All posts by Julie Ros

Sterling Hits $1.2960 on Election Optimism; Short Positions Decline – Reuters

Sterling rose above $1.2960 on Monday after Prime Minister Boris Johnson said that all Conservative Party candidates in the upcoming election have pledged to back his Brexit deal. Johnson told the Telegraph newspaper in an interview published on Saturday that all 635 Conservative candidates standing in the UK election would vote in parliament to pass the withdrawal agreement.

Global Debt Surges Above $250 Trillion as U.S., China Lead Way – Bloomberg

Global debt hit a fresh record above $250 trillion in the first half of 2019, with China and the U.S. accounting for more than 60% of new borrowing, the Institute of International Finance said.

Jay Powell Sees Little Reason for December Rate Cut in Rebuff to Trump – Financial TimesFederal Reserve chairman Jay Powell told US lawmakers on Wednesday that he sees little reason to lower interest rates in December, despite coming under renewed pressure from President Donald Trump to loosen monetary policy.

• U.S. Dollar Steady as Dase for Fed Rate Pause Solidifies – Reuters
• Powell Sticks with View Rates are Likely on Hold But Flags Risks – Bloomberg
• Powell is Key for Traders Keeping One Eye on Impeachment Hearing – Bloomberg

Trump Impeachment Inquiry Enters New Public Phase – Financial Times

The impeachment inquiry into Donald Trump will enter a new public phase on Wednesday as two career diplomats testify before Congress in a televised hearing that Democrats hope will convince Americans that the US president is not fit for office.

Moody’s Says Tide of Populism is Putting World’s Credit at Risk – Bloomberg

A wave of social unrest — from Chile and Ecuador to Lebanon – has Moody’s Investors Service worried. The rating company said its 2020 outlook for global sovereign credit is negative, given unpredictable domestic and geopolitical risks and a push for populist policies that weaken institutions, help slow growth and boost the risk of economic and financial shocks. 

Brexit ‘Paralysis’ Leads Moody’s to Lower Outlook on U.K. Debt – Wall Street Journal

Moody’s Investors Service has cut its outlook for UK debt to negative, a potential step toward a credit rating downgrade. Moody’s cites “increasing inertia and, at times, paralysis that has characterised the Brexit-era policymaking process”.

Top Headlines

Michael Bloomberg Actively Prepares to Enter 2020 Presidential Race – The New York Times

Michael R. Bloomberg is actively preparing to enter the Democratic presidential primary and is expected to file paperwork this week designating himself as a candidate in at least one state with an early filing deadline, people briefed on Mr. Bloomberg’s plans said.

• Michael Bloomberg Takes Steps Towards Democratic Presidential Run – Financial Times
• Billionaire and Ex-New York City Mayor Michael Bloomberg is Taking Steps to Run for President – Washington Post

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US-China Trade Deal Signing Could Be Delayed to December; London a Possible Venue – Reuters

A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters.

• China Touts Fentanyl Convictions, Tackling Key Trade Talks Issue – Bloomberg
• China Risks Overplaying Its Hand on Trade – Bloomberg
• China and the US Should Prepare for an Era of ‘Co-opetition’ – Financial Times
• Trump’s ‘Phase-One’ Deal will not Resolve Issues Behind Trade War: Summers – South China Morning Post

Top Headlines

Class Action Comes to UK With Major Forex Rigging Suit – Law360

A consumer antitrust suit brought by investors seeking at least £1 billion from five banking giants over allegations of foreign exchange rigging is set to be heard at a London tribunal on Wednesday 6 November.

• London Court Hears £1B Forex-Rigging Case Against Five Banks – Finance Magnates

Top Headlines

Cummins Claims Agreement with Aiyer and Two Others to Boost Profits – FX Week

Christopher Cummins, a former currency trader at Citi, told a New York jury that he and three other traders at rival banks had an agreement to help each other via an alleged pact, whereby they would spoof emerging currency markets and trigger clients’ stop losses to make a profit.