Foreign Exchange Traders Sober Up as Market-Rigging Fines Loom –Bloomberg
When global bond investors lost more than $400 billion in one week this month, Koon Chow, a Union Bancaire Privee currency strategist, asked sales contacts at banks about the impact on foreign exchange markets. He didn’t get much help.
Currency Traders Should Start Paying Attention to Headlines About Greece –MarketWatch
Greece’s doomsday clock is within five minutes of midnight, said Matthew Weller, senior technical analyst at Forex.com, citing a document that was leaked by the International Monetary Fund over the weekend.
Swiss Franc Regains Haven Role with Greek Crisis Stoking Bid for Safety –Bloomberg
The Swiss franc is back to being a haven from market turmoil. Once again, the currency is climbing when Greek bonds – the riskiest government debt in the developed world as measured by derivatives – fall and weakening as the securities rise. Switzerland upended the relationship in January when it unexpectedly ditched its policy of keeping the franc weaker than 1.2 per euro, compromising its reputation for stability.
Euro’s Surge Tramples Parity Predictions – Wall Street Journal (subscription)
Investors are scaling back bets against the euro just several weeks after the common currency seemed headed toward parity with the dollar. The euro has jumped in the past two months, touching a 10-week high during intraday trading on Friday.
HSBC to Charge Bank Clients for Some European Currency Accounts –Bloomberg
Europe’s biggest bank will impose negative interest rates on the Swiss franc, Danish krone, Swedish krona and euro accounts of banking institutions, Gareth Hewett, a Hong Kong-based spokesman, said in an email. The move will affect customers in Germany, Hong Kong and the UK.