The dollar hit its highest in seven weeks as signs from two influential Federal Reserve policymakers that interest rates could rise this month overshadowed President Donald Trump’s first major policy speech to Congress.
The pound fell below $1.24 for the first time since January after Donald Trump gave an unusually statesmanlike speech to Congress last night.
Mexico’s peso reversed losses during President Donald Trump’s speech to the United State Congress, strengthening 0.06 percent against the US dollar.
- Peso Rally Cheapens Cost of Buying EM Currency Insurance – Financial Times (subscription)
- Peso Likely to Reflect Economic Uncertainties in Mexico – Profit & Loss
- Trump Was Going to Kill Mexico’s Peso. It’s Doing Just Fine – Bloomberg
The first three platforms to report FX volume data for February indicate a slightly quieter month than January.
The currency is hovering around two-year highs against the euro.
Currency traders at the world’s biggest investment banks can breathe a little sigh of relief – their jobs may be safe, for now.
It’s a systems upgrade at best, and at worst a downgrade into a less efficient system which heightens cartelisation forces and introduces all sorts of new collective action and group-think problems to banking and risk management.
Reform of Wall Street rules and consumer protects imposed after the 2008 financial crisis is likely this year, and much of the law could be undone through a number of ways, the Republican chairman of a key House of Representatives committee said.
While market participants still question whether adherence to the new Global Code of Conduct for foreign exchange will be enforceable, the stakes are too high for the industry to ignore new principles, says David Puth, chairman of the Market Participants Group (MPG), the industry representation involved in its creation.
The Russian central bank resumed publishing the amount of foreign currency purchases it carries out for the finance ministry.
Nigeria’s central bank said it will auction $100 million in forward contracts after selling the US currency last week to boost dollar liquidity and help close the gap between the official and black market exchange rates.
Nordea says it is the first bank in the Nordics to offer this type of solution.
Sernova promises everything an FCM can do – apart from taking risk.
In the application, LCH applied to change its rulebook to extend its listed interest rate derivatives service and portfolio margining service to FCMs and their clients.
The US bank has hired David Winig as global head of market data services and electronic trading infrastructure, and Leon Sirota within its fixed income, currencies and commodities (FICC) technology team in New York.
Asian currencies fell after comments from US Federal Reserve officials bolstered expectations for a Fed rate hike this month, even as President Donald Trump’s speech lacked details on his plans for tax reforms.
The pound to Australian dollar exchange rate was seen under pressure at the start of the new month, ensuring the trend lower seen through the start of 2017 retains intact.
Central European currencies and stocks surged and government bonds eased after Czech, Hungarian and Polish manufacturing indices showed robust economic growth.