FX Committee Surveys Show Trading Was Up During April – Profit & Loss
FX trading volumes were up in the UK, US, Japan, Canada, Singapore and Australia in April compared to October 2015, according to the FX Committees’ semi-annual results.
IMF Modifies Rounding Methodology for Determining Currency Amounts in the SDR Basket and Publishes Illustrative Currency Amounts for the New Valuation Period – IMF
On July 20, 2016, the Executive Board of the International Monetary Fund (IMF) adopted a decision amending the rounding methodology for determining currency amounts in the Special Drawing Right (SDR) basket to make it less complex and also to more closely align the currency weights with those approved by the IMF Executive Board.
Finding the Fraud in the HSBC Currency Trading Case – NY Times (subscription)
The global banking giant HSBC is back in the news in another tussle with United States prosecutors. This time it involves a charge of wire fraud conspiracy against two of its foreign exchange executives, who are accused of “front-running” a trade by the bank’s client to generate a $3 million profit.
Multibank Platforms Look to Diversify Liquidity Options – Profit & Loss
Multibank platform providers need to broaden the range of liquidity options that they offer clients in order to thrive in the diverse FX market ecosystem, said panelists at Profit & Loss‘ Forex Network New York conference.
South Africa Local-Currency Debt Rating Downgraded by Fitch – Bloomberg
Fitch Ratings downgraded South Africa’s local-currency debt one level to move it into line with the foreign-currency rating, bringing the nation’s 1.7 trillion rand ($118 billion) of domestic debt a step closer to junk level.
New Report: Scottish Currency Options Post-Brexit – Common Space
New Common Weal report argues that an independent currency pegged to Sterling likely to be most advantageous initially for the purposes of confidence and stability, but over long-term flexibility needed
Nigerian Currency Slump Sharpens Focus on Central Bank – Financial Times (subscription)
The Nigerian naira tumbled to a fresh record low on Monday, taking its losses against the dollar to 55 per cent during the past month and sharpening the pressure on policymakers in Africa’s largest economy to raise interest rates.
Chinese RMB Not a Safe Haven Currency, Study Finds – Profit & Loss
The Chinese offshore convertible renminbi cannot currently be considered a safe haven currency, and neither does it appear to be on the path of becoming one, a study published by the Federal Reserve Bank of Dallas suggests.
EU to Register Digital Currency Users, Record Bitcoin Transactions – Coin Telegraph
The European Commission has submitted their plans to create a central database of digital currency users. The EU quotes the prevention of terrorist financing and money laundering for the reason behind it.
Why Big Banks Could Be Broken Up No Matter Who Wins the White House – CNBC
No matter who wins the election, the big banks could be on the chopping block. Keefe Bruyette & Woods analyst Brian Gardner said he can imagine a scenario where horse trading in Congress next year results in a return of rules that would limit the activities of big banks as Congress tries to help smaller banks.
Currency Slump Hits GKN But Engineer Forecasts ‘Year of Growth’ – The Telegraph
Sterling’s slump in the wake of the EU referendum has taken its toll on industrial giant GKN’s headline performance, sending profits plummeting.
Kimberly-Clark Hurt by Currency Rates – WSJ (subscription)
Kimberly-Clark Corp. took a hit from currency fluctuations, which weighed on its quarterly results, but Chief Executive Thomas Falk said that the worst has past.
Currency Swings and Falling Sales Take Toll on Hyundai Motor – BDlive
Currency swings and slumping sales in emerging markets took a further toll on South Korea’s Hyundai Motor, which reported Tuesday a drop in net profit for the 10th consecutive quarter.
Currency Traders Wary of Shorting Yen on Risk BOJ to Disappoint – Bloomberg
Some of the world’s biggest currency traders are betting that the yen can withstand almost anything Haruhiko Kuroda comes up with on Friday.
Russia’s Currency Is Turning a Blind Eye to Oil Prices – Bloomberg
When oil prices fall, Russia’s ruble usually follows – but that hasn’t happened recently as investors have been piling into the market.
Bets on Egypt Currency Devaluation Rise – WSJ (subscription)
Britain isn’t the only country with a troubled pound. The Egyptian pound fell Monday to its lowest-ever valuation on the unofficial black market amid increasing bets that a weaker economy will force Cairo to devalue its local currency again.
C$ Hits Weakest Since March as Lower Oil, Rate Divergence Weigh – Reuters
The commodity-linked Canadian dollar on Monday hit its weakest level against its U.S. counterpart since March, hurt by a slide in oil prices and the prospect that interest rates will rise faster in the United States than Canada.
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