Top Headlines
Ktorza Ruling Overturned – Profit & Loss
A UK appeals court judge has decided that former JP Morgan FX salesperson Patrice Ktorza’s case must be reheard by an employment tribunal.
Sterling Falls Below $1.26 for First Time Since Mid-April – Reuters
Sterling dipped below $1.26 for the first time in more than two months, deepening this week’s losses on signs that Prime Minister Theresa May is still struggling to find the support she needs for her government in parliament.
- Pound Suffering from Heat Stroke; Under $1.26 – Financial Times (subscription)
- Carney Speech Prompts Sterling Slide – Profit & Loss
Dollar Edges Down from Highs as Oil Slides, Pound Stuck Near Two-Month Low – Reuters
The dollar edged back from one-month highs against a basket of currencies as a tumble in crude oil prices pushed down US yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike.
Remember the Stunning Dollar Rally in 2014? It’s the Euro’s Turn – Bloomberg
You may think the reflation trade is dead. Actually, it’s simply traveled across the Atlantic.
Yen Leads the Way in Mixed Day for Major Currencies – Financial Times (subscription)
Most major currencies were handing in a muted performance in Asia, although the Japanese yen was a standout performer.
How the FX Global Code is Bringing Back Ethics – FX-MM
The introduction of an industry-wide set of guidelines means that FX participants are getting a crash course in ethical behaviour.
Predicting the Impact of Brexit – Profit & Loss
Speaking at the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) meeting in Washington, a range of market participants weighed in on the expected impact of Britain’s exit from the European Union.
Nigeria’s Half-Measures on Currency Are Only Half-Working – Bloomberg
A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back.
Regulatory News
Bowen to Leave the CFTC – Profit & Loss
Sharon Bowen is leaving her position as a Commissioner at the US Commodity Futures Trading Commission (CFTC).
ECB Weighs in Behind Brussels on Shifting Euro Clearing from UK – Financial Times (subscription)
Benoit Coeuré says eurozone supervision needed to guard against financial panic.
No Phase-In for MiFID II Derivatives Trading Obligation – The Trade
Europe’s regulatory watchdog has ruled out any additional ‘phase-in’ period for banks and asset managers to move their OTC derivatives to electronic trading platforms under MiFID II.
FCA Sets 3 July Deadline for MiFID II Authorisation – The Trade
Firms have been warned by the FCA to apply now to ensure application is processed by 3 January 2018.
Peak Banking Globalization Hasn’t Come and Gone, BIS Says – Bloomberg
BIS, the Basel-based central bankers’ bank, isn’t ready to call an end to financial globalization.
Wall Street Now Fears the Lawyer Who Used to Defend It – Bloomberg
Brockett has become a kind of securities watchdog-for-hire, a role that could grow even more prominent in the anti-regulatory era of President Donald Trump.
Company News
Cürex Rolls Out Microsecond Timestamps – Profit & Loss
Cürex Group is introducing microsecond timestamp confirmations for its clients’ trading activity.
The Virtual-Currency War That Threatens to Tear Bitcoin Apart – Wall Street Journal (subscription)
A calcifying rift in the bitcoin world is pitting two camps with competing visions for what the virtual currency should be against each other, accentuating the volatility that has come to define this market.
Growing Scepticism Challenges the Blockchain Hype – Financial Times (subscription)
Companies recognise that the technology has yet to be adapted for the real world.
Market Savvy
Oil-Linked Currencies Pressured by Lower Oil Prices, Sterling Slips – Reuters
Commodity-linked currencies such as the Canadian dollar and the Norwegian crown were on the back foot, dragged lower by declining oil prices, while sterling wallowed near two-month lows.
Aussie Dollar Falls in Lively Session – News Corp Australia
The Australian dollar is sharply down against its US counterpart as the greenback lifts against most currencies, except the yen and the kiwi dollar, in a lively session.
Leu Hovers Near 4½ Year Lows as PM Faces No-Confidence Vote – Reuters
The Romanian leu hovered near 4½ year lows as Prime Minister Sorin Grindeanu faced a no-confidence vote in parliament.