Top Headlines

Hong Kong and Singapore Step Into Currency Markets – Financial Times (subscription)

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.

Dollar Rises to Six-Week High vs Yen on Syria Risk, US Earnings – Reuters

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 Climbs to Nine-Month High vs Euro After ECB Frets Over Euro – Reuters

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.

Rouble Rebounds After Trump Eases Syria Rhetoric – Financial Times (subscription)

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 to Boost Algos at FX Desk in London by 2019 – Bloomberg

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 Must Prepare for Risk of Reduced Market Access Post Brexit: ESAs – FOW (subscription)

Firms are responsible for fulfilling their contractual obligations under all circumstances, the European regulators said.

Oliver Wyman Predicts Surveillance Focus for Exchanges – Financial News (subscription)

The industry will need to spend up to $4bn over the next five years to improve technology, according to WFE and Oliver Wyman.

Bitcoin’s Hype Vanishes Just Like That: ‘We’re in the Boring Phase’ – Wall Street Journal (subscription)

Daily trading volume is 70% lower than its most active days and the virtual currency is fading from social-media feeds.

Regulatory News

White House Plans to Escalate Trade Pressure on China – Wall Street Journal (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 Regulation Cost Business $780bn Annually – Financial Times (subscription)

Differences in financial regulations across the world are costing businesses $780bn a year, according to a report that calls for more joined-up policymaking.

Industry Mulls Challenging Isins Through Global Identifier – Risk (subscription)

Success of UPIs could be catalyst for European rethink on unpopular derivatives identifier.

Company News

Goldman Sachs Veteran Joins London Stock Exchange as Chief Executive – Wall Street Journal (subscription)

David Schwimmer fills the vacancy left after the departure of CEO Xavier Rolet.

Ross Thalheimer Exits 360T – FX Week (subscription)

Ross Thalheimer, an institutional sales manager at 360T, has left the company after five years.

JP Morgan Invests in AccessFintech – FX Week (subscription)

The risk management services firm, led by Roy Saadon, will work with the bank to test its technology.

$658 Million Cryptocurrency Fraud Allegation Spurs Vietnam Probe – Bloomberg

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.

Market Savvy

The Rand Becomes an Unlikely Haven – Bloomberg

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.

Mysterious Swiss Franc Slide Shows Reach of Russian Sanctions – Bloomberg

The currency’s slide this week has been out of character with its status as a safe asset during times of market turmoil.

Bitcoin Bounce: Digital Currency Rallies 10% to Two-Week High – Financial Times (subscription)

Bitcoin rallied to its highest level in two weeks, bringing the most actively traded cryptocurrency back above the $7,500 mark.