Sterling sank to a 10-day low against the euro after a surprise third monthly fall running in British retail sales pointed to weakening consumer sentiment as the government gets ready to launch talks on leaving the European Union.
It’s fair to say the pound has had a bumpy ride since last June’s vote to leave the EU, but with traders now left waiting for Article 50 to be triggered, a level of calm has finally descended on the currency, with one measure of volatility hitting its lowest level since well before the referendum.
Market volatility dissipated in Asia trade on Friday morning as the dollar’s downward momentum eased and oil prices inched higher after recovering from a sudden drop the evening prior.
- Dollar Declines on Political Uncertainty – Wall Street Journal (subscription)
- Likely Sixth Loss in Eight Weeks Weakens Faith in Dollar Rally – Reuters
Perhaps the one corner that’s still going strong for Wall Street banks is currencies, where volatility has held up.
For two brief periods in the late US and early Asian trading day, the offshore renminbi traded at a weaker rate than its onshore counterpart against the dollar in what would have been a reversion to type – as well as a signal that weakening was back on the agenda.
China’s central bank sold the least amount of foreign exchange in five months in January, reinforcing views that capital outflows have eased as policymakers step up scrutiny of cross-border flows and as the yuan steadies.
Russia’s Economy Minister Maxim Oreshkin said he had discussed a recent sharp strengthening of the rouble currency with President Vladimir Putin, TASS news agency reported.
Investors are developing thick skins to political risk in South Africa.
Reforms and remittances help boost confidence and economy.
Not a chance. FCA wants to, but has no power and no remit.
Although use of mobile devices to place FX orders is growing steadily among retail traders, demand from sell-side institutional traders has stalled because of compliance and functionality restrictions.
A market watchdog has more info than it can afford to sort through.
The 10 European Union countries exploring a financial-transaction tax are struggling to agree on key parts of the plan, casting new doubt on the future of the project, two people familiar with the talks said.
Institutions designed to provide stability have become the system’s linchpins.
Michael Piwowar gets to work while keeping the seat warm for Jay Clayton.
A US appeals court said it would rehear a challenge to the Securities and Exchange Commission’s use of in-house judges.
The rise of cryptocurrencies has not gone unnoticed by national governments and regulators with many actively looking at their regulations and taxation structures.
CBOE and Bats Global Markets said they plan to complete their merger on February 28, just five months after the US exchange groups announced their merger.
After being the first Chinese bank to stream spot CNH prices during the Asian time zone, ICBC (Asia) is now the first Chinese bank to initiate a 24-hour price stream on Thomson Reuters’ FXall platform via Electronic Trading.
EBS BrokerTec has chosen Nasdaq’s SMARTS surveillance technology for its US treasuries, FX and repo markets.
The pound to rand exchange rate has this week fallen to its lowest levels since October 2013 having recorded a conversion of 16.0685 in mid-week trade.
The Brazilian real and the Mexican peso fell as investors awaited additional details of US President Donald Trump’s fiscal policies.
Emerging market stocks took a breather, easing back after what was set to be a seventh week of gains in the last eight and also a bumper one for many of the major EM currencies.