BNP Paribas (BNPP) has agreed a $246 million settlement with the Board of Governors of the Federal Reserve System (FRB) relating to past misconduct in its foreign exchange business.
Three British-based former currency traders made their first appearances before a US judge after opting not to fight extradition and face charges in connection with a sprawling probe into alleged rigging of foreign-exchange benchmarks.
Gridlock in Washington, slower economic data and fund flows moving back into European assets: It’s not a good look for the dollar, with the index tracking the world’s reserve currency mired at levels last seen before the election of Donald Trump.
- Dollar Slumps After Senate Deals Blow to Trump’s Policy Agenda – Wall Street Journal (subscription)
- Trump Failure on Healthcare Sends Dollar to 10-Month Low – Reuters
A big hole has opened up in those expectations for an early rise in UK interest rates, taking a bite out of sterling in the process.
Beijing’s efforts to guide the renminbi weaker came to naught in the face of a widespread dollar slide, as the Chinese currency reached a fresh eight-month high.
The US Trade Representative’s office said it is seeking a provision to deter currency manipulation as part of its renegotiation of the North American Free trade agreement, a move that would set a precedent in a US trade deal.
Hedge funds and high-speed traders have been fighting for years to level the playing field with banks on derivatives trading. They just won a round in Europe.
Chinese conglomerate HNA owns just under 10 per cent of the German lender, which could trigger checks on the company.
Citadel Securities has partnered with BestX to provide its clients with independent analysis of its FX execution quality.
Offsetting derivatives trades helps lenders reduce running costs.
The Wall Street bank, which employs 9,000 people in the UK, will unveil its Brexit contingency plans this week.
The Australian dollar is set to build on its rally and surge to 80 US cents, the strongest level in more than two years, as the central bank said the economy is improving, according to money manager Eaton Vance Corp.
The Canadian dollar pulled back against its US counterpart after hitting a fresh 14-month high, after domestic data showed a big drop in home sales.
Like other central European and emerging markets currencies, the forint has benefited from a weaker dollar, and was trading just off a one-month high.