Financial Conduct Authority (FCA) boss Andrew Bailey said the London interbank offered rate (Libor) will no longer receive the backing of regulators as the industry tries to move to a more reliable marker.
Donald Trump has become the soft-dollar president, with the US currency hitting the lowest level in more than a year, measured against a basket of foreign alternatives.
- Dollar Dips After Bounce, US GDP Awaited for Potential Support – Reuters
- Dollar Rises on Strong Economic Data – Wall Street Journal (subscription)
Britain’s pound steadied close to its highest levels in 10 months against the dollar on comments from the finance minister about a transitional leaving deal with the European Union.
While it may not be apparent at first glance, the euro is beginning to show signs of peaking.
- How High? Analysts Ponder How High the Euro Can Fly Against the Dollar – Financial Times (subscription)
The Swiss franc weakened further against the euro, dropping for a fourth consecutive day to its lowest level since the country’s central bank removed its upper limit at the start of 2015.
Goldman Sachs Asset Management is calling the top of the Aussie rally, selling the currency after it jumped to a two-year high on what the firm sees as unrealistically strong expectations for interest-rate increases by the central bank.
China will maintain a crack down on foreign exchange irregularities to ensure stability in the currency market and the broader economy, the country’s forex regulator said, in a sign Beijing will continue to keep a tight leash on capital outflows.
Joanna Place has been appointed as COO at the Bank of England (BoE) and Sir David Ramsden has been named as deputy governor for Markets and Banking at the central bank.
Regulator said extension was for non-US swap dealers that enter swaps with non-US counterparties.
The three nominees for the Commodity Futures Trading Commission promised to complete a long-delayed rule on position limits in derivative markets, though the two Republicans and one Democrat made clear they disagreed on the specifics.
The Trump administration is working with bank regulators to roll back post crisis rules, Treasury Secretary Steven Mnuchin, namely the Volcker rule and the system of determining which financial firms are considered “too big to fail.”
Randal Quarles attacked by congressional Democrats for being weak on Wall St abuses.
Wall Street’s top US regulator needs to improve the way it protects its own computer networks from cyber attacks, according to a new report by a congressional watchdog office.
Thomson Reuters (TR) has updated its FXall and FX Trading desktops to ensure clients trading its Multilateral Trading Facility (MTF) will remain fully compliant with the upcoming MiFID II requirements.
NEX Data now provides the market with a broader offering of timely foreign exchange rates that are independently produced.
Soured trade contributes to 12% drop in FICC, its biggest unit.
Asset managers in London oversee funds worth €1.2 trillion (£1.07 trillion) in the EU – more than their peers in France, Germany and Italy combined.
Hong Kong-based digital currency exchange Bitfinex said that a minority of bitcoin miners would be “forking” to create a new version of bitcoin called Bitcoin Cash on August 1.
Argentina’s peso slid to its lowest level against the US dollar since it was decoupled from the greenback in 2002, reflecting rising concern about a possible political comeback by former President Cristina Kirchner.
The crown eased slightly with markets scaling back a touch ahead of next week’s Czech central bank (CNB) meeting at which policymakers could deliver its first rate hike in almost a decade.
The Canadian dollar retreated against the greenback after touching a two-year high, as its US counterpart rebounded on a slew of US data that indicated an acceleration in growth during the second quarter.