Hong Kong has begun buying its currency in a rare move that will increase interest rates and add to pressure on its property market, while Singapore has also tightened its monetary policy for the first time in six years.
- HKMA Intervenes as Hong Kong Dollar Hits Weak End of Trading Band – Reuters
- Singapore Allows Currency to Gain in Gradual Tightening Move – Bloomberg
The dollar climbed to a six-week high against the yen as caution over a Western military intervention in Syria abated and investors looked to anticipated strong US corporate earnings.
Sterling soared to a nine-month high against the euro after European Central Bank policymakers expressed concern about the impact of a trade war with the United states and the potentially harmful impact of the euro’s strength.
The rouble rebounded sharply from the lows it struck, with investors breathing a sigh of relief after Donald Trump said it is not certain that the US will strike Syria, a Russian ally, in the near future.
Lloyds Banking Group plans to modernize parts of its trading room in London by increasing the use of machine-trading to meet the demands of clients, according to people with the knowledge of the project.
Firms are responsible for fulfilling their contractual obligations under all circumstances, the European regulators said.
- Goldman’s Blankfein: Brexit Proving Less Drastic than Expected – Wall Street Journal (subscription)
- Brexit Hits Bankers Where It Hurts: Their Wallets – Wall Street Journal (subscription)
The industry will need to spend up to $4bn over the next five years to improve technology, according to WFE and Oliver Wyman.
Daily trading volume is 70% lower than its most active days and the virtual currency is fading from social-media feeds.
- Sell All Crypto and Abandon All Blockchain – Financial Times (subscription)
- Epidemiology Tells You Not to Write Bitcoin Off – Financial Times (subscription)
The Trump White House, confident that its hard-line strategy is succeeding, is planning to ratchet up the pressure on China by focusing on new tariffs and threatening to block Chinese technology investment in the US, according to officials familiar with the strategy.
Differences in financial regulations across the world are costing businesses $780bn a year, according to a report that calls for more joined-up policymaking.
Success of UPIs could be catalyst for European rethink on unpopular derivatives identifier.
David Schwimmer fills the vacancy left after the departure of CEO Xavier Rolet.
Ross Thalheimer, an institutional sales manager at 360T, has left the company after five years.
The risk management services firm, led by Roy Saadon, will work with the bank to test its technology.
Vietnam’s deputy prime minister ordered an investigation into allegations of a cryptocurrency scam involving $658 million, the latest report of fraud to hit the lightly regulated market for initial coin offerings.
South Africa’s rand may have been the world’s most volatile major currency over the last year, but traders think that’s going to change as price swings surge in Mexico, Russia and Turkey.
The currency’s slide this week has been out of character with its status as a safe asset during times of market turmoil.
Bitcoin rallied to its highest level in two weeks, bringing the most actively traded cryptocurrency back above the $7,500 mark.