Top Headlines
Euro Edges Up But Headed for Worst Week Since October – Reuters
The euro gained against the dollar but the single currency was still headed for its worst weekly performance since October after the global stock market sell-off squeezed investors betting against the greenback out of their positions.
Dollar Reverses Losses – Wall Street Journal (subscription)
The dollar reversed losses as investors bought the US currency amid a fresh drop in equities.
New Era of Currency Volatility Leaves Bearish Dollar Bets Intact – Bloomberg
For some money managers and strategists, the path forward couldn’t be more simple: a weaker dollar.
Sterling Rises Further on BoE Rate Hike Expectations – Reuters
Sterling climbed against the dollar and euro, extending the previous day’s gains after the Bank of England said interest rates would probably need to rise sooner and by more than it had previously thought.
Swiss Franc Predicted to Fall Despite Recent Rally – Reuters
Banks are touting a short position against the Swiss franc as a top bet in 2018 because Switzerland’s central bank is likely to lag its euro zone counterpart in tightening monetary policy and probably won’t tolerate the currency’s gaining much further.
European Corporates Blindsided by FX Volatility – Euromoney
A large number of European multinational corporations have seen their profitability take a hit as a result of a recent surge in volatility in the foreign-exchange market, according to a report from risk-management technology provider FiREapps.
Why Banks Are Not Yet Saving Money in the Mifid II Era – Financial News
Trying to identify savings between interdealer brokers is like trying to compare the difference in mobile phone rates.
- ICE Chief Sprecher Bullish on MiFID II Prospects – The Trade
- Europe’s Mifid Monster Lurches to Life – Waters Technology (subscription)
Goldman Sachs Has Spotted an Odd Way You Could Make Money Trading Bitcoin Futures
The analysts noted prices for shorter-dated Bitcoin futures on the CME exchange are cheaper than longer-date contracts.
Bitcoin: That’s the Thing That Goes Up, Right? – Profit & Loss
If you ever wanted to know the financial markets’ equivalent of playing Russian Roulette, look no further than attempts to predict the price of bitcoin going forward.
Regulatory News
Senate Panel Advances Goodfriend’s Fed Nomination by Thinnest Margin – Bloomberg
The chances that President Donald Trump’s nominee for the Federal Reserve Board, Marvin Goodfriend, will get confirmed in the US Senate took two big hits.
France and Germany Join Calls for Global Bitcoin Clampdown – Financial Times (subscription)
France and Germany’s finance ministers and most senior central bankers have joined the chorus of politicians and regulators calling for a coordinated clampdown on bitcoin and other virtual currencies.
Crypto Should Try Self-Regulation, CFTC Commissioner Says – Coin Desk
Noting that any congressional action to fill in jurisdictional gaps identified by the SEC and CFTC will likely take a long time, the commissioner called on the industry to consider forming a self-regulatory organization.
Company News
Melamed, Sandner to Retire from CME Group Board – Financial Times (subscription)
Two grandees of the listed derivatives industry have announced their departures from the board of CME Group, having built it into the world’s biggest futures exchange.
Patrick Fleur to Join Solid FX as Chief Executive – FX Week (subscription)
Dutch pension fund PGGM’s former head of trading and execution takes on new role at the ECN on March 5.
Investors Increasingly Willing to Spread Bet Against Bitcoin – Bloomberg
Investors using London-based contracts-for-difference firm IG Group have increasingly taken bets on declines in the cryptocurrency.
Market Savvy
Australian, New Zealand Dollar Seen Defying Volatility in the Year Ahead – Reuters
Analysts have lifted their forecasts for the Australian and New Zealand dollars, although the antipodean currencies still seem set for a remarkably dull year despite raging volatility in global markets recently, a Reuters poll showed.
Czech Crown to Hit Six-Year High in a Year, Chased by Polish Zloty – Reuters
The Czech crown will continue strengthening and in 12 months will be at levels not seen since late 2012, propelled by expectations for tighter monetary supply, a Reuters poll predicted.