Top Headlines

Dollar Surges as Fed Speakers Raise Hopes of March Hike – Reuters

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 Is Well Below $1.24 After Trump’s Speech to Congress – City AM

The pound fell below $1.24 for the first time since January after Donald Trump gave an unusually statesmanlike speech to Congress last night.

Mexican Peso Reverses Losses During Trump Speech – Reuters

Mexico’s peso reversed losses during President Donald Trump’s speech to the United State Congress, strengthening 0.06 percent against the US dollar.

FX Volumes Drift Lower in February – Profit & Loss

The first three platforms to report FX volume data for February indicate a slightly quieter month than January.

European Politics Put Danish Krone Back in the Spotlight – Financial Times (subscription)

The currency is hovering around two-year highs against the euro.

FX Traders Live Another Day as Bare-Bones Desks Brace for Jolts – Bloomberg

Currency traders at the world’s biggest investment banks can breathe a little sigh of relief – their jobs may be safe, for now.

With Blockchain, Bank Cartels Become Bank Alliances – Financial Times (subscription)

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.

Regulatory News

House Financial Services Chairman Sees Dodd-Frank Reform This Year – Reuters

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. 

Stakes Too High for Non-Adherence, Puth Says – FX Week (subscription)

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. 

Russia Central Bank Resumes Publishing FX Intervention Data from March 1 – Reuters

The Russian central bank resumed publishing the amount of foreign currency purchases it carries out for the finance ministry.

Nigeria’s Central Bank to Auction $100 Million in Currency Forwards – Reuters

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.

Company News

Nordea Releases New Automated FX Handling Tool – Banking Tech

Nordea says it is the first bank in the Nordics to offer this type of solution.

Start-Up Looks to Break Swaps Clearing Bottleneck – Risk (subscription)

Sernova promises everything an FCM can do – apart from taking risk.

LCH Files to Extend US Portfolio Margining – FOW (subscription)

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.

JP Morgan Boosts Electronic Trading Unit with Ex-Deutsche Tech Heads – The Trade

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.

Market Savvy 

Asian Currencies Fall on Rising Chance of US March Rate Hike – Reuters

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.

Australian Dollar Advances on Strong GDP Data, More Gains Against Pound Likely – Pound Sterling Live

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.

CEE FX, Stocks Jump, PMIs Signal Robust Growth – Reuters

Central European currencies and stocks surged and government bonds eased after Czech, Hungarian and Polish manufacturing indices showed robust economic growth.