Some of the banks accused of manipulating trades in the rand are objecting to the complaint by South Africa’s Competition Commission, calling it vague and embarrassing, and demanding it be amended or dropped.
The dollar edged lower after notching an eight-week high against the yen in Asian trade, while the New Zealand dollar tumbled after its central bank suggested a tightening was further out than markets had priced in.
No change in official borrowing costs is expected, but traders will be keen to note the accompanying commentary and whether there is any sign of a shift in thinking among the rate-setting committee.
Volatility in the currency is already well below its five-year average.
Emmanuel Macron’s ascent to the French presidency is stoking an election-year fight over the euro in Germany, as the Social Democrats tell Chancellor Angela Merkel his resounding victory is the signal for her to dump fiscal austerity in Europe.
The Swiss National Bank’s (SNB) policy of negative interest rates is not ideal but is nevertheless necessary in order to weaken Switzerland’s “significantly overvalued” currency, Chairman Thomas Jordan said.
As buy side workflows are becoming complex, these firms are looking for ways to simplify how they view and manage them, Basu Choudry, business intelligence, Nex Traiana, explains.
Speakers at the Alternative Investment Conference earlier this week spoke out in defense of hedge funds after years of muted performance from some of these firms.
Four of five ‘fragile’ currencies have appreciated this year.
Argentina’s central bank this month has renewed its buying of dollars in the local foreign exchange market, checking the rise of the country’s peso currency.
As bonds, stock and currencies rally, some see overheating.
A new study from Greenwich Associates suggests that FX dealers are narrowing their focus in terms of which products and clients they will cover.
It is hard to escape the conclusion that some retail brokers used the French presidential election to create an easy payday for themselves.
The head of the US derivatives regulator has warned that Europe’s decision on its future policing of euro-denominated clearing would have an impact on the agency’s thinking as it committed to implementing president Donald Trump’s call to push US interests in financial markets.
The Trump administration used a highly unusual personnel move to skirt Senate confirmation and standard ethics requirements when it installed a financial services lawyer atop a powerful banking regulator.
Minneapolis Federal Reserve Bank President Neel Kashkari said that there should not be any relaxation of regulations that have tightened oversight of Wall Street.
US Senator Elizabeth Warren is eager to pursue legislation that would break up Wall Street megabanks and has pushed the issue with members of the Trump administration.
Charlotte Hogg’s resignation as deputy governor of the Bank of England just weeks into the job was “entirely disproportionate” to the offense she was accused of, according to the central bank’s board of directors.
Nex Data, a Nex Group business which delivers independent market intelligence and price information for OTC data and Nex Markets, a NEX Group business which provides electronic trading technology and services, have launched the EBS JPY Benchmark, which it claims is the first fully electronic, transaction-backed reference rate for the Japanese yen.
360T has revealed that it officially launched its undisclosed marketplace, 360T ECN, in April.
IHS Markit says that in 2017 it has processed a monthly average of 54,000 NDF contracts via Markitserv, a 920% increase compared to the same period last year.
Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said, in what could be one of the first large-scale financial market uses of the technology.
TP ICAP, the world’s largest interdealer broker, reported a rise in turnover for the first four months of the year as the outlook for interest rate changes in the US and political uncertainty in Europe injected volatility into over-the-counter markets.
LMAX Exchange has reported record high profitability with reported annual EBITDA of £5.6m in 2016.
The New Zealand dollar was faring badly in an otherwise relatively muted morning session for Asia Pacific currencies.
A sharp rebound in oil prices helped lift emerging equities towards a two-year high and boosted the currencies of oil producers Russia and Kazakhstan, whilst a weaker dollar allowed other currencies to make gains.
Latin American currencies strengthened after US President Donald Trump unexpectedly fired FBI director James Comey, fueling expectations of delays in the implementation of the government’s economic agenda.