Trump Drags Dollar to Center Stage at G-20 as Trade War Heats Up
Trump Drags Dollar to Center Stage at G-20 as Trade War Heats Up – Bloomberg (subscription)
President Donald Trump believes the dollar is too strong, a senior administration official said Tuesday. Last week, Trump accused Europe and China of weakening their currencies to gain a competitive advantage. Wall Street banks are even starting to ponder the risk that the US could seek to drive the dollar lower.
Read MoreTweets, Trade and the Fed Now Have Markets Moving in Packs
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Tweets, Trade and the Fed Now Have Markets Moving in Packs – The Wall Street Journal (subscription)
Bonds, stocks and currencies are moving in tandem more often, as central-bank surprises and trade uncertainty assert their grip over markets. Known by investors as “risk-on, risk-off,” the phenomenon happens when markets essentially split into two broad buckets that move together.
Read MoreState Street’s GlobalLink Joins FXPA
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State Street’s GlobalLink Joins FXPA – FXPA
The Foreign Exchange Professionals Association is pleased to announce the addition of GlobalLink, State Street’s suite of e-trading platforms, technology, data and workflow solutions.
Read MoreFXPA to Host Presentation on Front-Running, Pre-Hedging in NYC
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FXPA to Host Presentation on Front-Running, Pre-Hedging in NYC
The Foreign Exchange Professionals Association (FXPA) will hold a special presentation by the law firm Clifford Chance on the recent prosecutions that centered on issues relating to front-running and pre-hedging in the FX industry. The event takes place on July 9th and is hosted by FXPA Founders Council Member, Cboe Global Markets, at their offices in downtown Manhattan.
Read MoreCFTC Chair Complains to European Commission Over Regulation Jibe
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CFTC Chair Complains to European Commission Over Regulation Jibe – Financial Times (subscription)
Christopher Giancarlo, chair of the Commodity Futures Trading Commission, wrote last week to Valdis Dombrovskis, the European Commission vice president responsible for financial services, to publicly criticise comments made by Patrick Pearson, head of unit, financial markets infrastructure at the commission, at an event in London. Mr Pearson had said the US “fell for” an agreement it had struck with the EU in March in which they emphasised the need to trust local regulators and for sustained dialogue.
Read MoreWhat ‘Highly Unusual’ Markets Are Watching Into the Fed Decision
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What ‘Highly Unusual’ Markets Are Watching Into the Fed Decision – Bloomberg (subscription)
Wednesday’s Federal Reserve rate decision, set to be announced at 2pm New York time, carries more wild cards than most. While market participants don’t expect a rate cut this time around, they do see lower rates this year.
Read MoreCiti to Combine Rates, FX in Paco Ybarra’s First Major Reshuffle
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Citi to Combine Rates, FX in Paco Ybarra’s First Major Reshuffle – Bloomberg (subscription)
Citigroup is combining its foreign exchange and rates businesses into a single unit, two months after Paco Ybarra took over as head of the institutional-clients group. Itay Tuchman will continue to lead the currencies business, while Deirdre Dunn and Pedro Goldbaum will co-lead the rates businesses.
Read MoreBanks Accused of Overcharging Small Customers for Forex Services
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Banks Accused of Overcharging Small Customers for Forex Services – Financial Times (subscription)
Banks across Europe earn hundreds of millions of euros a year from overcharging small corporate customers for foreign exchange services, according to a new paper from the European Central Bank.
Read MoreECB Pushes Euro in Move Against Dollar’s Dominance
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ECB Pushes Euro in Move Against Dollar’s Dominance – Financial Times (subscription)
The European Central Bank has joined Brussels in a push to promote the euro internationally as it attempts to counter the US-led retreat from globalisation and free markets.
Read MoreWall Street Sound Trading Slowdown Alarm
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Wall Street Sound Trading Slowdown Alarm – Bloomberg TV
Wall Street executives continue to sound the warning bell over a trading slowdown. Morgan Stanley CEO James Gorman says that he would be “very surprised” if the investment bank beats its first-quarter results after a tough start in June.
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