Top Headlines

Portware Joins FXPA to Engage in Critical FX Market Issues – FXPA

Portware, a FactSet Company, has joined the Foreign Exchange Professionals Association (FXPA) as a Supporting Member. Launched in 2014, the FXPA is designed to engage key regulators and policymakers to advance a sound, liquid, transparent, and competitive global currency market.

Madaras Loses Unfair Dismissal Case – Profit & Loss

Former Citi FX trader David Madaras has lost his claim for unfair dismissal against the bank after a tribunal judge decided he intentionally broke rules surrounding the sharing of client information.

Manufacturing Data Beat No Comfort for Sterling as Election Weighs – Reuters

Sterling inched lower against the dollar and euro, with forecast-beating manufacturing data giving the currency only a minimal boost as traders eyed radically conflicting polls on next week’s British elections.

Dollar Wobbles on US Political Tension, Eyes Jobs Data – Reuters

The dollar fell broadly, sliding to two-week lows against the yen and a more than one-week trough versus the euro amid growing political tension in Washington.

China Crushes Yuan Bears, Snubs Moody’s as Currency Takes Off – Bloomberg

China is dishing out a tough lesson to currency traders and strategists alike: don’t bet against the yuan.

Australian Dollar Worst Among Currencies in Asia as Capex Disappoints – Financial Times (subscription)

Major currencies are weaker across the board against the US dollar, but the Australian dollar is the worst of the bunch as traders reacted poorly to a batch of key economic data.

Goldman Asset Sees Aussie Below 70 Cents as Premium Fades – Bloomberg

The Australian dollar is set to decline more than six percent to around the “high 60s” level versus the greenback as the country loses its yield advantage over the US, according to Goldman Sachs Asset Management.

C$ Weakens as Slumping Oil Prices Offset Strong GDP Data – Reuters

The Canadian dollar weakened against its US counterpart as a drop in oil prices offset data showing strength in the domestic economy.

SNB Still Has Ample Room to Expand Balance Sheet, Jordan Says – Reuters

A strong Swiss franc continues to put pressure on Switzerland’s monetary policy, Swiss National Bank (SNB) Chairman Thomas Jordan said.

Keeping Pace with Technology Innovation – Profit & Loss (subscription)

Put simply, the FX industry was trying to manage a 21st century market with 20th century oversight procedures.

Blockchain Vs. Bitcoin: Is the Pendulum Swinging Back? – Profit & Loss (subscription)

Why demand for cryptoassets has skyrocketed in 2017 and their future in mainstream financial markets.

Regulatory News

Top Trump Adviser and Former Goldman Sachs Executive Gary Cohn Reportedly Wants to Lead the Federal Reserve – Business Insider

Gary Cohn, the former Goldman Sachs chief operating officer who is now the top economic adviser to President Donald Trump, reportedly has his eyes set on the top job at the Federal Reserve.

Regulator Demands Detailed Brexit Plans from UK Asset Managers – Financial Times (subscription)

FCA asks for information on staff relocation and impact on capital and IT systems.

Bankers Warned Against ‘Letterbox’ Offices in EU After Brexit – Bloomberg

The European Union’s financial-markets regulator sought to stop the bloc’s member states from loosening oversight to attract business after Brexit, warning that firms shouldn’t be allowed to set up shell offices in the EU that still conduct critical business in London.

Banks Split on MiFID II Pre-Trade Compliance – Risk (subscription)

Esma promises guidance, but some say ‘firm, executable’ quotes are impossible.

Company News

BGC to Launch New e-FX Platform – Profit & Loss

BGC Partners is set to launch a new e-FX trading platform in the next few weeks.

Killen Leaves Westpac – Profit & Loss

Hugh Killen, global head of fixed income, currencies and commodities at Westpac, stepped down from the role yesterday, Profit & Loss understands.

Egger to Head FastMatch Americas Sales – Profit & Loss

Shawn Egger is set to join FastMatch has head of sales, Americas, effective June 5, 2017.

Esma Grants Approval to Bloomberg European Trade Repository – Waters Technology

Bloomberg set to open trade repository for Europe for OTC and exchange-traded derivatives reporting.

Burton Taylor: Sentiment Survey Predicts Positive Growth for 2017 – Waters Technology (subscription)

The survey highlights pricing and reference data, valuations, risk and regulation-related spend as having the strongest sentiment for growth in spend.

Market Savvy

Japan’s Nikkei Snaps Four-Day Losing Run on Upbeat Data, Weaker Yen – Reuters

The yen posted modest losses against the dollar, as its earlier run to a two-week high against the greenback was met with steady profit-taking.

Forint Firms as PMI Jumps, Labour Shortage Cuts Czech PMI – Reuters

The forint strengthened Hungary’s Purchasing Managers’ Index (PMI) jumped to a record high in May, underpinning that strong manufacturing growth continues in Central Europe.

Egypt Lures Bargain-Hunting Investors – Financial Times (subscription)

Violence batters tourism, but currency float and President Sisi’s reforms lift outlook.