The dollar tumbled across the board, hitting a 15-month low against the yen as worries over twin deficits in the United States mounted amid a government spending splurge and large corporate tax cuts.
- US Dollar Declines After Bigger-Than-Expected Inflation Gains – Wall Street Journal (subscription)
- Dollar Under Siege with US Deficits Back on Wall Street’s Radar – Bloomberg
Analysts point to economic, government debt worries for greenback’s fall.
Sterling rose against the dollar, cementing gains on the back of a broadly weakened dollar, with traders eyeing earnings data next week to give the pound fresh momentum.
The yen touched a new 15-month high against the dollar as the US currency continued to weaken.
The yen’s surge to ¥106.5 against the dollar – a 15-month high – does not require market intervention, said Japan’s finance minister, as nerves grow about the currency’s sharp appreciation this year.
The resurgence of volatility in currency markets and strengthening of the euro has seen European corporates suffer the biggest negative currency impact since 2015, while their North American counterparts shaved more than $5 billion off foreign exchange-related losses in the third quarter of 2017.
International Monetary Fund chief Christine Lagarde wanted to use European legislation to force financial business from London to Paris when she was the French finance minister, according to a senior British MEP.
Investors using alternative data could fall foul of European Union market abuse rules as regulators may see some of the data as non-public information, according to lawyers.
Studies this week from UK regulators suggest they are serious about enforcing the rules.
In an ideal world it would only be actual trades that make up a settlement or rate fix, but as has been proven post-Libor, that is often difficult, sometimes impossible.
Insider trading remains a rampant problem on Wall Street, with new research finding that the nation’s largest financial institutions pocket hefty sums with the help of non-public information.
The head of market structure at Chicago-based trading firm DRW Holdings has warned that the current settlement mechanism for bitcoin futures could disrupt the market and called for the contracts to be physically settled.
Although fintech solutions are likely to change how FX operates throughout the trade lifecycle, expect these changes to be evolutionary rather than revolutionary, explained speakers during a recent Profit & Loss webinar.
US authorities are investigating whether Credit Suisse hired referrals from government agencies and state entities in Asia in exchange for investment banking business and regulatory approvals, the Swiss bank said.
The House approved a bill that would make the resale of high-interest loans more attractive to third-party buyers such as debt collectors – and bolster fintech firms’ partnerships with banks.
Poor information about hacking threat has spurred the need for new regulations, says SEC Commissioner Kara Stein.
The untested new Fed chief Jay Powell will face a key test if inflationary pressures build.
Laws adopted decades ago give the two US regulators little authority to engage in oversight of the burgeoning market in cryptocurrencies.
Hedge Funds gained 2.11% in January according to the Barclay Hedge Fund Index compiled by BarclayHedge, continuing a strong end to 2017 and extending the Index’ winning streak to 15 months.
UOB has added two FX solutions to its suite of cross-border financial products and services in China.
As traders are becoming more interested in committing to active trading due to widened ranges, prime brokers are marking the end of a long period of subdued volatility.
Cryptocurrency investors launched a lawsuit against Coincheck, seeking to force the Tokyo-based exchange to allow them to withdraw assets worth $183,000 frozen after last month’s $530 million heist of digital money.
The operation is aimed at tackling a slide in the value of the rial, which is down more than 10 per cent this year, caused by a dollar shortage that has spooked businesses reliant on hard currencies.
The Sri Lankan rupee hit a record low as panicked importers bought US dollars following the defeat of the two ruling coalition parties in a local election, but late selling in the greenback by exporters capped the fall.
Emerging Markets are more indebted today than at any point since the 2008-09 crisis.