The dollar hit a four-month low against the safe-haven yen as a risk-off mood grew in markets rethinking the “Trumpflation trade” that had pushed the greenback to a 14-year peak and stocks to record highs.
- Dollar Stumbles as Traders Gear Up for European Session – Financial Times (subscription)
- Dollar Falls to Four-Month Low – Wall Street Journal (subscription)
Four months after the dawn of the Trump trade, currency investors worldwide are capitulating.
The yen has hit a fresh four-month high against the dollar, passing 111.3 per dollar for the first time since November 23 as the biggest wobble in the Trump Trade so far boosts the typical beneficiaries from a shift to haven assets.
- Yen Hits Four-Month High as Skepticism Grows Over Trump Policies – Wall Street Journal (subscription)
Shift reflects heavy use of cross-currency basis swaps by Japanese investors.
The pound has risen above $1.25 against the dollar for the first time in a month, as signs of higher inflation in the UK continued to drive up the value of the currency and the dollar continues to wilt.
Producer input-price inflation seems to be slowing.
The euro rose above $1.08 for the first time in six weeks as centrist Emmanuel Macron’s performance in a TV debate fuelled expectations he would win the French presidency ahead of far-right rival Marine Le Pen in May.
Market is most net short the NZ dollar, Swiss franc and sterling, says Bank of America Merrill Lynch.
A 30-mile radius from the City contains a cluster of critical technology sites that power today’s highly computerised markets, including the trading of shares, currencies, bonds, commodities and numerous contracts for derivatives and futures.
Once-lucrative business is now fighting unfavorable market conditions, brutal competition and rising costs.
The president could appoint two independent members or simply leave the vacancies open.
The nomination of Wall Street corporate lawyer and dealmaker Jay Clayton to chair the Securities and Exchange Commission (SEC) marks a break in what had been a streak of SEC chairs who came into the office with an enforcement or policy background.
Britain said it would do whatever it takes to pursue anyone abusing its financial system, promising that regulators would look into allegations made in media reports that London’s banks were used in a global money laundering scheme.
China’s central bank injected hundreds of billions of yuan into the financial system after some smaller lenders failed to make debt payments in the interbank market, according to people familiar with the matter.
Brokerage files published online by financial-services’s self-regulator omit legal settlements firms negotiated with clients.
JP Morgan retained its place atop the global investment banking league table last year, with the top five places now firmly in the hands of US banks, reflecting their domination over struggling European peers, data showed.
Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm’s Europe CEO said.
Investable index provider BRI Partners has rolled out what it terms the “next generation of hedge fund indexes” with the launch of the BRI Long/Short Equity Index, calculated by Wilshire Associates.
HKEx and Clearing’ subsidiary, OTC Clear, has announced the launch of a client clearing service, ahead of the first phrase of mandatory clearing in Hong Kong, effective July 1.
Doubts the Trump administration would be able to pass a new healthcare plan this week to replace “Obamacare”, let alone deliver promised tax cuts and corporate deregulation, dragged down emerging Asia currencies.
The Canadian dollar ended little changed against a broadly weaker US counterpart and fell against other major currencies as lower oil prices and sharp stock market falls weighed.
The local currency managed to erase some losses thanks to offshore demand linked to stock purchases.