Although spot FX markets have been characterised as existing in a very low volatility and volume environment, the same cannot be said for the interest rate space, and that has enabled FX volumes to remain steady over the past year according to data from six regional FX committees.
Boris Johnson will promote Priti Patel to the top of government today as he builds a cabinet to sell an optimistic vision of Brexit to “modern Britain”.
- Johnson Prepares to Appoint Brexiteer Cabinet Amid Standoff with Hunt – Daily Telegraph
- Johnson to Appoint His Brexit Team – Reuters
The Bank of England’s chief economist has warned the new government not to expect the “monetary cavalry” to ride to the rescue if the economy flounders.
- UK Plc Urges Johnson to Soften ‘Hugely Worrying’ Brexit Stance – Bloomberg
- End of the Phoney War Beckons for Sterling– Financial Times
The European Central Bank meet Thursday. On balance, expectations are the Governing Council will keep policy on hold, the market pricing is 35% for a cut (actually a touch higher than 35), so it’s not negligible by any means.
- The ECB Must Make Negative Interest Rate Policy Effective – Financial Times
- Investors Bet SNB Will Go More Negative on Interest Rates After ECB – Reuters
- IMF Lowers its Global Economic Growth Forecast Again as Risks Remain to the ‘Downside’ – CNBC
The use of Artificial Intelligence is limitless. It has already impacted almost any segment of our lives.
Euro zone business growth was much weaker than expected this month, hurt by a deepening contraction in manufacturing, and forward-looking indicators in surveys published on Wednesday suggest conditions will get worse next month.
The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have announced a one-year delay to the final phase of the implementation of the margin requirements for non-centrally cleared derivatives.
Several banks targeted in South Africa’s probe of foreign exchange benchmark manipulation have challenged part of a Competition Tribunal ruling that found the court can issue an infringement order against certain banks – despite also finding it has no jurisdiction to fine those banks.
The US Department of Justice announced a broad antitrust investigation into the leading online platforms, raising the stakes in Washington’s scrutiny of Big Tech’s power over growing parts of the economy.
American Express Co. is terminating foreign-exchange employees and refunding money to nearly 200 customers after it found salespeople misrepresented pricing to customers.
UBS Group AG’s chief executive officer is sounding the alarm on fresh monetary easing just as European policy makers appear poised to deliver another helping to stimulus-hungry markets.
The matter against Bitfinex and Tether brought by the New York attorney general must be dismissed over lack of jurisdiction, the companies reiterated in the last round of filings.
On Thursday, the famously crypto-sceptical Warren Buffett was due to lunch with a bunch of crypto bros.
Bitcoin plummetted below $10,000 and the rest of the top three had to lick their wounds as well.
The Senate Banking Committee will hold a hearing on regulatory frameworks for cryptocurrencies and blockchain next week.
Northern Trust has announced it has been appointed by Hermes Investment Management to provide currency management services for its Irish fund range.
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros because of major costs stemming from its efforts to reshape its business.
European asset manager Union Investment has started trading Eurex FX futures after the firm says it saw “growing traction in the product as part of their overall FX portfolio strategy”.
Standard Chartered Bank has unveiled Tony Hall as its new global head of macro trading, financial markets.
China’s central bank is piling into gold, the traditional safe haven, as bond yields go negative and the US considers ditching its ‘strong dollar’ mantra, potentially igniting currency wars
The Reserve Bank appears destined to join the rest of the developed world in a race to the bottom. There are alternatives, but little appetite to pursue them.
Most world economies from Germany to Japan are bearing the brunt of an interminable U.S.-China trade war but one country that has been insulated from the blow so far is Australia, which is rolling in record export dollars.
The pound is not the worst-performing developed market currency this year, despite the glut of gloomy headlines surrounding Brexit. That unenviable position belongs to Sweden’s krona.