Banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain’s vote to leave the European Union, according to court filings and sources familiar with the cases.
The dollar rose after President Donald Trump pledged to roll out details of a new tax plan over the next few weeks.
That’s what Willem Buiter, chief economist at Citigroup, makes of the Trump administration’s comments on exchange rates.
Sterling jumped above $1.25 after data showed UK industrial output rose more than expected in December and the trade deficit was narrower than forecast, allaying fears of a slowdown as the Brexit process gathers pace.
Planned golf game between leaders this weekend belies tension over the yen-dollar rate.
China’s three biggest bitcoin exchanges took steps to prevent withdrawals of the cryptocurrency amid pressure from the nation’s central bank to clamp down on capital outflows.
- Bitcoin Trading Shrivels Under Chinese Government’s Glare – Reuters
- Major Chinese Bitcoin Exchanges Halt Withdrawals After Crackdown – Financial Times (subscription)
With the Turkish lira off record lows and central bank borrowing costs at the highest in five years, this week was perhaps a good time for Governor Murat Cetinkaya to convince London’s fund managers he is up to the job.
A regular theme in Profit & Loss over the past two years has been, since the traumatic events of January 15, 2015 around the Swiss franc peg, the return to relationship trading at the expense of the all-to-all model.
There’s a lot for Wall Street to like in House Republicans’ revised plan to roll back financial rules.
The EU’s efforts to coordinate global banking rules meet new challenges in Washington and London.
But US President Donald Trump wants to bring it back, betting Americans have short enough memories that they will forget that the new rules were put into place to protect them, however imperfectly, from a repeat of the devastating 2008 financial crisis.
Republican lawmakers are increasingly going after a target that’s long triggered compliance headaches for Wall Street: the Federal Reserve’s annual assessments of whether banks can survive financial meltdowns.
Almost 25% of senior-level financial services professionals have said their firms are waiting for regulatory guidance before taking action on blockchain technology.
Profit & Loss understands that Jill Sigelbaum, head of foreign exchange at Traiana, is leaving the firm.
At least 14 law firms start investigating FXCM; CFTC order provides backbone for lawsuits.
FX options averaged 68,883 contracts per day, which represented a drop of -23.0 percent YoY from 84,900 in January 2016.
Asian currencies fell as the dollar gained a lift after President Donald Trump vowed to announce a “phenomenal” tax plan, renewing hopes for the possibility of pro-growth US fiscal policies.
Commodity currencies such as the Australian, the New Zealand and the Canadian dollars strengthened against their major counterparts in the Asian session, after data showed that China’s exports increased at a faster-than-expected pace in January.
The rand was little changed following President Jacob Zuma’s annual state of the nation speech.