FX Global Code Formally Launched
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FX Global Code Formally Launched – Profit & Loss
The Bank for International Settlements’ (BIS) FX Working Group formally launched the full version of the FX Global Code of Conduct today in London, following the release of stage one in New York last year.
Dollar Firm After Bounce from Lows, Yuan Slips on China Downgrade
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Dollar Firm After Bounce from Lows, Yuan Slips on China Downgrade – Reuters
The dollar held firm, having rebounded from 6½-month lows against its major peers helped by a rise in US Treasury yields, while the yuan eased after Moody’s cut its sovereign rating on China due to concerns over the country’s soaring debt.
Euronext Buys 90% Stake in FastMatch
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Euronext Buys 90% Stake in FastMatch – Profit & Loss
European exchange group Euronext has become the latest to buy into the OTC FX market, announcing it has acquired around 90% of FastMatch for $153 million initial cash consideration.
NY Fed Formalises Ashton Ban and Fine
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NY Fed Formalises Ashton Ban and Fine – Profit & Loss
The Federal Reserve Bank of New York has formally imposed a $1.2 million fine and a permanent ban on employment in the banking industry against former Barclays trader Chris Ashton, the former global head of FX spot trading at the bank.
EM Hit as Brazil Bears Brunt of Investor Unease
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EM Hit as Brazil Bears Brunt of Investor Unease – Financial Times (subscription)
Nearly 8% wiped off nation’s currency following corruption allegations.
Trump Administration Weighs Adding Currency Rules to Nafta
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Trump Administration Weighs Adding Currency Rules to Nafta – Wall Street Journal (subscription)
The Trump administration has told senators it is considering adding rules barring currency manipulation to the North American Free Trade Agreement, according to congressional aides, a departure from past US policy that could set a precedent for other trade deals. Read More
Yen Firmer as Dollar at Weakest Level Since November Election
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Yen Firmer as Dollar at Weakest Level Since November Election – Financial Times (subscription)
Japan’s yen was the outlier in Asia forex trading as most major currencies in the region ceded ground to the greenback, which was still hovering around its weakest level since November’s presidential election.
Pound’s Post-Inflation Rally Evaporates Fast
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Pound’s Post-Inflation Rally Evaporates Fast – Financial Times (subscription)
Sterling’s knee-jerk pop higher in response to forecast-busting inflation data has proven very short-lived. Read More
Dollar Starts Week Under Shadow of Underwhelming Data, North Korea
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Dollar Starts Week Under Shadow of Underwhelming Data, North Korea – Reuters
The dollar started the week on the defensive after US economic data came in shy of expectations and another missile test by North Korea at the weekend underpinned the perceived safe-haven yen.
Dollar Heads for Strongest Week This Year on Fed Hike Bets
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Dollar Heads for Strongest Week This Year on Fed Hike Bets – Reuters
The dollar traded near a three-week high, on track for its strongest week this year, as robust producer price and labor market data bolstered expectations that the Federal Reserve will raise US interest rates again in June.