Deutsche Bank Gets All Clear from German Watchdog Over Triple Probes –Financial Times (subscription)
Germany’s financial watchdog has closed several investigations into Deutsche Bank, including one into alleged manipulation of benchmark rates, lifting a cloud that has been hanging over former co-chief executive Anshu Jain.
ICAP Chief Prepares for Radical Change to Interdealer Broker – Financial Times (subscription)
Michael Spencer, the ebullient chief executive of ICAP, has his mojo back after “the exhaustion and stress” of the Libor investigation and in good time as he prepares for the most radical change to the interdealer broker in the past 30 years.
Bank of England’s Carney Warns of Zero-Sum Game From Negative Rates –Reuters
Bank of England Governor Mark Carney warned on Friday that moves by central banks to cut interest rates below zero risked creating a “beggar-thy-neighbour” environment which could leave the global economy trapped in low growth.
Britain Pushes G20 to Warn Against Exit from EU – Financial Times(subscription)
George Osborne is pushing the Group of 20 leading economies to warn about the dangers of the UK leaving the EU, in the latest sign the government is seeking powerful global backing for the case for remaining in the bloc.
Why a Global Currency Accord Won’t Happen – Wall Street Journal (subscription)
Can the world have a currency agreement without any currency tools?
We Won’t Boost Trade by Devaluing Currency, Says China’s Central Bank Chief, Amid Market Jitters Over Falling Value of Yuan And Slowing Economy –South China Morning Post (subscription)
China won’t devalue its currency to boost trade, central bank chief Zhou Xiaochuan said on Friday, as he sought to reassure international investors about the prospects for the nation’s economy amid turbulent trading on global financial markets.
Japan Aso: Want to Reaffirm G20 Commitment Against Currency Devaluation Race – Reuters
Finance Minister Taro Aso said on Friday that he would seek G20 cooperation against a race among countries to devalue their currencies in line with the group’s previous commitment.
Fed Should Gradually Raise Rates, Never Mind How Many -Williams – Reuters
The Federal Reserve should follow the broad strategy of gradual policy tightening without predicting exactly how many interest rate hikes are necessary, because that will be based on inflation and other economic data, a top Fed official said on Thursday.
Most-Volatile February for Currencies in Six Years Hints at More – Bloomberg
Currency traders are enduring the most-volatile February in six years, and implied price swings suggest more fluctuations ahead.
The World’s Major Currencies Have Lost a Fundamental Anchor – Bloomberg
The world’s major currencies are adrift after decoupling from one of their most important fundamental drivers—interest rate differentials on short-term sovereign debt.
Gold Moves Revive Memories of 1990s Currency Crisis – CNBC
Gold has performed better than most other major asset classes this year, rallying around 16 percent since the start of the year as investors rushed into traditional the safe haven asset.
New Russian Central Bank Forex Rules Meant to Ease Rouble Pain – Reuters
Russia’s central bank decided to introduce new rules to discourage banks from attracting foreign exchange deposits and firms from taking out forex loans because it wanted to ease pressure on the rouble and curb its volatility
The Limit of Central Bank Power is Politics, Not Economics – Financial Times(subscription)
In a very political week it might be tempting to ascribe market moves to hopes and fears for what may come. Boris Johnson, outist mayor of London, might bounce the country into a Brexit. Marco Rubio, youthful Republican senator, could take a dislike of financial regulation all the way to the White House. Sell, or buy, as each opinion poll comes in.