Top Headlines
Fed’s Yellen Sticks to Her Guns as Global Market Rout Worsens – Reuters
Federal Reserve Chair Janet Yellen returned to Congress on Thursday and again stressed that the U.S. central bank was not on a “pre-set” path to return policy to “normal” given a worsening meltdown in global stock markets.
Yen Surges Again as Investors Rush to Safe-Haven Assets – Wall Street Journal (Subscription)
The yen rose sharply on Thursday, as investors poured into the safe-haven Japanese currency, a sign that market forces are overwhelming central bank efforts to weaken their currencies.
Foreign Exchange, The World’s Biggest Market, is Shrinking – Reuters
The foreign exchange market’s status as the world’s largest, built up over decades of rampant globalization, deregulation and growth in financial services, is unlikely to be relinquished any time soon. But the glory days are over.
Forget the Great Recession—Welcome to the ‘Great Repricing’ – Bloomberg
Six and a half years removed from the Great Recession, we’re now in the midst of the “Great Repricing.”
Collateral Damage in the Currency War – Wall Street Journal (subscription)
Prosperous Sweden wouldn’t normally be a candidate for easier monetary policy, but then these aren’t normal monetary times. So it’s hard to fault the Riksbank for cutting its negative policy rate again, to minus-0.5% from minus-0.35%, despite strong economic growth and a real-estate bubble.
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Market Savvy
Yen Rallies as World Falls Apart: FX Strategist – CNBC
The yen’s surge to 15-month highs against the dollar Thursday reveals deep problems in global markets, according to Steven Englander, global head of currency and G-10 strategy at Citigroup.
Could China Have a Reserves Crisis? – Council on Foreign Relations
Last summer, U.S. lawmakers were condemning China for pushing down its currency, arguing that it was still “terribly undervalued.” But those days may be long gone. Chinese and foreigners alike have been stampeding out of RMB, leaving the Chinese central bank struggling to keep its value up and prevent a rout.
Dollar on Track for Steep Weekly Losses – Reuters
The dollar nursed losses on Friday that have put it on course for steep weekly drops against major currencies, with many investors favouring the perceived safe-haven appeal of the yen amid sinking global markets.
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Press Release
Gain Capital to Launch International Money Transfer Business
GAIN Capital Holdings, Inc, a global provider of online trading services, today announced plans to launch its new international money transfer business. The new venture, GAIN Capital Payments Ltd., will do business under its ForeignExchange.com brand name.
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Industry Events
- FX Week: FX Invest Europe, 24 Feb in Amsterdam, Netherlands
- FX Week Australia, 10 March in Sydney, Australia
- FIA: Boca 2016, 15-18 March in Boca Raton, FL
- FOW: Derivatives World, 12-13 April in Hong Kong
- FX Week FX Invest North America, 12 April in Boston, MA
- Profit & Loss Forex Network London, 14 April in London, UK
- Profit & Loss FX Growth Markets Mexico, 20 April in Mexico City
- ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta
- Eurofinance: Asia Treasury, 18-20 May in Singapore
- Profit & Loss Forex Network New York, TBD May, New York City
- FIA: IDX 2016, 7-8 June in London, England
- Profit & Loss Scandinavia, TBD September, Copenhagen
- Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL
- Sibos 2016, 26-29 September in Geneva, Switzerland
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