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Dollar Steadies After Hitting One-Week Low vs Yen; BOJ Stands Pat – Reuters
The dollar touched a one-week low versus the yen as investors turned cautious following news that investigators probing Russian interference in the US election had charged President Donald Trump’s former campaign manager.
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US Investigating Foreign-Exchange Trading at Wells Fargo – Wall Street Journal (subscription)
Federal prosecutors are investigating foreign-exchange trading at Wells Fargo and have subpoenaed information from the firm, which recently fired bankers in that business, according to people familiar with the matter. Read More
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Ex-HSBC FX Trader Scott Loses UK Bid to Block Extradition – Bloomberg
HSBC Holdings’ former head of currency trading in London can be extradited to the US to face fraud charges, a London court ruled, three days after his old boss was convicted over the same allegations. Read More
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Euro Perched at One-Week Highs Before ECB Vote – Reuters
The euro held near a one-week high before a European Central Bank meeting where policymakers are expected to outline a scaling back of bond-purchase, with analysts expecting a pause in the euro’s rally in the absence of any hawkish surprises. Read More
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Ex-HSBC Trader’s Guilt Casts Shadow Over Colleague’s Extradition – Bloomberg
The fraud conviction of a former HSBC Holdings executive by a US jury may be a harbinger of what’s to come for London colleague Stuart Scott, as a judge prepares to rule on his extradition to face the same charges this week. Read More
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Ex-HSBC Currency Trader Convicted of Fraud for Front-Running – Bloomberg
Former HSBC Holdings currency trader Mark Johnson was found guilty of fraud for front-running a $3.5 billion client order, a victory for US prosecutors as they seek to root out misconduct in global financial markets.
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Yen Weakens to Nearly ¥114 Per Dollar After Abe Election Victory – Financial Times (subscription)
The yen was visibly weaker in Asia, flirting with the ¥114 per dollar mark in the wake of Prime Minister Shinzo Abe’s resounding weekend victory at the polls.
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Dollar Gets a Boost as ‘Trumpflation’ Bets Return – Reuters
The US dollar climbed, on track for its first weekly rise in two, as progress of the US tax plan through the Senate raised hopes of a fiscal boost to the economy, though the lack of inflationary pressures checked gains.
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Euro at Three-Day High, Eyeing Catalonia Stand-Off – Reuters
The euro climbed to a three-day high on hedging-related demand from bond investors before a European Central Bank policy meeting next week, though political uncertainty around Catalonia crimped gains. Read More
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EU Commissioner Rules Out Mifid II Deadline Extension – Financial Times (subscription)
The EU’s top financial services official has ruled out any further extension of the January 3, 2018 deadline for markets to comply with a sweeping overhaul of trading rules.