The euro extended gains to a 2½-year high against the dollar after the European Central Bank president held back from talking down the currency and as markets worried about the impact of Tropical Storm Harvey on the US economy.
- Euro Hits Highest Level Against the US Dollar Since Jan 2015 as Draghi Speaks – Financial Times (subscription)
Sterling jumped to its highest level in four days after Federal Reserve Chair Janet Yellen made no reference to US monetary policy in her speech, though analysts warned the outlook remained bleak for the British currency.
The pound’s four-week slide versus the euro may be overdone, according to analysts at ING Groep NV and Nordea Bank AB, with both saying the currency pair is unlikely to reach parity.
A note from legal firm Crow & Cushing suggests that as well as the law on spoofing being tougher than it was before, actually proving the offence is potentially easier.
The Federal Reserve Board has requested public comment on a proposal for the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates based on overnight repurchase agreement (repo) transactions secured by Treasuries.
Strong currency, stocks and commodities contrast with bond pessimism.
A collation of suggested answers.
US jobs data will be closely scrutinised, while the pound’s weakness will be closely watched.
Investors have been piling into currency-hedged equity tracker funds, seeking protection against big moves in foreign exchange rates.
A bitcoin exchange traded fund (ETF) is looking more likely, given recent political events, according to Bloomberg’s Eric Balchunas.
The world’s top two central bankers warned that undoing post-crisis banking rules or pursuing protectionist trade measures threatens to unravel a fragile and hard-fought global economic expansion.
One of the hottest ‘Trump triumph trades’ late last year was the financial sector.
Chinese regulators are preparing new regulations on digital coin offerings and may ban them until the rules are in place, the financial magazine Caixin reported, as interest in the new fundraising channel grows rapidly in a regulatory grey area.
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 46-307 Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products.
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Ex-Barclays boss Antony Jenkins told CNBC that banks “tend to be quite good at innovation” but lag behind with regard to “transformation”.
Upcoming rules increasingly being discussed on earnings calls.
But the looming EU rules could affect them, especially if they run portfolios on behalf of European fund managers.
China’s yuan climbed to its strongest against the US dollar in more than a year, after the central bank raised its official guidance following a slide in the greenback.
S&P’s decision to remove Qatar from negative credit watch offered little support to the country’s currency, as the kingdom’s decision to restore diplomatic ties with Iran raised fears that its diplomatic spat with its Gulf neighbours is likely to get worse before it gets better.