Top Headlines

All Eyes on Fed as Dollar Halt Reaches Seven Weeks – Reuters
The US dollar steadied in the lower half of an increasingly intransigent range on Monday, after sliding late last week following another round of disappointing US economic data.

• Dollar Falls for Second Straight Week – Wall Street Journal (subscription)

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Deutsche Bank Faces Rate Rigging Fine From US, UK Watchdogs – Reuters
Deutsche Bank faced a multi-billion-dollar fine on Thursday, as British and US officials prepared to announce a legal settlement over alleged attempts at its London-based subsidiary to manipulate interest rate benchmarks.

• Deutsche Bank Trader Bittar’s Libor Messages Revealed – Bloomberg
• Deutsche Bank Hit With Record Fines for Libor and Euribor Failings –Profit & Loss (free story)
• CFTC Fines Deutsche Bank $800 Million to Settle Charges of Manipulation, Attempted Manipulation and False Reporting of Libor and Euribor
• FCA Fines Deutsche Bank £227 Million for Libor and Euribor Failings, Misleading the Regulator

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SNB Move on Negative Rates Sends Swiss Franc Sharply Lower – Reuters
The Swiss franc fell 1% against the dollar and dropped against the euro on Wednesday after the Swiss National Bank said it was reducing considerably the number of institutions exempt from negative rates on cash deposits held at the central bank.

• Swissie Slides as Exemptions on Negative Rates Cut – Financial Times(subscription)
• Swiss Left Helpless in Currency Wars as Franc Surges – Sydney Morning Herald

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Swiss Franc Antics Threaten Banks’ Grip on Currency Trading – Bloomberg
The grip of the world’s biggest banks on the $5.3-trillion-a-day currency market is under attack. After the Swiss National Bank stunned the world in January by abandoning its price cap on the franc, some banks sought to reduce their losses by trying to renege on transactions. Dealers including Bank of America, Barclays and Goldman Sachs approached customers about changing some trades, according to people familiar with the discussions.

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EBS Sets Sights on Running Central System for FX Fix – Reuters
Currency trading platform EBS has been approached by major banks to provide a computerised system removing much of the human element behind a scandal over the manipulation of currency benchmarks by lenders, a senior EBS manager said.

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