Top Headlines

Dollar Drop Adds to Longest Monthly Losing Streak Since 2011 – Bloomberg

The dollar wrapped up its fifth monthly loss, the longest losing streak since 2011, as a risk-filled week got underway.

Strong UK Factory Data Sends Sterling to 11-Month High – Reuters

Britain’s pound climbed to its highest levels against the dollar since mid-September, as data showing UK manufacturing growth recovered from a seven-month low in July eased concerns about an economic slowdown.

Swiss Cheesemakers Long for a Stronger Euro – Financial Times (subscription)

As the European Central Bank lowered eurozone interest rates to weaken the euro and help the bloc out of its deflationary slump, businesses in neighbouring countries have counted the cost.

China Could Be Ready to Stomach Swings in a Yuan That Barely Moves – Bloomberg

After overseeing months worth of gradual appreciation in the yuan, China is now hinting it’s ready to sit back and see how things fly.

Platform ADV’s Lower in July – Profit & Loss

Unsurprisingly the first group of FX platforms to report results are indicating a drop off in activity in July.

Bitcoin’s Civil War: What You Need to Know – Wall Street Journal (subscription)

This week, after years of industry infighting, the digital currency bitcoin is set to get a new competitor: itself.

Regulatory News

Regulator Won’t Seek Delay of CFPB’s Arbitration Rule – Wall Street Journal (subscription)

A top financial regulator installed by the Trump administration said he wouldn’t seek to delay a new rule on arbitration agreements, skirting a showdown with another agency.

SEC Takes Jab at Startups While Leaving the Big Banks Alone – American Banker

The Securities and Exchange Commission’s concern about “initial coin offerings” is understandable.

Brexit Set to Raise UK Banks’ Costs 4% and Capital Needs 30% – Financial Times (subscription)

Brexit will push up costs for banks by as much as four per cent and their capital requirements will rise up to 30 per cent, according to the most detailed assessment yet of what Britain’s departure from the EU means for the sector.

South African Central Bank Mandated by Law to Protect Value of Currency: Governor – Reuters

South Africa’s central bank is mandated by the constitution to protect the value of the currency, governor Lesetja Kganyago said, in the wake of a proposal by the head of anti-graft watchdog to switch the target of its monetary policy.

Company News

Pinto Joins BNP Paribas – Profit & Loss

BNP Paribas has hired Joseph Pinto in New York as head of electronic FX distribution for the Americas.

HSBC’s Brexit Price Tag: $300,000 to Move Each Bank Job to Paris– Bloomberg

HSBC Holdings faces as much as $300 million in legal and relocation fees as it prepares to move 1,000 staff to Paris, in one of the first indications of the cost of Brexit to the UK’s financial industry.

Deutsche Bank Confirms Commitment to City of London – Financial Times (subscription)

Deutsche Bank has signed a lease for a new London headquarters, confirming its commitment to the city despite plans to move some staff to Frankfurt following the vote to leave the EU.

Hyperledger Adds 10 New Members to Blockchain Project – Automated Trader

Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, has announced that 10 new organizations have joined the project.

Market Savvy

Argentine Peso Breaks Sharp Slide After Central Bank Intervenes – Reuters

Argentina’s peso currency rose against the dollar for the first time in two weeks, after the central bank intervened in the foreign exchange markets on Friday to halt the peso’s rapid decline to historic lows.

Stocks Up Down Under as Australian Dollar Firms Past $0.8 Mark – Financial Times (subscription)

Stocks climbed, bonds fell and the Australian dollar crossed the $0.8 mark Down Under ahead of a rates decision from the Reserve Bank of Australia.

C$ Pares Losses as Scaramucci Out of White House, Oil Rallies – Reuters

The Canadian dollar recovered somewhat against the US dollar after the White House said the president’s recently named communications director was out of a job and US crude oil prices pushed above $50 a barrel.