The British pound touched a historic low against a basket of currencies on Tuesday, according to Bank of England data released Wednesday morning.
A senior member of the Commodity Futures Trading Commission has called for a “thorough and unbiased analysis” by global financial regulators of the systemic risk of “unprecedented capital constraining regulations on global financial and risk-transfer markets”.
The Bank of England will look past an overshoot in its inflation target if a weaker currency pushes up domestic prices, its newest policymaker has said, adding the recent sharp drop in the pound was not an immediate cause for concern.
The pound surged against the dollar, heading for the biggest gain in almost two months, after UK Prime Minister Theresa May accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union.
- British Pound to Euro Exchange Rate Recovers, But Still Destined for Parity Longer-Term – Pound Sterling Live
Following the dramatic flash crash in the sterling/US dollar rate in the early hours of October 7, disagreements about the rate’s official low point led foreign exchange dealers to agree their own level, which was more than 4% higher than some trades seen on the day.
A US-run company targeting takeovers in the foreign exchange sector is to float on the London Stock Exchange today.
China’s central bank weakened the yuan’s reference rate for a sixth day, the longest run of cuts in nine months, amid speculation policy makers will allow further declines as the dollar rises.
Sterling’s sharp sell-off represents a challenge by forex markets to the UK government.
Volatility of the currency now resembles that of the Mexican peso – though the peso has performed better.
The price of web-based digital currency bitcoin jumped to a ten-week high as worries about a further weakening of the yuan drove increased demand from China.
The top US derivatives regulator is considering modifying its push for access to computer code after high-speed traders said the effort would be unprecedented and could put the industry’s secret trading formulas at risk.
Europe’s top markets regulator has begun to provide its “Q&A” guidance for MiFID II, marking the last – but potentially most critical – phase of the regulatory process for the new trading rulebook.
Progress on a planned European financial transaction tax at talks in Luxembourg could lead to a deal getting done by the end of the year, according to German Finance Minister Wolfgang Schaeuble.
Founded by two former traders at Societe Generale, SynSwap is a post-trade start-up based on hyperledger technology designed to disintermediate central counterparties from the clearing process, effectively removing their role in key areas.
ABN Amro Clearing Bank has joined the Dubai Commodities Clearing Corporation, a wholly owned subsidiary of the Dubai Gold and Commodities Exchange, as a special clearing member.
ThinkMarkets has launched a collaboration with VertexFX Cloud to offer wider access to ThinkMarkets’ liquidity platform.
The Chinese yuan, along with other major currencies, appeared to find some breathing space against an ever-strengthening US dollar, as investors waited to see the minutes from September’s Federal Open Market Committee meeting, which should reveal the Fed’s overall stance on US interest rates.
Most emerging Asian currencies fell as expectations grow of a US interest rate hike in December, but they later pared losses as the British pound’s rebound hurt the dollar.
Brazil’s real advanced, dodging a global slump in emerging-market currencies, after lawmakers approved a proposal to limit growth in public spending, a key measure to trim the near-record budget deficit.
Thai stocks and the baht dropped, leading declines in Asia, amid concern over the health of the king and on the prospect of a US rate increase this year.