Top Headlines

FX Global Code Passes Milestone – Profit & Loss

With just over a month to go before adherence is expected of market participants, the Global FX Committee (GFXC) has announced that “well over” 100 market participants have now made Statements of Commitment to the FX Global Code less than one year after its launch.

Pound Touches Strongest Level Since Brexit Ahead of Trade Talks – Financial Times (subscription)

The pound touched its highest level since the Brexit vote ahead of EU-UK negotiations this week.

Dollar Slips Against Mexican, Canadian Currencies – Wall Street Journal (subscription)

The Canadian dollar and Mexican peso rose against the dollar, reflecting fresh optimism on trade negotiations with the US.

Euro Climbs to Three-Week High as Dollar Weakens – Reuters

The euro rose above $1.24 to a three-week high after solid Chinese economic data and receding worries about more US strikes in Syria revived risk sentiment, weakening the dollar.

Trump Bucks Treasury in Ripping China, Russia as FX Meddlers – Bloomberg

President Donald Trump accused China and Russia of devaluing their currencies, breaking from his own Treasury chief’s view that no major trading partners are currency manipulators.

The Swiss Franc Is Almost Back to Its Famous Limit – Bloomberg

The franc is within striking distance of what was once one of the most heavily defended boundaries in global markets.

Barclays Is Sounding Out Clients About Trading Crypto – Bloomberg

Barclays has been gauging clients’ interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs Group in pioneering a new business on Wall Street, according to people with knowledge of the matter.

AIMA Paper Provides Insight into the Hedge Fund World of the Future – Profit & Loss

Some of the most senior men and women in the global hedge fund industry have put forward their collective vision of the hedge fund firm of the future in a new report published by the Alternative Investment Management Association (AIMA).

US Libor Replacement, Two Weeks After Debut, Has Some Issues – Bloomberg

New York Fed finds erroneous data in SOFR calculation.

Regulatory News

Trump to Nominate Dan Berkovitz to CFTC – Wall Street Journal (subscription)

President Donald Trump intends to nominate Dan Berkovitz, a former Commodity Futures Trading Commission general counsel, to fill the final open slot on the commission, the White House said.

Trump to Nominate Richard Clarida, Michelle Bowman to Fed Board – Wall Street Journal (subscription)

President Donald Trump revealed his latest picks to fill empty seats on the Federal Reserve Board, saying he would nominate Columbia University economist Richard Clarida as vice chairman and Kansas banking regulator Michelle Bowman as a governor.

Fed’s Quarles Weighs Letting Banks Comment on ‘Stress Tests’ – Wall Street Journal (subscription)

The Federal Reserve’s regulatory czar wants to consider letting banks publicly comment on the scenarios in the Fed’s annual “stress tests,” a shift from previous leadership that could open up the crucial exams to more industry criticism.

Bitcoin Tools Could Make Finance System Safer, Says IMF Boss – The Guardian

The advance of bitcoin and other digital currencies could make the global financial system safer despite the prospect of “inevitable” accidents waiting to happen, the head of the International Monetary Fund has said.

Company News

Cboe SEF Adds NDF Pairs – Profit & Loss

Cboe Global Markets has announced that its swap execution facility, Cboe SEF, has launched trading of USD/RUB and USD/PEN non-deliverable foreign exchange forward currency pairs.

Axiom Global Advisors Launches – Profit & Loss

Two FX industry alumni have teamed up to launch Axiom Global Advisors, a London-based consultancy that specialises in the delivery of independent business assessments and recommendations to FX Market Participants.

CME Group Sees Record Global Volumes in First Quarter – The Trade

CME Group saw a record 22.2 million contracts per day on average globally in the first quarter this year.

Market Savvy 

Hong Kong Plows $1.7 Billion Into Defending Currency to Little Effect – Bloomberg

The Hong Kong dollar remains stuck at the weak end of its currency band, even after the monetary authority plowed $1.7 billion into defending the peg.

Turkey’s Lira Weaker, Moody’s Sounds Alarm Over Currency and Inflation – Reuters

Turkey’s lira was a touch weaker after plumbing a series of record lows last week, as investor alarm about double-digit inflation has been heightened by President Tayyip Erdogan’s drive for lower interest rates.