Bank of England’s Head of FX Division Leaves – Reuters
The Bank of England’s head of foreign exchange, Michael Cross, has left the Bank, two sources familiar with the situation told Reuters on Monday.
FX Behaviour is Changing, Greenwich Survey Finds – Wall Street Journal(subscription)
A two-year long probe into manipulation of the currency markets, which has resulted in billions of dollars in fines, is beginning to change the mechanics of foreign exchange trading, according to a study by Greenwich Associates.
Pragma Analysis Uncovers Predictable Trading Patterns around the New WM/Reuters Spot FX Rate Window – MarketWatch
Recent changes to the calculation of the WM/Reuters spot FX rate (or Fix), coupled with a shift in how banks handle client orders, have created unusually predictable patterns in the FX markets, according to research released today by Pragma Securities.
Bailout Deal Rests with Greek Parliament – Profit & Loss (free story)
While the Greek parliament is expected to back today’s deal for a new bailout package, the mood in the market is one of caution, with many strategists describing the agreement as merely ‘kicking the can’ down the road.
Why Bad News for Greece Has Been Good for the Euro – MarketWatch
Currency speculators reduced their short positions against the euro last week, even after Greeks voted in a 28 June referendum to reject a reform plan proposed by the country’s international creditors, according to the latest report on speculative positioning from the Commodity Futures Trading Commission.
East Africa Fights Currency Rout with Aggressive Rate Action – Bloomberg
East African central banks are having little success in stemming a rout in their currencies despite taking ever-more aggressive monetary policy action.
Black Thursday: Seven Lessons to Remember – Euromoney
Six months have passed since the Swiss National Bank (SNB) scrapped its EUR/CHF 1.20 floor on 15 January, unleashing a torrent of volatility and burning traders across the globe. What lessons should we remember from one of the craziest days in currency markets?
China Share Shock has Lasting Impact at Home and Abroad – Financial Times(subscription)
The spectacle of Chinese shares in free-fall last week gave rise to a sense of schadenfreude among many western observers who remember complacent Chinese statements about the superiority of their own financial system in the wake of the global financial crisis.