A former Barclays trader pleaded guilty to US charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the US Department of Justice said.
Federal Reserve signals uncertainty over Donald Trump’s impact on the economy.
- ‘Spanner in the Narrative’: Renminbi Surge Knocks Steam Out of Dollar Rally – Financial Times (subscription)
- Yuan Surge Knocks Dollar As China Moves on Speculators – Reuters
China’s currency tracks strong data and tight liquidity.
As China’s foreign exchange reserves threaten to tumble below the critical $3 trillion mark, the biggest fear for investors is not whether Beijing can continue to defend the yuan but whether it will set off a vicious cycle of more outflows and currency depreciation.
- China Should Let Yuan Fall, Says the Latest Economist to Join Call for Central Bank to Change Tack – South China Morning Post
The Mexican peso dropped to a new low against the US dollar on Wednesday, in anticipation of the policies likely to be pursued under a Trump administration in the US.
John Plansky has been named as the new global head of State Street Global Exchange.
Michael Spencer has increased his stake in NEX Group, the electronic trading, post-trade and fintech company created after the sale of Icap’s voice-broking business to Tullett Prebon.
CME to Launch FX Monthly Futures – Profit & Loss
CME Group will expand its suite of FX derivatives with the launch of six FX monthly futures next month, providing clients with access to the front months of the FX forward curve.
Marine Le Pen, leader of the far-right National Front, has suggested France could return to the “Ecu” – a pre-eurozone currency system – in a move that rows back from her initial claims to leave the eurozone and re-adopt the French franc.
Malaysia’s ringgit, one of Asia’s worst-performing currencies over the past year, has further to fall, according to BMI Research.
Aditi Nayar, senior economist, ICRA, says the slightly hawkish minutes that the Fed has released is really leading to a pullback as far as the US dollar strength is concerned.
Bitcoin neared its all-time high Thursday, with the surging digital currency tipped to become a new safe haven asset as the world grapples with growing economic uncertainty.
- Christopher Giancarlo, a member of the Commodity Futures Trading Commission with close ties to the derivatives industry, is President-elect Donald Trump’s top choice to head the US’s main swaps regulator, a person familiar with the matter said.
Federal Reserve officials focused on the impact of potential fiscal stimulus during their December policy meeting, with many starting to worry that the central bank might eventually be forced to quicken the pace of interest-rate increases to head off higher inflation.
Credit Suisse sees best execution requirements being hammered home by MiFID II.
Celer Technologies has hired FX industry veteran, Tim Finch, as its new head of Asia sales.
Christian Csomos has joined Thomson Reuters’ sales team in Germany.
Last-look venues could be hit if the platform quickens its data product even more, Seth Johnson, chief executive of EBS BrokerTec, says.
Events such as Brexit and the US election, coupled with stricter rules on OTC derivatives, could significantly boost listed futures trading.
The Aussie dollar has already weakened significantly versus the US dollar since the exchange rate rolled over from its November 0.77 highs.
The Indonesian rupiah is appreciating sharply as the US dollar retreats from its (near) 14-year peak against a basket of major global currencies ahead of the release of the US Federal Reserve’s December policy meeting minutes.
The Sri Lankan rupee traded weaker due to dollar buying by foreign banks, but the central bank’s moral suasion prevented further decline, two days after the monetary authority’s chief signalled a change in its intervention policy to defend the currency.