Top Headlines

BoE’s Carney Says Bitcoin Has “Pretty Much Failed” as Currency – Reuters

Bitcoin has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said.

Dollar Continues Recovery from Three-Year Lows – Reuters

The dollar continued its rebound from three-year lows, having recovered 1.5 percent since Friday on the view that the US currency was due a correction after a brutal sell-off in recent weeks.

‘Deeper Downtrend’: Morgan Stanley Cuts Dollar Forecasts – Financial Times (subscription)

Morgan Stanley has taken an axe to its year-end forecasts for the US dollar, with the investment bank expecting the sell-off to accelerate in the second half of 2018.

Sterling Slips Ahead of Key Wages Numbers – Reuters

Sterling fell against the dollar as the US currency rebounded from recent lows, while traders said they were looking to crucial British earnings data due later this week that could help cement bets the central bank will hike rates in May.

Citi Veteran Sinniah to Retire – Profit & Loss

Bernie Sinniah, global head of e-solutions at Citi, is to retire from the bank.

Shorting the Dollar Has Turned Japanese as Euro Bets Get Crowded – Bloomberg

The rally that’s made the yen 2018’s top performer among developed-market exchange rates will extend as speculators pick the Japanese currency over the euro to ride the US dollar’s weakness, say analysts.

Can Silicon Valley Business Models Work in FX? – Profit & Loss

It seems that increasingly, some FX firms want to adopt the business models deployed so successfully by the large technology giants that have emerged from Silicon Valley.

Price War Between Banks Could Offset Benefits of Volatility – Financial Times (subscription)

Competition among the world’s biggest investment banks could undermine revenue growth.

Regulatory News

Congress Sets Sights on Federal Cryptocurrency Rules – Reuters

Jolted by the global investment craze over bitcoin and other cryptocurrencies, US lawmakers are moving to consider new rules that could impose stricter federal oversight on the emerging asset class, several top lawmakers told Reuters.

FCA and CFTC Join Forces on FinTech – The Trade

FinTech agreement is the first of its kind between US and UK financial authorities.

Bringing Swiss Order to Initial Coin Offerings – Financial Times (subscription)

The Financial Market Supervisory Authority (Finma) has introduced a set of guidelines designed to facilitate an orderly, legitimate and growing market for ICO funds. 

Washington’s $500 Million Financial-Storm Forecaster Is Foundering – Wall Street Journal (subscription)

Office of Financial Research was supposed to anticipate trouble and issue warnings, but initiatives have been delayed or scaled back.

Benchmark Rules to Spur New Administrators: Nex – FOW (subscription)

Kevin Taylor said up to 20 benchmark administrators could be recognised under new European benchmark rules.

Company News

Deutsche Bank to Lay Off Up to 500 at Investment Bank – Financial Times (subscription)

Cuts at German company to affect investment bankers and traders.

S&P: Warnings that Cryptocurrency Could Crash the Global Financial System Are ‘Much Ado About Nothing’ – Business Insider

S&P Global Ratings has dismissed fears about cryptocurrency’s potential to crash the global financial system, saying concerns are “much ado about nothing.”

CME Acknowledges Data Lag Benefitting HFTs – FOW (subscription)

The use of an average to show improvements is misleading, according to an expert.

Market Savvy

Bitcoin Rollercoaster Heads Up Again – The Times (subscription)

Bitcoin steadied above $11,000 after breaking through the price mark for the first time since January over the weekend.

Indian Rupee Pushed to Near Three-Month Low, Emerging Stocks Slide – Reuters

The Indian rupee slid to a near three-month low amid growing concerns about an alleged major bank fraud at India’s second-largest state-run lender, whilst emerging stocks fell half a percent.

South African Rand Weaker Ahead of Budget, Stocks Lower – Reuters

South Africa’s rand weakened along with other emerging currencies as the dollar regained ground it lost last week and investors awaited details of new president Cyril Ramaphosa’s plans to revive the economy.