. Strategies, attitudes and methods filter down to each person and reflect on all actions and activities. A successful entrepreneur gives everyone the space to be great. No matter how effective or beneficial your expertise, becoming a successful entrepreneur requires building up of your character muscles, traits and habits, which correspondingly make your dreams a reality.

    2) Successful Entrepreneurs Believe and Trust in Themselves

    The savvy entrepreneur is good at trusting his or her own ideas and instincts. Starting out as an entrepreneur requires persistence, determination and a high level of self-discipline. Continuing as a successful entrepreneur requires even more persistence, determination and self-discipline. The wise and successful entrepreneur knows this and works hard at developing their level of confidence. If you have a strong code of ethics and believe in yourself, then your ideas can work. Having the desire and passion are the first steps on your journey; getting there requires believing in yourself.

    3) Successful Entrepreneurs Follow a Plan

    The successful entrepreneur follows a plan. Haphazard or trial and error have no place for the triumphant entrepreneur, for no one gets to his or her destination without a map or a guide to follow. That doesn’t mean you won’t go off course if another road seems better, but it’s still more effective to have a plan in place. Most successful entrepreneurs start out by writing a basic business plan that acts as the impetus and guide for their endeavors. It doesn’t have to be fancy or lengthy but it should include marketing strategies, goals, intentions, ideas and why you can do better than your competition. A business plan should be reviewed and updated periodically for each new idea stirs and inspires other ideas.

    4) Successful Entrepreneurs Think Creatively

    Successful entrepreneurs are not afraid of thinking creatively. Whether a business idea has already been tried makes no difference to the exceptional entrepreneur. He or she sees better ways of doing things and knows that every idea can be expanded upon, made better, enhanced or broadened . The successful entrepreneur is willing to think outside or the proverbial box, which means using imagination, trying new things and expanding on a vision. The savvy entrepreneur pays careful attention as to whether a particular strategy is working. If after giving it his or her best shot the entrepreneur realizes the particular strategy isn’t working, they know there’s no point in continuing to invest energy, time and effort in the strategy. They move on to another approach and idea.

    5)Successful Entrepreneurs Explore Their Exceptional Skills

    Successful entrepreneurs realize that we each have our strengths and weaknesses as well as a multitude of skills and talents. Successful people ask themselves often what skills they have that no one shares in quite the same way. An exceptional and successful entrepreneur explores their particular skills until they find the ones that match most closely with their ideal. They don’t try to be and do everything. If the successful entrepreneur needs help, they’re willing to find someone who can do it better, and allows in the support. The successful entrepreneur stays open to change for they recognize that as they move forward, doors open in unexpected places that carry them to their next level of success.

    6) Successful Entrepreneurs Envision Their Success

    The successful entrepreneur gives time to envisioning how they want their business to look and how they want it to be. Intention is a powerful and dynamic tool. For those who are not inclined towards intention and visualization, talk to a successful athlete and you’ll discover that before each sporting event, the successful athlete envisions exactly how he or she wants things to turn out. Imagine what it will feel like when you’ve reached a particular set of goals. Get in touch with the feelings, you’d have as a successful entrepreneur. Practice and conceive of the sense of empowerment and the joy of having succeeded. The successful entrepreneur knows they have the power to live life the way they want, but to make it a reality, they know it has to be seen first.

    7) Successful Entrepreneurs Never Give Up

    Giving up is never in the vocabulary of the successful entrepreneur. Of course there may be days when a successful entrepreneur feels discouraged or disappointed, but giving up is not an option. Having faith, trust, confidence and determination are the qualities needed for the successful entrepreneur. To keep their focus on track, they seek out the support of those that know them, encourage them and bring out their natural enthusiasm. The smart and successful entrepreneur realizes that there will be good days and not so good days. Being a successful entrepreneur requires accepting the ebbs and flows of business for it is in fact what separates the exceptional and successful entrepreneur from the one who gives up far too soon.

    © 2004

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    Source by Robert Moment

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  • Enterpriship – The Art and Science of Entrepreneurship, Leadership, and Management

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    Every individual who starts, owns, or is a member of the management team of an enterprise, should strive to build sustainable advantage. Sustainable advantage is essential to value creation because cash flows become predictable and reliable over long periods of time. As a consequence, it is easier to plan for investments in new endeavors and to maintain contingency reserves for downturns.

    Building sustainable advantage requires proficiency in the disciplines of entrepreneurship, leadership, and management. Collectively, these three disciplines embrace “enterpriship.”

    Enterpriship is both an art and a science. Art is an occupation that requires both knowledge and skills; science is method for systematizing knowledge. Through both knowledge and skills, enterpriship provides a systematized approach to building sustainable enterprises by employing the techniques of entrepreneurship, leadership, and management.

    Entrepreneurship is a competency for starting, developing, and assuming risk for an enterprise. Leadership is a competency for aspiring, inspiring, and motivating others. Management is a competency for directing and controlling events and activities – management as a “team” has the authority and responsibility for the enterprise.

    Being proficient in all three competencies requires experience. Entrepreneurs may lack the leadership and management competencies, leaders may lack entrepreneurial and management competencies, and managers may lack the entrepreneurial and leadership competencies to build a sustainable enterprise.

    Upwardly mobile entrepreneurs have to demonstrate to investors that they can build large markets. Lifestyle business enterprise owners, such as dry cleaners, hairdressers, professional service providers, restaurateurs, and retailers, are responsible for everything in their businesses. Executives and managers in larger enterprises are under constant pressure from investors to generate quality earnings on an ongoing basis.

    The enterprise depends upon the use of all three enterpriship competencies as do the employees, customers, suppliers and investors.

    When entrepreneurs start enterprises, they tend to focus on the benefits and features of their products and/or services. Intrapreneurs, who are agents of change in established enterprises, tend to do the same thing. However, focusing on products and/or services alone is insufficient for building sustainable advantage over time.

    Without people there is nothing in business. Processes must be effective and efficient at delivering quality products and/or services conveniently. If an enterprise can’t deliver, a competitor will.

    Hence, the management team collectively must be proficient in entrepreneurial, leadership, and managerial roles that dictate successful people-oriented, process-oriented, and product and/or service capabilities.

    The entrepreneurial role is both process-oriented and product-oriented, through which innovative ideas are transformed into value at every stage of an enterprise’s development.

    The leadership role is people-oriented, through which direction is set that others will follow to achieve results – equally applicable to top-level executives, team leaders within functions, or anywhere in between.

    The managerial role is process-oriented, through which resources (time, materials, and supplies) are applied to activities to achieve results.

    These three roles embrace the planning and policy development, deployment and execution, and performance measurement activities of the enterprise. Deployment means positioning the resources of the enterprise in the best markets for its products and/or services. Execution means getting things done through people and processes effectively and efficiently.

    Unless the management team employs these three enterpriship competencies collectively to address people, process, and product and/or service capabilities, the enterprise will be unable to build sustainable advantage over time, and will ultimately decline, and maybe fail.

    If the management team can systematize building sustainable advantage through the effective and efficient use of people and processes, then there more time to spend on developing the benefits and features of products and/or services. Enterpriship provides the approach…

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    Source by Nigel Brooks

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  • What Is the DXY Dollar Index?

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    The DXY is an indicator that many market watchers and commentators reference and quote. So what is the DXY or US Dollar index?

    The DXY is a geometrically weighted index of some of the major trading partners of the United States. The composition if the DXY Index is heavily weighted towards the Euro and European countries that have not joined the European common market. The components of the DXY Index are (by weighting): Euro (57.6%), Japanese Yen (13.6%), Great Britain- Pounds Sterling (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%), and Swiss Franc (3.6%). Because of the composition of the DXY, it is sometimes referred to as the Anti-Euro Index.

    The DXY is a convenient index to use as a simple method for referencing strength and weakness of the US Dollar (USD). But its ubiquity disguises the fact that it does not reflect the value of the dollar against a broad enough basket of currencies. The DXY was created by JP Morgan in 1973, and it has only been updated once, for the introduction of the Euro currency.

    The DXY is heavily weighted towards European currencies, it underweight’s the Canadian Dollar, as a proportion of US trade, and it largely ignores important Asian and Pacific trading partners, including Korea, Australia, Taiwan and necessarily China. Even if one were interested in including the Chinese Renminbi (Yuan) it would be both difficult and of questionable informational value to include the Renminbi because China keeps their currency pegged to a range that is based on the dollar.

    A more accurate basket of currencies to track the relative value of the USD would be to value the dollar against the top US trading partners. The top 6 US trading partners, from high to low are: Canada, China, Mexico, Japan, Germany and the UK. It’s hard to say why JP Morgan created this index and how it came into such prominence. One odd thing about this index is you cannot trade it. There is no market that you can go to and buy the DXY. The closest you can get are futures and options contracts traded on the InterContinental Exchange (ICE).

    If it’s so inaccurate, then why is it so widely quoted? While there are more accurate ways to benchmark the USD, absolute precision is not always important for an indicator. Many traders and institutions likely have their own indices that they use to track the USD, but for the sake of comparison, it is very convenient to have a common index. The DXY is also highly correlated to a trade-weighted index most of the time. Relative strength or weakness moves by the USD represents huge flows of money. As I’ve written previously, the recent +10% move by the DXY represents more than $1 trillion of nominal wealth destruction. Moves of this magnitude do not happen in a vacuum and the relative weakness of the DXY is mirrored by corresponding weakness in the trade-weighted index.

    While there are shortcomings, the DXY does serve as a reliable indicator of USD strength and weakness and can be used as such, as long as one keeps in mind that it will occasionally be skewed if there are large currency moves that occur in the Euro.

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    Source by Christian Koch

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