Top Headlines

Euro Breaches $1.19 for the First Time Since 2015 – Financial Times (subscription)

The euro briefly climbed above $1.19 against the US dollar, the first time it has crossed the threshold since the start of 2015.

Euro/Dollar Steadies Below 2½-Year High as Jobs Data Looms – Reuters

An under-pressure dollar held above a 2½-year low versus the euro hit in the previous session as investors readied for US jobs data.

Bank of England in Focus as Sterling Hits 11-Month Highs – Reuters

Sterling climbed to an 11-month high against the dollar after data from the services sector came in stronger than expected, as traders looked to a Bank of England policy decision for a steer on when interest rates might be raised.

Brexit and a Different Perspective on Sterling – Profit & Loss

A new research report from Deutsche Bank highlights a change in the perception of sterling across the three major FX market time zones following last year’s vote to leave the European Union.

Investors Must Sue Outside US to Recoup FX Losses, Urge Lawyers – FX Week (subscription)

Most of the world’s investors will need to bring lawsuits against foreign exchange dealer banks outside of the US if they want to recover money lost during the alleged years-long collusion of currency markets, say lawyers in the US antitrust benchmark case.

Hong Kong Dollar Peg Slips to Weakest in 19 Months – Financial Times (subscription)

The Hong Kong dollar has fallen to its weakest level since the China-inspired turmoil of January 2016 as abundant liquidity continues to create a widening interest rate gap with the US.

Swiss Franc Continues Slide Against the Euro – Financial Times (subscription)

The Swiss franc’s fall is showing no signs of slowing down.

EM Currencies Offer Opportunity for FX Market Makers – Profit & Loss (subscription)

Market making in emerging market currencies is a key way for liquidity providers to differentiate themselves in an increasingly competitive G3 landscape, says Kevin Kimmel, global head of e-FX at Citadel Securities.

Why Are FX Traders ‘Having a Mare’? – Profit & Loss (subscription)

It’s not as though we aren’t having events or are absent a trend.

Regulatory News

The Demise of Libor Is Not a Done Deal for Markets – Financial Times (subscription)

Moving more than $350tn of derivatives pegged to benchmark will take longer than five years.

China’s FX Regulator Joins Fight to Shut Problematic Offshore M&A – Financial Times (subscription)

Safe stops short of ban on use of domestic assets to secure offshore loans.

LCH Users Weigh Early Exit as Fears Grow of EU Ban – Risk (subscription)

Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018.

Company News

CBOE to Use Gemini’s Data for Bitcoin Derivatives, Indices – Profit & Loss

CBOE Holdings has agreed a deal with Gemini Trust Company, which will see the exchange group receive an exclusive global license to use Gemini’s bitcoin market data for bitcoin derivatives and indices.

Deutsche Börse in OTC Trade Reporting Move – Profit & Loss

The Regulatory Reporting Hub of Deutsche Börse Group has launched a partnership with Risk Focus and its software subsidiary, RegTek.Solutions, to help with its OTC trade reporting.

CME Expects Competition in New Interest Rate Market – The Trade

CME announced it will launch futures and interest rate swaps based on the Treasury repo financing rate, an alternative reference rate for pricing securities and loans in the US.

Brexit Brings Boom to Bankenviertel as Tech Firms Eye Frankfurt – Waters Technology (subscription)

Eurozone’s financial capital seen as the big Brexit winner as tech vendors begin to follow banks in launching new Germany-based services.

Market Savvy

Crown Softer, Czechs May Deliver First EU Rate Hike for Years – Reuters

The crown eased slightly ahead of a meeting where the Czechs may deliver the European Union’s first central bank interest rate hike for several years.

Brazil Stocks, Currency Up on Rising Reform Hopes – Reuters

Brazil’s stocks and currency rose after lawmakers hinted they would clear President Michel Temer from corruption charges, suggesting resilient support for his reform platform.

Nigeria Moves Closer to Single Naira Rate – Bloomberg

Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate. The naira weakened on the interbank market.