PBoC Sets Renminbi Fix Above 6.95 for First time in Over Eight Years

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PBoC Sets Renminbi Fix Above 6.95 for First time in Over Eight Years – Financial Times (subscription)

The People’s Bank of China set the trading band for the renminbi against the dollar weaker again as the US currency continued to strengthen in the wake of the Federal Reserve’s rate rise.

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Fed Raises Rates, USD Surges in Response

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Fed Raises Rates, USD Surges in Response – Profit & Loss

The US Federal Reserve increased interest rates by a quarter point today, also indicating that it now expects to increase rates three more times in 2017.

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Euro to Weaken Following ECB’s Rates Decision?

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Euro to Weaken Following ECB’s Rates Decision? – Profit & Loss

The European Central Bank (ECB) has decided to hold interest rates steady, with market participants predicting further euro weakness.

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Citi Says Behaved Appropriately in Sterling ‘Flash Crash’

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Citi Says Behaved Appropriately in Sterling ‘Flash Crash’ – Reuters

Citi said that its trading operations functioned appropriately in a thin and illiquid market during October’s “flash crash” in sterling, responding to a Financial Times report that a trader at the US bank exacerbated the pound’s fall. 

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Rogue Chinese Renminbi Exchange Rate Raises Eyebrows

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Rogue Chinese Renminbi Exchange Rate Raises Eyebrows – Financial Times (subscription)

Anyone checking the exchange rate between China’s renminbi and the US dollar would have got a shock early on Tuesday when an apparent glitch resulted in quotes shown on Google and at least two other currency exchange websites showing an eight per cent devaluation.

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Euro Rebounds After Hitting 21-Month Low on Italian Referendum Defeat

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Euro Rebounds After Hitting 21-Month Low on Italian Referendum Defeat – Reuters

The euro rebounded from 21-month lows, clawing back almost all the ground it had lost overnight after Italian Prime Minister Matteo Renzi conceded defeat in a referendum on plans to reform the country’s constitution and said he would resign.

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