Rand Faces Worst Week Since 2015 as Zuma Fires Gordhan
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Rand Faces Worst Week Since 2015 as Zuma Fires Gordhan – Financial Times (subscription)
South African president Jacob Zuma’s dismissal of his well-regarded finance minister Pravin Gordhan has left the country’s currency on course for its worst week since 2015.
First German Inflation Data Presses Euro Lower
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First German Inflation Data Presses Euro Lower – Reuters
A swing in sentiment against the euro dominated major currency markets for a second day, with weak initial readings of German regional inflation prodding the single currency back to nine-day lows against the dollar.
Pound Near Pivotal Level as Brexit Trigger Pulled
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Pound Near Pivotal Level as Brexit Trigger Pulled – Financial Times (subscription)
Sterling rebounded from its lows and was near crucial market levels for traders as the UK formally notified Brussels of its intention to leave the EU.
Sterling Steady on Eve of Article 50 Trigger
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Sterling Steady on Eve of Article 50 Trigger – Reuters
Sterling traded within a tight range, outperforming other major peers against the dollar, apparently disregarding Britain’s looming formal launch of negotiations on leaving the European Union.
Dollar Tumbles Against Yen After Health Bill Failure
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Dollar Tumbles Against Yen After Health Bill Failure – Wall Street Journal (subscription)
The US dollar fell to its lowest level against the yen since late November as the House Republicans’ failure to pass its long-promised health-care bill gave investors another cue to buy other major currencies.
Malaysia’s Central Bank Plans to Name and Shame Errant Lenders
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Malaysia’s Central Bank Plans to Name and Shame Errant Lenders – Bloomberg
Malaysia’s central bank will crack down on wrongdoing in the foreign-currency market, such as fixing of the exchange rate, to ensure stability in the ringgit, Governor Muhammad Ibrahim said. Read More
Pound Jumps After UK Retail Sales Trounce Forecasts
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Pound Jumps After UK Retail Sales Trounce Forecasts – Financial Times (subscription)
The pound has popped higher (+0.34 per cent on the day at $1.2525) after new data from the Office for National Statistics suggested the UK consumer can’t be beaten quite as easily as some have feared. Read More
Dollar Hits Four-Month Low vs Yen on ‘Trumpflation Trade’ Rethink
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Dollar Hits Four-Month Low vs Yen on ‘Trumpflation Trade’ Rethink – Reuters
The dollar hit a four-month low against the safe-haven yen as a risk-off mood grew in markets rethinking the “Trumpflation trade” that had pushed the greenback to a 14-year peak and stocks to record highs.
Deutsche Bank Said to Face Regulatory Fines Over Currency Trades
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Deutsche Bank Said to Face Regulatory Fines Over Currency Trades – Bloomberg
Deutsche Bank is expected to be fined by the Federal Reserve and New York’s Department of Financial Services for its conduct in the foreign exchange market, a person familiar with the matter said.
ACI Commits Members to FX Global Code
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ACI Commits Members to FX Global Code – Profit & Loss
ACI – The Financial Markets Association has announced it is mandating its 9,000 members to explicitly commit to the FX Global Code of Conduct, the complete version of which will be released on May 25. Read More