The euro was headed for its biggest weekly loss in 19 months after the European Central Bank unexpectedly said it would keep interest rates at record lows well into next year.
For European financial markets, it’s apparently all in the delivery.
The Draghi effect is setting the pace on currency markets, with the dollar index benefiting from an exposed euro after the dovish feel to the ECB’s plans to end stimulus.
The Bank of Japan has kept monetary policy on hold, standing firm against the global move towards tighter policy among the world’s heavy-hitting central banks.
Citing a rapid increase in the number of signatories from every corner of the foreign exchange markets, the Foreign Exchange Professionals Association (FXPA) held a webinar on May 30 to discuss the status of the FX Global Code on the one-year anniversary of its publication.
European Union regulators are seeking greater influence over the supervision of financial companies, including those based in the US, such as CME, and in the UK once Britain leaves the bloc.
The final version of the Basel Committee on Banking Supervision’s operational risk capital rules is an improvement, but will still leave banks and regulators with multiple headaches as they go about implementing it, op risk experts say.
A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars’ worth of assets not currently caught by the regulation.
A Securities and Exchanges Commission (SEC) official explicitly stated that he does not consider bitcoin and ether (the native cryptocurrency of the Ethereum network), to be securities.
Some of the recent “gut wrenching” weakness in Bitcoin, which dropped as much as 20 percent earlier this week, may be due to the expiration of futures linked to the cryptocurrency, according to Thomas Lee, head of research at Fundstrat Global Advisors.
ItBit’s bid to offer custodial services for Ethereum, Bitcoin Cash, Litecoin and Stellar Lumens—along with Bitcoin—was approved by the New York State Department of Financial Services last week. This brings itBit to five cryptocurrencies.
The blockchain company Paxos has brought on a trading vet to join its itBit OTC desk, Business Insider has learned.
- Novogratz Firm Makes $15 Million Investment in Crypto Startup – Bloomberg
- Crypto Unicorns Clash While Bitcoin Droops – Bloomberg
China’s currency has had a bumpier ride in the past several weeks than it’s seen since it stabilized against the dollar in 2017, and further turbulence may be in store as companies prepare to make a welter of dividend payments abroad.
Mexico’s peso looks set for more pain as the country’s presidential vote approaches, according to a technical indicator.
Argentina’s peso took another hit, depreciating from 26 pesos to the dollar to 27.5 pesos amid concerns about the central bank’s ability to stop the slide.