Fed Minutes Guide: Limits of Patience, Pace of Rate Increases – Bloomberg
A list of what to look for when the Federal Reserve releases minutes of the December 16-17 meeting of the Federal Open Market Committee at 2pm today in Washington.
Currency Funds See Fifth Month of Positive Returns – FX Week (subscription)
Currency funds registered a fifth-consecutive month of positive returns in November 2014, according to the Parker FX Index, which reported a 0.68% return, representing a 3.02% increase on the previous three months.
UK Pension Sues Investment Consultant for $72 Million Over Botched Currency Hedge – Opalesque
The UK’s British Coal Staff Superannuation Scheme, one of the largest pension funds in the UK, is suing global consulting firm Towers Watson over its alleged “negligent investment consulting advice” in relation to a currency hedge.
SAFE Checks on Banks’ FX Trading – Shanghai Daily
China’s top foreign exchange regulator has started compliance checks of foreign-currency transactions involving the country’s biggest lenders as it continues to try to contain risks in cross-border capital flows.
SNB Interventions Boost Currency Reserves to Record High – Bloomberg
The Swiss National Bank’s foreign currency reserves hit a record in December after an appreciation of the franc forced the institution to end a two-year hiatus in interventions.
Euro Hits Nine-Year Low as Brent Oil Goes Below $50 – Reuters
The euro hit a nine-year trough today as collapsing oil prices and worries about the world economy drove skittish investors into the arms of safe-haven sovereign debt. From Japan to Germany to Australia, government borrowing costs fell to all-time lows as oil fell 10% in just two days.
Euro Drop a Turning Point for Central Bank Reserves – Bloomberg
Central banks and reserve managers are breaking from past practice by showing little appetite to add euros as the currency tumbles. The total amount of reserves held in euros fell 8.1% in the third quarter, more than the currency’s 7.8% decline in the period against the dollar.