The pound fell sharply following weekend reports that 40 Conservative MPs had agreed to sign a letter of no confidence in Theresa May, UK prime minister, and Eurosceptic cabinet ministers pushed her to take a tougher line on Brexit.
- Pound Slides as Pressure on May’s Leadership Adds to Brexit Woes – Bloomberg
- Pound Declines as UK Faces Tumult – Wall Street Journal (subscription)
- Sterling Drops as Political Concerns Multiply – Reuters
It is another variable for UK markets to juggle alongside the shape of any Brexit deal, whether the Bank of England really is at the start of a tightening cycle and the state of the economy.
The dollar edged higher as last week’s spike in US bond yields supported the currency, with sterling – battered by political headwinds – the biggest loser.
The latest Asset Manager Perspective, published by Norway’s sovereign wealth fund Norges Bank Investment Management (NBIM), highlights the “significant achievement” of FX markets in becoming the most liquid in the world, but argues the solutions developed by the industry have also tended to exacerbate the informational advantages enjoyed by dealers.
Cryan says he cannot understand why industry has become such a battleground.
Citigroup among those looking to ‘branch-back’ by using EU offices.
Luxembourg strikes down one charge against broker over cartels in interbank markets.
Probably the biggest change in the FX market over the past 10 years has been the availability of data.
With a tall latte costing $1.53 in Cairo and $5.76 in Zurich, prices suggest some currencies are overvalued against the dollar and some are undervalued.
Cross border trading rules in focus as J. Christopher Giancarlo travels to Hong Kong and Singapore.
Financial regulators, some of them longtime bankers, now sound friendlier tone.
The EU’s financial watchdog has issued a warning on the risks of initial coin offerings for investors and given new guidance for companies involved in offering the instruments.
Officials working for the SEC inspector general have filed complaints alleging retaliation for calling out misconduct in the office.
The majority of asset managers intend to pay for research in fixed income, currency and commodities themselves but nearly half are still waiting for an approach from their FICC research providers.
The move comes in response to uncleared margin rules that are driving costs for clients.
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Most Asian currencies were subdued as uncertainty about US President Donald Trump’s tax reform plans checked investor enthusiasm.
The rouble firmed slightly thanks to higher oil prices but gains were limited by demand for dollars related to foreign debt repayments.
Bearish investors in bitcoin have started to cover their short positions, suggesting selling pressure may be waning after concern over the cryptocurrency’s future wiped out some $38 billion in value in the past week.