Top Headlines

Ex-Barclays Trader Pleads Guilty in US in Forex Probe – Reuters

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.

US Dollar Extends Slide in Asia After Fed Minutes – Wall Street Journal (subscription)

Federal Reserve signals uncertainty over Donald Trump’s impact on the economy.

Renminbi Rally Gathers Pace with Biggest Two-Day Gain on Record – Financial Times (subscription)

China’s currency tracks strong data and tight liquidity.

China’s Choices Narrowing As It Burns Through FX Reserves to Support Yuan – Reuters

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.

Mexican Peso Drops to New Low Against the US Dollar – Profit & Loss

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.

Planksy Named Head of State Street Global Exchange – Profit & Loss

John Plansky has been named as the new global head of State Street Global Exchange.

Michael Spencer Raises Stake in Rebranded Firm – Wall Street Journal (subscription)

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 Rows Back from Hard Eurozone Exit Proposals – Financial Times (subscription)

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.

Things Will Get Worse for the Malaysian Ringgit – Bloomberg

Malaysia’s ringgit, one of Asia’s worst-performing currencies over the past year, has further to fall, according to BMI Research.

Rupee Will Depreciate Much Less Than Any Other EM Currencies – Economic Times

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 Nears All-Time High As It Becomes ‘Safe Haven’ Asset – Live Mint

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.

Regulatory News

Giancarlo Said to Be Trump’s Leading Choice for CFTC Chair – Bloomberg

  1. 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. 

Fed Officials See Gradual Rate Hikes as Upside Risks Debated – Bloomberg

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.

Analytics and Algos in Focus as Regulation Hits – FX Week (subscription)

Credit Suisse sees best execution requirements being hammered home by MiFID II.

Company News

Finch to Spearhead Asia Sales at Celer Technologies – Profit & Loss

Celer Technologies has hired FX industry veteran, Tim Finch, as its new head of Asia sales.

Thomson Reuters Hands Csomos Sales Role – Profit & Loss

Christian Csomos has joined Thomson Reuters’ sales team in Germany.

EBS Mulls Even Faster Data Amid Resurgence of Open Markets – FX Week (subscription)

Last-look venues could be hit if the platform quickens its data product even more, Seth Johnson, chief executive of EBS BrokerTec, says.

Futures to See Greater Demand Off the Back of Volatile 2016 – The Trade

Events such as Brexit and the US election, coupled with stricter rules on OTC derivatives, could significantly boost listed futures trading.

Market Savvy 

Australian Dollar to Break Lower – Pound Sterling Live

The Aussie dollar has already weakened significantly versus the US dollar since the exchange rate rolled over from its November 0.77 highs.

Indonesia’s Rupiah Appreciating Sharply vs US Dollar – Indonesia Investments

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.

Sri Lankan Rupee Weaker; Moral Suasion Caps Fall – Reuters

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.