Sterling fell briefly below $1.28 for the first time since late June and deepened its recent losses against the euro as gloom over Britain’s economic prospects and the Brexit process encouraged investors to push the pound lower.
The dollar rose against most Group-of-10 peers amid profit-taking on short positions and as fresh long exposure was added before the Federal Reserve’s annual economic symposium later this week.
The euro edged higher recovering from the day’s lows, though gains on strong private sector growth data from Germany remained muted as investors braced for speeches from European Central Bank President Mario Draghi this week.
A complete meltdown of UK key figures is already priced into EUR/GBP.
The Hong Kong dollar was again flirting with a decade-low as it weakened against its US counterpart two weeks after the city’s de facto central bank moved to shore up the currency.
Few investors believe the currency has started a fresh appreciation cycle.
HSBC Holdings, Citigroup and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.
The derivatives industry can breathe a sigh of relief regarding new variation margin (VM) requirements, as it now looks like majority of market participants will be ready for them, according to the International Swaps and Derivatives Association (ISDA).
US bank regulators proposed holding off on implementing stricter capital rules for smaller banks while the agencies review ways to simplify requirements for less complex institutions.
Inter-agency consensus may prove more elusive on altering prop-trading definitions.
Investment bank now targeting Volcker rule in DC lobbying after Obama-era battering.
CloudMargin and DTCC-Euroclear’s GlobalCollateral unit have entered into an agreement to connect CloudMargin with the latter’s Margin Transit Utility (MTU).
Mark Cuban wants in on the cryptocurrency boom even if it turns out he’s right that bitcoin is in a bubble.
Banks are faced with more competitive disruption from tech behemoths than financial technology (fintech) start-ups, according to a report by the World Economic Forum (WEF).
Asia Pacific currencies were down against the dollar to varying degrees ahead of this week’s gathering of central bankers in Jackson Hole.
Asian currencies were steady, supported by improving risk sentiment due to easing concerns over geopolitical risks in the region.
The Turkish lira is maintaining its upward trend against the dollar, which began in February this year.