Ex-HSBC Trader Says Client Got ‘Fair’ Price in Currency Deal
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Ex-HSBC Trader Says Client Got ‘Fair’ Price in Currency Deal – Bloomberg
Former HSBC Holdings currency trader Mark Johnson took the witness stand, insisting that he cheated no one in a $3.5 billion foreign-exchange transaction. Read More
Lack of Transactions Still a Problem for Benchmarks
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Lack of Transactions Still a Problem for Benchmarks – Profit & Loss
Reform of interest rate benchmark setting processes continues but concerns remain about the lack of transactions during some of the rate setting windows, the Financial Stability Board (FSB) says. Read More
Sterling Climbs Towards $1.32 After UK Data Beat Predictions
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Sterling Climbs Towards $1.32 After UK Data Beat Predictions – Financial Times (subscription)
The UK pound added to its gains after a round of data on Britain’s industrial and construction sectors exceeded economists’ forecasts. Read More
Dollar Near 10-Week Highs; Turkish Lira Tumbles
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Dollar Near 10-Week Highs; Turkish Lira Tumbles – Reuters
The dollar steadied close to its highest level in ten weeks, with strong US wages data at the end of last week giving investors confidence that the Federal Reserve will hike rates in December and again after that.
HSBC Traders Used Code Word to Trigger Front-Running, US Says
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HSBC Traders Used Code Word to Trigger Front-Running, US Says – Bloomberg
A group of HSBC Holdings currency traders in London and New York feverishly jumped ahead of a $3.5 billion client order after they were tipped off using the code words “my watch is off,” a US prosecutor told a federal judge.
Dollar Cements Gains After Rally; ECB Minutes Eyed
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Dollar Cements Gains After Rally; ECB Minutes Eyed – Reuters
The dollar edged higher against a basket of currencies as investors consolidated positions after a recent rise, with minutes from the European Central Bank’s latest meeting likely to be the key event of the day.
Sterling Strengthens After UK Services PMI Beats Expectations
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Sterling Strengthens After UK Services PMI Beats Expectations – Reuters
Sterling strengthened against the dollar and euro, after a survey of Britain’s dominant services industry showed growth sped up unexpectedly last month. Read More
Euro Slides to Six-Week Low as Catalonia Vote Weighs
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Euro Slides to Six-Week Low as Catalonia Vote Weighs – Financial Times (subscription)
The euro dipped to a six-week low in Asia trading after Sunday’s historic independence vote in Catalonia continued to drag down the currency.
HSBC Fined by Fed for “Unsafe and Unsound” FX Practices
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HSBC Fined by Fed for “Unsafe and Unsound” FX Practices – Profit & Loss
The Federal Reserve Board has fined HSBC just over $175 million for the firm’s “unsafe and unsound practices” in its FX trading business.
Dollar Set for Best Weekly Gain in 2017; Euro Struggles
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Dollar Set for Best Weekly Gain in 2017; Euro Struggles – Reuters
The dollar is on track to post its best weekly performance so far this year as a bounce in US Treasury yields fuelled by the Trump administration’s tax plan triggered a shake out in multi-year short bets against the greenback.