The dollar gained more ground against the yen and the euro as traders bet Federal Reserve chief Janet Yellen would promise to push forward with plans for tighter monetary policy.
- Dollar Edges Higher Ahead of Jackson Hole Conference – Wall Street Journal (subscription)
- US Dollar Steady Ahead of Yellen, Draghi – Financial Times (subscription)
The scuttlebutt around Wall Street is that this year’s economic symposium in Jackson Hole, Wyoming, a who’s who of central bankers and global policy makers, will be a dud as far as financial markets are concerned.
Sterling steadied after falling to a two-month low against the dollar in the previous session, as investors waited to see what Federal Reserve chief Janet Yellen would say in a speech later in the day.
The pound will continue to slide against the euro in the coming months and will take longer than previously expected to recover, but is unlikely to reach parity with the single currency, according to analysts at ING.
A former currency dealer told a royal inquiry that he traded as much as US$800 million a day in the 1990s when Bank Negara Malaysia allegedly lost billions in the foreign exchange market.
Two former senior managers at Société Générale have been indicted by the US Department of Justice for their role in allegedly manipulating London Interbank Offered Rate (Libor) rates.
The Federal Reserve provided $36 million (28.13 million pounds)of liquidity to foreign central banks in the latest week via its swap lines for foreign central banks, the New York Fed said.
The latest review of last look prompted by the FX global code has set off further debate over the use of holding windows and latency buffers.
Frankfurt could become a miniature version of London after Brexit, a city official has predicted, after a study said tens of thousands of jobs would be created, bolstering Germany’s banking capital.
The European Post Trade Forum said the Commission should set a high priority on addressing the lack of harmonization across multiple post-trade reporting requirements in the region as this hampers investment.
The Volcker Rule neither favors nor disfavors community banks.
The government is concerned that encryption technology, including cryptocurrencies, allows transactions to evade detection, potentially enabling criminal activity and tax evasion.
Cyprus financial regulator CySEC has issued a circular highlighting the changes which will take effect come January 2018 in how CySEC-regulated brokers can passport their CIF license to other EU countries.
The exchange will also temporarily suspend trading in its USD/Mexican peso contracts.
FX portfolio managers and MAM account providers need not worry about FCA asset management report.
The Securities and Exchange Commission has suspended trading in the shares of First Bitcoin Capital, in part because of concerns over the “accuracy and adequacy” of public information about the firm’s assets and capital structure.
Network studies are being used to identify model dependencies and concentrations.
The dollar held onto slight gains established overnight as central bankers began gathering in Jackson Hole Thursday, with most major currency pairs little changed from the European trading session.
Asian currencies were mostly steady as investors cautiously awaited a global central bank conference, but most regional units were poised to end the week with solid gains.
The Canadian dollar clung to gains against the US dollar, outperforming key currency rivals even as oil prices fell and the greenback inched higher ahead of a meeting of global central bankers.