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.
The latest Bank for International Settlements Quarterly Report carries a paper, Downsized FX Markets: Causes and Implications, which suggests that amongst the many structural shifts taking place in FX markets, a move towards relationship trading is underway.
- Market ‘Paradigm Shift’ May Be Under Way, But More Volatility Likely: BIS – Reuters
- Speediest Traders Becoming Less Welcome in Currency Markets – Bloomberg
The dollar inched higher ahead of the US Federal Reserve’s meeting that was expected to deliver an interest rate hike as well as clues to future monetary policy, while the euro remained under pressure after the European Central Bank’s dovish moves last week.
Speculators increased positive bets on the US dollar for a third straight week, pushing net longs to their highest since early January.
Sterling edged up, recovering some ground lost last week as investors braced for what is shaping up to be a busy week with the latest top-tier UK economic data releases and Bank of England policy meeting.
The European Central Bank’s latest policy decision is reinforcing calls for the euro to drop to parity against the dollar.
- Euro Downtrend Against Dollar Projected to Extend this Week but Fed Meet is Key Risk – Pound Sterling Live
The head of the UK Financial Conduct Authority said his agency will look at how firms use algorithms in currency trading as a probe into the pound’s October flash crash intensifies, with regulators summoning Citigroup to discuss its possible role in the incident, according to people with knowledge of the situation.
China has agreed to establish direct trading between its yuan currency and seven foreign currencies, the China foreign exchange trading platform operator said.
Unease is once again permeating China’s financial markets.
The dollar rose to its highest since February against the yen as US bond yields climbed on the back of expectations of broadly higher inflation, driven by a five percent rise in global oil prices.
Non-farm payrolls, Australian employment report, berry picking… so many data sets for FX traders, but which is the most pointless?
Three years after regulators unearthed widespread evidence that traders at the world’s biggest banks had been manipulating foreign exchange benchmarks, the industry is hoping the safeguards it has since put in place will limit further wrongdoing.
New regulations imposed on banks since the financial crisis could be contributing to “flash crashes”, according to Christopher Giancarlo, a Commissioner at the Commodity Futures Trading Commission.
Financial services fines have fallen to their lowest annual level since 2007 but FCA chief executive Andrew Bailey argues this does not mean the regulator is going soft on banks.
Economics text books would probably recommend against cutting interest rates in a country that’s growing at a supercharged pace of almost five percent, where wages are soaring at more than double that rate and unemployment is virtually non-existent.
There’s a growing number of central banks questioning the point of printing paper money.
Azerbaijan plans to move to full floating rate of the manat currency, starting from 2017, Azeri Central bank head Elman Rustamov told reporters.
The governments of Japan and South Korea are unlikely to conclude their negotiations on a fresh currency swap deal by the end of the year, South Korean Deputy Prime Minister Yoo Il-ho has said.
Mischa Irsch has joined State Street Global Markets in Boston as an FX sales trader.
The integration is expected to give Linedata’s asset manager clients access to better netting and execution.
Citi’s fourth annual ‘E for Education’ charity campaign has raised $4 million for education-focused charities.
Asian currencies eased against the dollar as investors awaited this week’s Federal Reserve policy meeting for hints on the possible pace of US monetary tightening next year.
The lira led declines among emerging-market currencies after data showed Turkey’s economy shrank for the first time in seven years.
Romania’s leu eased while other Central European currencies firmed while Bucharest stocks rose after the leftist Social Democrats won a parliamentary election there on Sunday.