BNP Paribas Agrees $246m FX Settlement – Profit & Loss
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.
‘Cartel’ Currency Traders Plead Not Guilty in US Court Hearing – Financial Times (subscription)
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.
Trump Slump: Dollar Still Sinking – Financial Times (subscription)
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
Sterling Falls After Inflation Data Miss Expectations – Financial Times (subscription)
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.
Renminbi Posts Eight-Month High on Dollar Slide – Financial Times (subscription)
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.
USTR to Seek “Appropriate Mechanism” in NAFTA on Currency Manipulation – Reuters
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 See MiFID Win in EU Warning to Trading Platforms – Bloomberg
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.
ECB Mulls Review of Chinese Stake in Deutsche Bank: Source – South China Morning Post
Chinese conglomerate HNA owns just under 10 per cent of the German lender, which could trigger checks on the company.
Citadel Securities Partners with BestX – Profit & Loss
Citadel Securities has partnered with BestX to provide its clients with independent analysis of its FX execution quality.
Interdealer Broker BGC Targets Swaps Compression Services – Financial Times (subscription)
Offsetting derivatives trades helps lenders reduce running costs.
Wall Street Giant Citi to Unveil Brexit Plan for New EU Unit – Sky News
The Wall Street bank, which employs 9,000 people in the UK, will unveil its Brexit contingency plans this week.
Aussie Dollar Bulls Target 80 US Cents – Bloomberg
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.
C$ Pulls Back from 14-Month High, Home Sales Fall – Reuters
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.
Prague Shares Hit Seven-Week High, Forint Firmer – Reuters
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.