London FX Volume Falls 12 Percent to $2.41 Trillion a Day Average
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London FX Volume Falls 12 Percent to $2.41 Trillion a Day Average – Reuters
Foreign exchange trading out of London has fallen 12 percent over the last three years to an average $2.41 trillion (2 trillion pounds) a day, driven by a fall in spot market and hedge fund activity, the Bank of England said.
PBoC Sets Renminbi Fix Above 6.95 for First time in Over Eight Years
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The People’s Bank of China set the trading band for the renminbi against the dollar weaker again as the US currency continued to strengthen in the wake of the Federal Reserve’s rate rise.
Fed Raises Rates, USD Surges in Response
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Fed Raises Rates, USD Surges in Response – Profit & Loss
The US Federal Reserve increased interest rates by a quarter point today, also indicating that it now expects to increase rates three more times in 2017.
Dollar Steady Ahead of Fed Rate Decision
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Dollar Steady Ahead of Fed Rate Decision – Reuters
The dollar was steady in the run in to the Federal Reserve’s policy statement later in the day, with an almost one percent fall this week showing minimal expectations the Fed will ramp up its forecasts for future rises in interest rates. Read More
Barclays, JPMorgan, Citi Help US Broaden Currency Probe
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Barclays, JPMorgan, Citi Help US Broaden Currency Probe – Bloomberg
The three banks have cooperated to provide evidence of a potential new antitrust conspiracy in the currency spot market that prosecutors say involves different currencies than the ones at the center of their 2015 guilty pleas. Read More
Citigroup Currency Trader Settles Tokyo Wrongful-Dismissal Case
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Citigroup Currency Trader Settles Tokyo Wrongful-Dismissal Case – Bloomberg
A Citigroup currency trader in Tokyo who sued the US bank after it fired him for allegedly trying to manipulate foreign-exchange rates has settled the case. Read More
Euro to Weaken Following ECB’s Rates Decision?
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Euro to Weaken Following ECB’s Rates Decision? – Profit & Loss
The European Central Bank (ECB) has decided to hold interest rates steady, with market participants predicting further euro weakness.
CFTC Hands SocGen Fine for FX Reporting Failure
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CFTC Hands SocGen Fine for FX Reporting Failure – Profit & Loss
The US Commodity Futures Trading Commission (CFTC) has fined Société Générale $450,000 for failures in the reporting of certain FX transactions. Read More
Citi Says Behaved Appropriately in Sterling ‘Flash Crash’
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Citi Says Behaved Appropriately in Sterling ‘Flash Crash’ – Reuters
Citi said that its trading operations functioned appropriately in a thin and illiquid market during October’s “flash crash” in sterling, responding to a Financial Times report that a trader at the US bank exacerbated the pound’s fall.
Rogue Chinese Renminbi Exchange Rate Raises Eyebrows
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Rogue Chinese Renminbi Exchange Rate Raises Eyebrows – Financial Times (subscription)
Anyone checking the exchange rate between China’s renminbi and the US dollar would have got a shock early on Tuesday when an apparent glitch resulted in quotes shown on Google and at least two other currency exchange websites showing an eight per cent devaluation.