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.
ACI has among its members two groups that may not be fully aware the Code applies to them.
The dollar fell for the fourth day running against the basket of currencies used to measure its broader strength, as reaction to a G20 summit dominated by the Trump administration’s protectionist bent extended last week’s sales.
- Dollar Falls to Lowest Since November on Weak Inflation Outlook – Bloomberg
- New Five-Week Low for the Dollar; Oil Still Under Pressure – Financial Times (subscription)
Change could trigger a reversal of capital flows, potentially destabilizing currencies in places with higher rates.
Sterling rose to a three-week high against the dollar, sales of the dollar after the G20 gave in to US pressure and omitted a reference to protectionism pushing the greenback lower for a fourth day running.
Citi is the latest major bank to abandon its headline forecast for a fall in the euro to below parity with the dollar, upping its prediction for the single currency over the next six to 12 months to $1.04 from $0.98 previously.
The Mexican peso is in the midst of its sharpest sustained rally since it recovered from the global financial crisis, thanks to a few nice words from US officials.
The outlook has rarely been better for South Africa’s rand.
The country will pay off its last foreign currency loan worth $1.5bn today – ridding itself of any FX debt obligations for the first time in at least 183 years.
Egyptian Finance Minister Amr El Garhy said that the 2017-18 government budget would assume an exchange rate of 16 Egyptian pounds per dollar.
Most of the strategies traders use to generate profit – momentum, carry and fair value -have either lost money or nearly erased their gains this year, according to Deutsche Bank models.
Mark Carney, head of the Financial Stability Board, warned against giving in to “reform fatigue” a decade after the financial crisis, and called on the Group of 20 nations to strengthen regulatory cooperation.
EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK.
Under the proposed RTS for the EU’s Priips, financial firms will not be able to use a single source of data to compile transaction cost analysis.
When President Donald Trump’s pick for chairman of the Securities and Exchange Commission shows up for his confirmation hearing Thursday, Jay Clayton will likely enjoy lavish praise from Republicans for being a “job creator” but harsh criticism from Democrats about his conflicts.
A Republican senator has assailed the Federal Reserve’s implementation of the Basel III capital rules as “extremely dangerous” and an impediment to economic growth in the US.
The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector.
Profit & Loss understands that Niall Coffey has formed Avoca Global Advisors, a new global macro firm out of Westport CT.
Fixed income, currencies and commodities revenues, which faced the brunt of regulation, are forecast to grow 2 percent over the next five years to $119 billion after shrinking to $109 billion from $140 billion over the previous five.
Bitcoin shed about a fifth of its value over the weekend as an increasingly bitter split in the developer community behind the virtual currency threatened to literally break it in two.
The GBP/AUD exchange rate is puttering along a range centred on the 1.60s, but the lack of downside momentum as well as the location of the S1 monthly pivot at the 1.5931 lows seems to indicate the possibility of a rebound higher evolving.
Emerging stocks hit a two-year high and most currencies strengthened, still basking in the afterglow of the US Federal Reserve meeting and shrugging off the prospect of more trade protectionism.
Central European currencies and stocks gave up ground after Friday’s warning from the International Monetary Fund about a rise in Romania’s budget deficit and ahead of a government bond auction in Bucharest.