Euro Steadies After Biggest Daily Fall in a Month
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Euro Steadies After Biggest Daily Fall in a Month – Reuters
The euro steadied after notching up its biggest fall in nearly a month in the previous session as investors shrugged aside concerns of any fallout from the German political deadlock for now.
Banks Prepare to Settle with Brussels Over Forex Cartel Probe
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Banks Prepare to Settle with Brussels Over Forex Cartel Probe – Financial Times (subscription)
Eight of the world’s largest banks are set to discuss financial settlements with the European Commission, drawing a line under a four-year probe into allegations they formed a cartel to rig the $5.3tn global foreign exchange market. Read More
Sterling Set for Second Week of Gains as Brexit Talks Eyed
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Sterling Set for Second Week of Gains as Brexit Talks Eyed – Reuters
Sterling rose and is set for a second consecutive week of gains as investors covered their short positions before the weekend with Britain’s path out of the European Union looking complicated. Read More
Dollar Rebounds from Four-Week Lows as Risk Appetite Recovers
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Dollar Rebounds from Four-Week Lows as Risk Appetite Recovers – Reuters
The dollar rebounded from four-week lows against the yen, as global markets regained some of their risk appetite after a sharp sell-off in stocks and the greenback over the past week.
GFXC Frowns on Trading in the Last Look Window… with Exceptions
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GFXC Frowns on Trading in the Last Look Window… with Exceptions – Profit & Loss
The Global Foreign Exchange Committee (GFXC) says it has concluded that Principle 17 “should indicate that market participants should not undertake trading activity that utilises the information from the client’s trade request during the last look window”.
New York State Regulator Fines Credit Suisse $135 Million Over Forex Practices
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New York State Regulator Fines Credit Suisse $135 Million Over Forex Practices – Reuters
Credit Suisse Group agreed to pay $135 million to New York to resolve a probe of misconduct in its foreign exchange business, which the state’s banking regulator said deceived customers to enhance its own profits. Read More
Pound Falls Fast After Theresa May No-Confidence Report
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Pound Falls Fast After Theresa May No-Confidence Report – Financial Times (subscription)
The pound fell sharply following weekend reports that 40 Conservative MPs had agreed to sign a letter of no confidence in Theresa May, UK prime minister, and Eurosceptic cabinet ministers pushed her to take a tougher line on Brexit.
Dollar Edges Lower on Tax Overhaul Concerns
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Dollar Edges Lower on Tax Overhaul Concerns – Wall Street Journal (subscription)
The dollar slipped as concerns grew over possible delays to a long-awaited Republican tax overhaul.
Citadel, Vanguard Call for End to Controversial FX Last Look
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Citadel, Vanguard Call for End to Controversial FX Last Look – Bloomberg
More opponents of “last look,” the controversial practice in currency markets that allows dealers to back out of losing trades, have come forward to air their grievances to central bankers and industry participants. Read More
Dollar Slips on Fears Over US Tax Reform Delay
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Dollar Slips on Fears Over US Tax Reform Delay – Reuters
The dollar slipped against most major currencies, weighed down by worries over possible delays to Donald Trump’s tax reform plan and evidence of the US president’s waning popularity.