Top Headlines

Offshore Renminbi Heads for Worst Week in Five Months on Trade Tensions – Financial Times (subscription)

The offshore renminbi has suffered its worst week since last October as the escalating US-China trade war continues to weigh on investor sentiment.

Analysts React as Beijing and Washington Go Tit-for-Tat on Trade – Financial Times (subscription)

Tensions between the US and China over trade escalated as Beijing hit back at the White House’s latest threats to impose new tariffs on Chinese imports into the US.

Dollar Notches Second Week of Gains as Price Concerns Dominate – Reuters

The dollar edged higher, heading for a second week of gains, as investors cut some bets against the currency before monthly US payrolls data that may signal price pressures are growing in the world’s biggest economy.

Trade War or Not, Weak Dollar Trades Here to Stay – Reuters

Currency market moves as a result of the trade dispute between the United States and China have more or less run their course and only a flare-up in the conflict will change the outlook significantly, a Reuters poll of strategists suggests.

Pound Nears Six-Week Lows on Dollar Rebound, Weak Data – Reuters

The pound languished near six week lows following a general dollar rebound as the impact of a cold weather bout on the British economy tested widespread optimism about the British currency.

US Investment Banks to Top Europe, Morgan Stanley Analysts Say – Bloomberg

US investment banks will continue to outstrip their European peers in the first quarter thanks to higher interest rates and outlays on technology, according to analysts at Morgan Stanley.

US DoJ Changes Tactics in Bogucki Case – FX Week (subscription)

US attorneys will use bank fraud laws to pursue the former currency trader, extending the statute of limitations.

Traders Shrug Off Mifid II Impact on Transparency and Liquidity – Euromoney

Objective to increase transparency has largely failed but liquidity remains resilient, say senior traders.

Regulatory News

BoE Names Churm as Head of FX Division – Profit & Loss

Rohan Churm has been appointed as head of the FX division at Bank of England (BoE), succeeding Rebecca Jackson.

SEC Chief Touts Benefits of Crypto Regulation – Coin Desk

The SEC’s highest-ranking official appears to be softening his stance toward ICOs.

Swiss Central Banker Warns of Cryptocurrency Risks – Wall Street Journal (subscription)

Maechler says functions and volatility risks differ from traditional money.

Company News

CME, Bucks the Trend as NEX and Thomson Reuters Report March ADV Drop – Profit & Loss

CME Group says it handled 1,120,000 FX contracts per day in March, slightly higher than in February.

Deutsche Bank Signs Adherence to FX Global Code – Profit & Loss

Deutsche Bank has signed the statement of commitment to the FX Global Code to support an industry-wide initiative to promote integrity in the foreign exchange market.

$1.6 Billion Cryptocurrency Exchange Coinbase Is Launching a Venture Fund to Create an ‘Open Financial System for the World’ – Business Insider

Coinbase, the cryptocurrency trading platform valued at $1.6 billion, is launching a venture fund that will invest in companies changing the world of finance, the company announced in a blog post.

Market Savvy 

Trade Worries Likely to End Mexico Peso’s Recent Upswing – Reuters

Recent strength in the Mexican peso is unlikely to hold in coming months as US President Donald Trump doubles down on his protectionist stance, the latest Reuters survey of currency market strategists showed.

Australian, NZ Dollars Seen Resilient Despite Trade War Fears – Reuters

The Australian and New Zealand dollars are likely to stay resilient this year, a Reuters poll showed, even as fears of a global trade war spark wild gyrations in currency markets.

March Went Out Like a Lamb for Initial Coin Offerings – Wall Street Journal (subscription)

The recent cooling in the once-hot market for initial coin offerings hasn’t been as dramatic as feared, new data from industry tracker Token Report shows.