Top Headlines

15 European Central Banks Sign Up to Global Code – Profit & Loss

Stating that, “All central banks in the European System of Central Banks (ESCB) are strongly committed to supporting and promoting adherence to the Foreign Exchange Global Code of Conduct”, 15 of the ESCB central banks, including the European Central Bank itself, simultaneously issued Statements of Commitment to the Code.

Sterling Slips from Two-Month High on Irish Border Worries – Reuters

Sterling slipped from a two-month high against the dollar, getting only a temporary boost from better-than-expected UK manufacturing data, as investors flagged concerns about Britain reaching a deal with the EU over the Irish border.

Dollar Pares Losses on Hopes of Tax Reform – Wall Street Journal (subscription)

The dollar pared losses on hopes that the Senate may be closer to passing a Republican-led tax overhaul.

Unhedged FX Flows Pushes Euro Up for a Third Day – Reuters

The euro climbed for a third consecutive day as investment flows propped up the single currency and the region’s brightening growth prospects attracted investors despite falling bond yields.

Bitcoin Pauses Below Record Peak; Gained 55 Percent in November – Reuters

Bitcoin hovered around $9,600 in volatile trade, after tumbling about 15 percent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls in the stratospheric cryptocurrency.

The Blockchain Is Bigger Than Any Bubble – Bloomberg

Bitcoin is a poor currency and a crazy investment – but the technology behind it is a real breakthrough.

Renminbi Global Transactions Share at Multiyear Low – Financial Times (subscription)

China’s hopes of achieving global acceptance for the renminbi have been set back by data showing the share of international transactions in its currency at its lowest level in more than three and a half years.

Steady FX Volumes Reported by Platforms – Profit & Loss

The first three platforms to report FX average daily volume (ADV) for November indicate activity stayed around year’s highs.

Spreading the Wealth – Profit & Loss (subscription)

With more information becoming increasingly accessible to a wider set of FX market participants, are we witnessing the democratisation of data?

Filtering Out the Noise in Surveillance Systems – Euromoney

FX market participants have benefited from guidance on good practices and the availability of sophisticated technological solutions, but implementing a surveillance programme remains a considerable undertaking.

Regulatory News

A Robust Futures Market Could Give SEC More Comfort with Bitcoin Products – Bloomberg

A vigorous, regulated bitcoin futures market could make the Securities and Exchange Commission more comfortable with bitcoin exchange-traded products, an agency official said.

Big US Banks in Last-Ditch Push on Regulatory Relief Bill – Reuters

Wall Street banks and big regional lenders are scrambling to secure changes to a US Senate bill easing rules on smaller banks ahead of a key lawmaker meeting next week, several bank lobbyists told Reuters.

Senate Banking Committee to Vote on Powell Nomination Tuesday – Wall Street Journal (subscription)

The Senate Banking Committee is scheduled to vote Tuesday on the nomination of Jerome Powell to be the next Federal Reserve chairman, the panel said.

Company News

LCH Processes Its First Cross-Currency Basis Swap – Profit & Loss

LCH SwapAgent, a service for the non-cleared derivatives market, has processed its first cross-currency basis swap.

DuCharme Joins Mesirow – Profit & Loss

Michael DuCharme has joined Mesirow Financial as director, currency solutions within its currency management business, which provides custom risk solutions, ranging from passive to active currency risk management.

Binny Replaces Crownover as SSGA FX Head – FX Week (subscription)

James Binny, head of currency for Europe, the Middle East and Africa at State Street Global Advisors (SSGA), has been appointed global head of currency, replacing Collin Crownover who will become global head of fixed-income, currencies and commodities multi-sector solutions.

Rob Finn Joins Citi from Deutsche Bank to Co-Head Its FX Options Unit – Finance Magnates

Finn will co-head Citi’s FX unit along with Venkat Swami, parting ways with Deutsche Bank after a decade.

Market Savvy

Most Asian Currencies Ease as US Tax Vote Stalls – Reuters

Most Asian currencies were subdued as investors sought clarity after a vote to pass a US tax reform bill, which could potentially strengthen the dollar, was delayed.

CEE Currencies Ease as Dollar Wobbles Overshadow Robust PMIs – Reuters

Central European currencies eased as the dollar’s wobbles fuelled uncertainty, overshadowing a batch of powerful manufacturing indices released in the region.

In Venezuela, the Dollar’s Gained 10,768% in Just the Last Two Years – Bloomberg

The speed at which the Venezuelan bolivar is sinking against the dollar is hard to fathom.