Yen Climbs on New Trade Tensions
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Yen Climbs on New Trade Tensions – Wall Street Journal (subscription)
The yen rose against the dollar, as investors sought the haven currency amid concerns of an intensifying trade conflict between the US and China. Read More
Euro Slips as Trade Tensions Keep FX Markets on Edge
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Euro Slips as Trade Tensions Keep FX Markets on Edge – Reuters
A rally in the euro faded as the dollar edged up with trade tensions between the United States and the European Union seen deciding the near-term direction for the currencies. Read More
Sterling Hits Six-Day High After BoE Meeting; Brexit Fears Limit Gains
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Sterling Hits Six-Day High After BoE Meeting; Brexit Fears Limit Gains – Reuters
The pound rose to a six-day high after a Bank of England meeting revived expectations of a rate hike this year, but sterling’s gains were checked by fears of a breakdown in Brexit talks next week.
Deutsche Bank Fined $205m by New York DFS for FX Misconduct
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Deutsche Bank Fined $205m by New York DFS for FX Misconduct – Profit & Loss
The New York Department of Financial Services (DFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law, specifically relating to the bank’s FX business.
Johnson Wins Bail Application
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Johnson Wins Bail Application – Profit & Loss
Former HSBC FX chief dealer Mark Johnson has won his bail application in the US Appeals Court and will been released subject to terms laid down by the District Court. Read More
CFTC Fines JP Morgan Over ISDAFix
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CFTC Fines JP Morgan Over ISDAFix – Profit & Loss
The US Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against JP Morgan for attempted manipulation of the ISDAFix benchmark and requiring the bank to pay a $65 million civil monetary penalty.
The Bigger Cryptocurrencies Get, the Worse They Perform: BIS
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The Bigger Cryptocurrencies Get, the Worse They Perform: BIS – Reuters
Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said in its latest warning about the rise of virtual currencies.
Euro Headed for Worst Week Since 2016 After ECB Holds Off on Rate Hikes
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Euro Headed for Worst Week Since 2016 After ECB Holds Off on Rate Hikes – Reuters
The euro was headed for its biggest weekly loss in 19 months after the European Central Bank unexpectedly said it would keep interest rates at record lows well into next year. Read More
Brazil Watchdog Fines Morgan Stanley, Royal Bank of Canada for Forex Manipulation
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Brazil Watchdog Fines Morgan Stanley, Royal Bank of Canada for Forex Manipulation – Reuters
Brazil’s antitrust watchdog fined Morgan Stanley and Royal Bank of Canada a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients. Read More
Big Banks Slip Into Bear Market Territory as Rates Rise
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Big Banks Slip Into Bear Market Territory as Rates Rise – Financial Times (subscription)
Among the 39 “Sifis”, financial institutions considered systemically important by the Basel-based Financial Stability Board, 16 are down more than 20 per cent from their recent peaks in dollar terms, meeting the standard definition of a bear market. Read More