Top Headlines

Senate Confirms Giancarlo as CFTC Chair – Profit & Loss

The US Senate has confirmed Christopher Giancarlo as the permanent chairman of the Commodity Futures Trading Commission (CFTC), while Rostin Behnam and Brian Quintenz have been confirmed as commissioners.

Dollar Wallows Near 15-Month Lows as US Jobs Report Eyed – Reuters

The dollar struggled near its lowest since May 2016 against a basket of currencies in the wake of weak US data, as traders awaited the key non-farm payrolls report due later in the session for potential relief.

Sterling Up After Biggest Daily Loss in Month, Outlook Wary – Reuters

Sterling bounced a day after posting its biggest daily loss in a month, as some investors consolidated positions after the Bank of England kept interest rates at record lows and lowered its growth and inflation forecasts.

Trickle from Swissie Glacier is Turning Into a Torrent – Financial Times (subscription)

The euro crisis is over and all is well in the world. Just ask Thomas Jordan.

China Eyes Widening Yuan Band Amid Reform Pressures: Sources – Reuters

China’s central bank is considering a widening of the yuan’s trading band after a major Communist party meeting this year, a largely cosmetic move that would burnish its reform credentials as official policy focuses on reducing debt.

Currencies Face Uncertain August Amid Central Bank Normalisation – Financial Times (subscription)

August tends to be a lax month for currency investors, but occasionally it can be fraught.

Amsterdam Attracts Trading Platforms for Post-Brexit Base – Reuters

For the foreign exchange industry, speed is also a top priority.

FX Trade Audits Remain a Financial Risk Despite Tech Advances – Euromoney

Despite advances in data analytics technology, foreign-exchange trade audits remain a complex process requiring access to a wide spread of information on the client as well as the market.

Regulatory News

Is Gary Cohn a Good Pick to Head the Fed? – Bloomberg

Trump’s top economic adviser, a Goldman alum, is a front-runner to become the next chair of the Federal Reserve.

Esma Adviser Says Position Limits to be Published in November – Risk (subscription)

Task force member warns of market “disorder” in tight window before Mifid II goes live.

UK Fund Firms Seek Clarity from Regulator on Brexit – Institutional Investor (subscription)

British financial services firms are calling on their regulator to offer more transparency on potential changes surrounding European distribution, amoung other issues, after the UK leaves the EU.

How to Fix Libor Pains – Wall Street Journal (subscription)

The time has come to phase in an alternative to the interest-rate benchmark.

Company News

ING Launches EM FX Indices – Profit & Loss

ING is launching proprietary global emerging markets indices, aiming to provide clients with a new route for gaining exposure to emerging markets currencies.

CME Head of FX, Metals Product to Leave – FOW (subscription)

Sandra Ro has been with the Chicago-based exchange in New York for almost six years.

StanChart Names Americas Financial Markets Co-Heads – Profit & Loss

Standard Chartered Bank (StanChart) has appointed Jens Andersen and Molly Duffy as co-heads, financial markets, Americas.

Baldi Swaps BAML for UNTL – Profit & Loss

Joseph Baldi has resigned from his role as vice president, FX prime brokerage, at Bank of America Merrill Lynch (Baml) in New York and is set to join UNTL Capital.

Cobalt Closes Investment from Former Deutsche COO – Profit & Loss

Cobalt, the FX post-trade processing network based on shared ledger technology, has closed an investment from Henry Ritchotte, the former COO of Deutsche Bank, who will become a member of Cobalt’s strategic advisory board. 

EBS FX Benchmarks Are a Unique Proposition, Says Taylor – FX Week (subscription)

Usage scenarios could include benchmark replication, portfolio management and structured products, says Nex Data MD.

Market Savvy

C$ Hits Two-Week Low as Oil Falls, Jobs Data Awaited – Reuters

The Canadian dollar weakened to a two-week low against its US counterpart as prices of oil, one of Canada’s major exports, fell and investors braced for Canadian and US jobs data on Friday.

RBI Cut Seen Adding Fuel to Rupee Rally as Two-Year High Reached – Bloomberg

There’s no stopping the rupee. Strategists say Asia’s best-performing currency of the past six months could climb further as the Reserve Bank of India’s interest-rate cut lures more inflows into local shares.

Zimbabwe Boosts ‘Bond Note’ Parallel Currency by $300m – Financial Times (subscription)

Move raises fears notes are paving way for return of country’s dollar.