Top Headlines
Dollar Rallies Amid Tax Reform Talk, Pushing Euro Below 1.1900 – Bloomberg
The dollar gained for a third day, its longest winning streak in more than a month, as hopes for US tax reform revived.
- Dollar Continues Rebound – Wall Street Journal (subscription)
- US Price Data Key Risk for Dollar Bears; SNB Eyed – Reuters
Sterling Steadies as Investors Wait for BoE Rate Hike Clues – Reuters
Sterling steadied just above $1.32, having pulled away from a one-year high the previous day, as traders waited for clues from the Bank of England on whether it might soon lift interest rates from record lows.
China Fixes Yuan Mid-Point Lower for Third Day, Softest in Nearly Two Weeks – Reuters
China’s central bank lowered its official yuan midpoint for a third straight day to 6.5465 per dollar, the weakest level since September 4.
Ex-HKMA Chief Just Cast Doubt Over the Hong Kong Dollar’s Future – Bloomberg
Hong Kong’s currency system can’t realistically serve as a conduit between China and the rest of the world, according to a former chief executive of the Hong Kong Monetary Authority.
Alternatives to the Leaked Data Claims – Profit & Loss (subscription)
Whichever way we look at it, there is something strange going on around certain scheduled releases – the question is should we care?
Most-Overvalued Emerging Currency May Be Set for Reality Check – Bloomberg
The global hunt for yields has led Indonesia’s rupiah to be the world’s most overvalued emerging-market currency – which is rather disconnected from its laggard performance in Asia this year.
Angolans Get Creative When the Dollars Dry Up – Bloomberg
Desperate for hard currency, Angolans are coming up with new ways to convert their kwanzas into dollars and euros.
To Coin a Craze: Silicon Valley’s Cryptocurrency Boom – Financial Times (subscription)
Flood of initial coin offerings is aimed at bypassing Google and Amazon, but sceptics fear a bubble.
Regulatory News
China to Model Financial Reforms on Mifid II, Says Ceinex’s Chen – Risk (subscription)
Exchange chief tips authorities to review position limits and transparency in OTC markets.
US Banking Regulator Not Ready for Fintech Charter Applications – Reuters
The US banking regulator, the Acting Comptroller of the Currency, said that he is not ready to accept applications from financial technology companies seeking a special purpose federal charter.
The EU Has Now Invested Over €5 Million in Blockchain Startups – Coin Desk
The European Union has invested more than €5 million (around $6 million) in startups that are working on various projects involving blockchain.
Firms Must Get Regulators “Closer to Business”: Optiver – FOW (subscription)
Optiver’s chief executive suggested the move during a panel at the WFE conference in Bangkok.
Company News
Reid to Swap Citi for Deutsche – Profit & Loss
Dave Reid has left Citi and is set to be named as the new global head of FX prime brokerage (FXPB) at Deutsche Bank, according to market sources.
LSE Buys Further Stake in Clearing Arm LCH – Reuters
London Stock Exchange Group (LSE) has agreed to buy an additional stake of up to 6.8 percent in its clearing arm LCH from some of its minority shareholders, the company said in a statement.
Zografos Exits BNP Paribas – Profit & Loss
Nicholas Zografos has left his role as director in derivatives clearing services sales (DCS) and marketing for the Americas at BNP Paribas, according to market sources.
Wolf Joins FlexTrade – Profit & Loss
FlexTrade has announced the appointment of Bruce Wolf as head of FX business development.
Market Savvy
Swiss Franc Edges Lower After SNB Decision – Financial Times (subscription)
Switzerland’s currency fell modestly after the country’s central bank held its main interest rate steady and softened its tone on the franc’s strength.
Aussie Dollar Climbs Above $0.80 on Positive Employment Data – Financial Times (subscription)
The Australian dollar pushed back above the $0.80 mark after data showed the country added more jobs than expected in August.
Most Asian Currencies Slip on a Steady Dollar; US Inflation Data Eyed – Reuters
Most emerging Asian currencies slipped as the dollar held steady near a four-week high against the yen ahead of the US consumer inflation data later in the day.