Venezuela’s president Nicolas Maduro announced on Friday a single exchange rate pegged to his socialist government’s petro cryptocurrency, effectively devaluing by 96 percent in a move economists said would fan hyperinflation in the chaotic country.
- Venezuelan Crisis Escalates as President’s Economic Plans Fuel Tensions – Wall Street Journal(subscription)
Data indicates shifting trading patterns and could offer a challenge to the incumbents in the multi-dealer platform industry.
The Turkish lira traded steady against the dollar on Monday, showing no reaction to Friday night’s moves by Moody’s and Standard & Poor’s ratings agencies to cut Turkey’s sovereign credit ratings deeper into “junk” territory.
The end of Greece’s marathon bailout on Monday would mark the closure of the eurozone crisis—if only it weren’t for Italy, and nagging fears that the euro isn’t fixed after all.
- Greece’s Bailout Is Ending. The Pain Is Far From Over – New York Times
- Italy to Defy EU’s Grip With €80bn Infrastructure Blitz – Daily Telegraph
More action is expected from the HKMA to strengthen the local currency.
India’s PM had vowed currency would strengthen under his strong leadership.
Funds trying to increase returns have been caught out by the falling currency.
A new staff working paper from the Bank of England finds that clients trading interest rate swaps in an uncleared environment are paying around eight basis points for the privilege.
The move comes ahead of critical week of trade talks as Chinese stocks and currency wilt.
Standard Chartered’s Tracy Clarke says tougher demands could see more jobs than planned shift to Frankfurt, Paris and Dublin.
A whistleblower at Goldman Sachs has gone to the UK’s financial watchdog to allege that the Wall Street bank has improperly recorded trading data.
Profit & Lossunderstands that Liam Hudson is joining BGC Group to run its e-FX businesses, including Fenics FX, which was launched last year, MidFX and the electronic FX options offering.
US President Donald Trump asked securities regulators to explore replacing quarterly reporting requirements with half-yearly filings at the urging of executives including PepsiCo Chief Executive Indra Nooyi, reigniting a debate about how often companies should give financial updates to investors.
Reserve Bank Governor Philip Lowe has lashed out at Australia’s banking system, telling a Parliamentary committee he has been “appalled” by the behaviour revealed in the banking royal commission.
The cryptocurrency bubble has burst. In January, the total market capitalisation of cryptocurrencies had climbed beyond $800bn, up from just $18bn a year earlier according to data provider CoinMarketCap. Now the market has lost three-quarters of its value to stand at $200bn.
The reports of the death of the cryptocurrency market may really be greatly exaggerated. That’s the view of Sanford C. Bernstein & Co. analysts, who say that revenue generated from crypto exchanges could more than double to as much as $4 billion this year even amid the collapse in the prices of digital assets.
The organiser of Sibos, the world’s biggest banking technology conference, has taken a hard line on cryptocurrency firms exhibiting at its upcoming conference in Australia, sparking a row between the events company and the fintech sector.
Philippines, South Korea and Thailand ease regulations to lure fintech investment
The dollar edged higher on Monday as confirmation was awaited that there will be talks this week between China and the United States, which markets hope will lead to an easing of their trade disputes.
Forgotten amid Donald Trump’s trade war insanity and diplomatic dumpster fires was Asia’s biggest fear entering into 2018: an aggressive US Federal Reserve.
The sell-off in emerging markets has spilled into commodities, hitting prices of key resources from copper to oil. But there are growing fears that it’s not just a knock-on effect of weakening currencies or a short-term speculative washout in risky assets. It could be a harbinger of weaker growth in China.
Iran told OPEC on Sunday no member country should be allowed to take over another member’s share of oil exports, expressing Tehran’s concern about Saudi Arabia’s offer to pump more oil in the face of U.S. sanctions on Iranian oil sales.