Top Headlines

Dollar Inches Lower, All Eyes on US Voting – Reuters

The dollar inched lower ahead of voting in the US presidential election, a sign of last-minute nerves over the chances of a victory for Donald Trump that traders and analysts say would knock several percent off the greenback’s value. 

CME Widens Price Fluctuation Bands Ahead of US Poll – Profit & Loss

CME Group has issued an advisory stating that its Global Command Centre has taken “emergency action” ahead of this week’s US election by widening the price fluctuation bands on interest rate futures contracts traded on CME and Chicago Board of Trade, which is part of the CME Group.

NFA Raises Margin Levels on Sterling FX Trades – Profit & Loss

In a move that might be seen as a little late, the National Futures Association has instructed FX brokers to raise their margin requirements for clients trading sterling.

Sterling Rises Versus Dollar as US Election Jitters Overshadow British Data – Reuters

Sterling rose against the dollar in nervous trade as Hillary Clinton and Donald Trump approached the finishing line in a tight US presidential election race.

GBP/EUR Volatility Expected During Today’s US Election – Euro Exchange Rate News

The pound/euro exchange rate is trading above the 1.12 level despite the fact the US dollar has weakened slightly (a circumstance which typically lends the euro support) as investors brace themselves for the result.

The Mexican Peso Isn’t the Only Currency That’s Being Impacted by Trump – Business Insider

The Japanese yen is, generally speaking, one of the go-to safe-haven assets investors pour into during times of uncertainty. 

Here’s Your Cheat Sheet for How Markets Will React to the Election – Bloomberg

What markets will look like on November 9. 

Loh to Succeed Debelle as Chair of BIS Markets Committee – Profit & Loss

Jacqueline Loh, deputy managing director at the Monetary Authority of Singapore, has been appointed as chair of the Bank for International Settlements’ Markets Committee.

Falling Exchange Rates and Forex Reserves Are a Bad Combination for China – Forbes

While the world’s attention focuses on the US election this week, it is worth also keeping half an eye on the US dollar/Chinese renminbi exchange rate.

Rand Takes Over Mantle of World’s Most Political Currency – Bloomberg

Move over Mexico. With the US election campaign over, South Africa’s rand has replaced the peso as the currency poised for the biggest politically driven price swings.

Popularity Is Now a Curse for Malaysia and Indonesia’s Currencies – Bloomberg

The popularity of Malaysia’s ringgit and Indonesia’s rupiah among global investors has made them Southeast Asia’s most volatile currencies, just as the region heads for troubled waters.

Regulatory News

Another Last-Minute Regulation – Wall Street Journal (subscription)

Can a federal agency vote to eliminate due process for the people it regulates?

UK Opens Search for New BOE Deputy for Markets and Banking – Bloomberg

The Bank of England has started looking for a new deputy governor, a possible stepping stone to the top job just three years before Governor Mark Carney steps aside.

EBA Recommends Thresholds for Small Firms Under Basel – FOW (subscription)

The proposed Basel regulations have been subject to much scrutiny this year.

Australia Moves into Line Over Client Funds – Profit & Loss

The Australian government has announced it is proceeding with reforms regarding the use of client funds by OTC derivatives brokers.

Company News

UK SMEs Facing Volatile Currency Risk After US Election – Small Business

The uncertainty of the US presidential elections could cause serious currency problems for SMEs who do not protect themselves, a new study finds.

Taifex Boosts Offerings with the Addition of Three New Derivative Contracts – Finance Magnates

The exchange has increased its portfolio of products with Nifty 50 futures and EUR/USD and USD/JPY FX futures.

Kuwait’s NBK Says Rising Egypt Profit to Offset Currency Impact – Reuters

National Bank of Kuwait said that rising profits from its business in Egypt will help offset any impact from the drop in the value of the Egyptian pound.

Winklevoss Bros’ Bitcoin Exchange Gemini Launches in Japan and South Korea – Crypto Coins News

Pressing ahead with its global expansion plan, bitcoin and ether exchange Gemini, founded by the Winklevoss brothers, has opened shop to users in Japan and the Republic of Korea.

Market Savvy

Emerging Market Stocks Rally as US Voting Starts; China Tempers Optimism – Reuters

Hopes of a US election victory for Democrat Hillary Clinton lifted emerging market equities for the second straight day, although currency gains stalled and Turkey’s lira hit record lows against the dollar.

Trump Victory is Negative for India, Volatility Will Shoot Up – Business Standard

A Donald Trump victory in the US presidential election would be negative for all emerging markets, including India.

Aussie Dollar Rally Hits Same Speed Bump – Australian Financial Review

An overnight rally in the Australian dollar that took the currency close to a three-month high faded during the local session after business conditions fell to the lowest level in 1½ years.