The US Department of Justice has announced that a Federal grand jury has returned an indictment against three members of the infamous Cartel chat room that allegedly conspired to manipulate FX markets.
- DoJ Charges UK-Based Currency Traders in Forex-Rigging Probe – Financial Times (subscription)
- ‘Cartel Currency Traders Charged in Market-Rigging Case – Bloomberg
The dollar edged higher against a basket of major currencies ahead of a news conference by US President-elect Donald Trump in which he is expected to spell out more about his plans for the economy.
Sterling has accelerated its declines after the latest set of UK trade numbers showed a £2.6bn increase in the country’s deficit in November.
The currency markets have proved shockingly irrational in recent months.
China’s central bank said it launched spot checks on major bitcoin exchanges in Beijing and Shanghai, knocking the price of the cryptocurrency down by more than six percent.
The irony of the yuan rally that took bears by surprise last week was that the surge came just days before China announced that its foreign currency reserves shrank by $41 billion in December.
The recent demand for the US dollar against the Turkish lira comes amid shallow market conditions and appear to be an overly speculative move, a top advisor to President Recep Tayyip Erdogan said.
The Turkish lira has hit a record low, weakening beyond 3.8 to the dollar for the first time as investors continue to fret over the country’s economic and political outlook.
The strategist who defied Japan’s biggest investors to correctly predict the yen’s weakness in 2016 is forecasting more losses for the currency in the new year.
Battered currency has already shed 4% in 2017 amid trade fears.
Hedge funds see chance to buy currency in anticipation of rally after controls are lifted.
China’s forex regulator is telling banks to keep its instructions about curbing capital outflows secret and to ensure that research analysts keep any negative views about the yuan’s prospects to themselves, several bankers said.
The Senate Judiciary Committee needs to determine if Sen. Sessions will continue this decades-long fight against financial crimes and demand for banking accountability.
The Croatian government and the country’s national bank HNB have reportedly agreed that they will prepare a common strategy with the goal of introducing the euro as soon as possible.
Thailand has enough foreign exchange reserves to handle market volatility if it flares up again this year, the head of the country’s central bank said.
Bart Chilton has left his position at law firm DLA Piper, where he was a senior policy advisor.
Standard Chartered sees China as less of a threat to Asian exchange rates this year as rising US borrowing costs and uncertainty over President-elect Donald Trump’s trade policies take center stage.
One of the leading European-based bitcoin exchanges is adding another virtual currency to the bitcoins already traded on its platform.
Political and economic concerns continued to pressure emerging market currencies.
The Canadian dollar ended a touch stronger against its US counterpart as a jump in housing starts offset a drop in oil prices and caution as hearings for US President-elect Donald Trump’s Cabinet nominees began.
The AUD/USD exchange rate fluctuated overnight as markets became increasingly dovish towards the incoming US President, Donald Trump.