Citibank Seen as Target for Plea in U.S. Currency Case – Bloomberg
The U.S. Department of Justice is pressing for Citigroup Inc.’s main banking subsidiary to plead guilty to a felony tied to the rigging of foreign exchange markets, according to two people briefed on the matter.
Greece Considering Nationalising its Banks and Issuing New Currency, Sources Claim – The Independent
Greece’s government is prepared to nationalise the country’s banks and could create a new currency to pay its bills unless the eurozone nations back down over austerity, sources have reportedly said.
Dollar Slips as U.S. Jobs Report Erodes Outlook for Higher Rates – Bloomberg
The dollar fell after a US labor report eroded confidence that the Federal Reserve is moving closer to raising interest rates. The U.S. currency slid against most of its major peers as the release showed companies added 126,000 jobs in March. The median forecast in a Bloomberg survey called for a 245,000 increase. The unemployment rate held steady at 5.5 percent.
FX Activity Rebounds After Sluggish February – Profit & Loss (free story)
Initial FX volume reports for March show an uptick in activity compared to the previous month, with both Hotspot and CME Group reporting a marked upturn.
Emerging markets: The Great Unravelling – Financial Times (Subcription)
Faced with recession, decade- high inflation, a fiscal crisis and water rationing, more than 1m Brazilians took to the streets last month to protest against corruption and mismanagement in their government. In China, growth is slowing as property prices fall, propelling more than 1,000 iron ore mines toward financial collapse. The patriotic citizens of Russia, meanwhile, are deserting their nation’s banks, switching savings into US dollars.
Yuan Forwards Completes Biggest Weekly Gain Since 2011 on PMIs – Bloomberg
Yuan forwards posted the biggest weekly advance in more than three years after the economy showed signs of picking up and on speculation China wants a stable exchange rate as it pushes ahead with reforms.
RMB’s World Payments Ranking Drops Two Places in February – Profit & Loss (free story)
In February the Chinese renminbi (RMB) fell back to seventh place from fifth in the world payments currency rankings, according to Swift.