Top Headline

Dollar Steadies After Hitting One-Week Low vs Yen; BOJ Stands Pat – Reuters

The dollar touched a one-week low versus the yen as investors turned cautious following news that investigators probing Russian interference in the US election had charged President Donald Trump’s former campaign manager.

Dollar’s Recent Comeback is Mostly About the Euro – Wall Street Journal (subscription)

The US dollar’s best week of the year was mostly about the euro.

Sterling Consolidates Gains But Set for Monthly Loss – Reuters

Sterling consolidated gains as the market geared up for a rate rise from the Bank of England this week when investors will analyse the bank’s statement for the future direction of interest rates.

Pound Bears Smell Opportunity on Bets for One-And-Done BOE Hike – Bloomberg

Sterling may slide to $1.30 if Carney sounds dovish: survey.

Euro Holds Losses After Mixed Batch of Economic Data – Financial Times (subscription)

The common currency was stuck in the red as traders reacted to mixed data on the eurozone economy.

‘We’re Being Fed a Line’: Investors Vexed by Central Bank Influence – Risk (subscription)

Buy-siders say central bank communications policies broke link between markets and political risk.

Goldman Sachs Boss Issues Veiled Threat Over Brexit Job Exodus from London – The Guardian

Lloyd Blankfein tweets picture of £350m HQ under construction with message ‘hoping to fill it up, but so much is outside our control’.

Do Not be Taken in by UBS’s New-Found Brexit Optimism – Financial Times (subscription)

Back-to-back trading will be allowed in the City, at least for an initial period.

Brexit Help Wanted: Europe’s Biggest Exchanges Seek New CEOs – Quartz

Europe’s biggest exchange operators are seeking new chief executives that will be at the helm of their companies as Brexit unfolds.

Bitcoin’s Market Cap Surges Past $100 Billion – Bloomberg

Another day. Another record for bitcoin.

Bridging the Gap – Profit & Loss (subscription)

It’s an old debate in the FX industry – will the market inevitably move towards an exchange model?

Regulatory News

MAS Targets FX as Part of Growth Plan – Profit & Loss

The Monetary Authority of Singapore (MAS) says it will encourage key FX players to site their pricing and matching engines in the city state as it strives to become “a leading financial centre in Asia”.

Behnam to Sponsor Market Risk Committee – Profit & Loss

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC), will sponsor the agency’s Market Risk Advisory Committee (MRAC). 

Bets on the Next Fed Chair: A History of Speculation Gone Wrong – Wall Street Journal (subscription)

It is tough to make money from betting on a new chairman’s hawkishness or dovishness, even if you knew who it was going to be.

Britain’s Taxman Wants to Make Money from MiFID – Bloomberg

HMRC is consulting with industry on potential tax consequences.

Company News

NEX to Apply for SFTR Trade Repository Licence – FOW (subscription)

Colin Murphy, head of sales at NEX Regulatory Reporting, confirms plans to file an application to European securities lending watchdog ESMA.

BNP Paribas Posts Lower Trading Revenue on Fixed-Income Drop – Bloomberg

Income from trading bonds, currencies and commodities at BNP fell 26 percent to 801 million euros ($932 million) from a year earlier.

Major Institutions Adopt Trax Reporting Services Ahead of MiFID II – The Trade

A handful of major buy- and sell-side firms have opted for MarketAxess’s post-trade reporting service developed by Trax, ahead of tougher rules on trade and transaction reporting.

New Change FX Adds Forwards, NDFs, to Service – Profit & Loss

New Change FX (NCFX) has extended its independent data service to include forward points across standard tenors, non-deliverable forwards and restricted currencies.

Digitec Reorganises – Profit & Loss

German-based technology provider Digitec has reorganised its senior management.

Market Savvy

China’s Yuan Firms on Corporate Dollar Sales, Set for Winning Month – Reuters

China’s yuan strengthened against the US dollar, supported by rising corporate dollar sales and a firmer official fixing after a slide in the greenback in global markets.

Russian Rouble Falls as Oil Prices Drop, Tax Period Ends – Reuters

The Russian rouble dipped lower, under pressure from lower oil prices and the end monthly tax payments by export-focused companies.

New Zealand Dollar Slides as New Finance Minister Talks Change – Financial Times (subscription)

The New Zealand dollar was down as much as 0.7 per cent, failing to find support despite the country’s new finance minister saying he was confident people will see the new government as responsible managers of the economy.