Sterling surged as Britain and the European Union agreed to a 21-month post-Brexit transition period and a potential solution to avoid a “hard border” for Northern Ireland.
The euro rose after a Reuters report that European Central Bank officials were shifting their debate from bond purchases to the expected path of interest rates, reviving bets that the ECB may raise rates sooner than previously thought.
The dollar edged higher, reversing some of its losses the previous day as investors positioned themselves ahead of Wednesday’s policy meeting at the US Federal Reserve, which is widely expected to raise interest rates.
The world’s financial leaders gathering in Argentina are likely to stop short of any specific action aimed at regulating cryptocurrencies such as Bitcoin, amid discord over the approach, sources at the summit told Reuters.
- UK Government to Study Cryptocurrency Risks in More Detail – Reuters
- Swiss Authorities Tread Wary Path Through ‘Crypto Valley’ – Financial Times (subscription)
President Donald Trump signed an executive order barring any US-based financial transactions involving Venezuela’s new petro cryptocurrency, as US officials warned that it was a “scam” by President Nicolas Maduro’s government to further undermine democracy in the OPEC country.
Deutsche Börse has announced plans to establish a foreign exchange clearing house ahead of a possible expansion of the European Market Infrastructure Regulation (EMIR) requirements to include other asset classes such as foreign exchange (FX).
Closing positions with UK CCPs could lead to operational risk, according to an expert.
How tpSef quietly kept voice broking alive in a regime designed for e-trading.
Jane Street, a secretive Wall Street firm which traded more than $5 trillion in 2017, has started trading bitcoin.
- A Controversial Cryptocurrency Is Exploding as Traders Look for Safety Away from Bitcoin’s Wild Swings – Business Insider
- Issuers Experiment with Free Initial Coin Offerings – Financial Times (subscription)
The Bank of England will hold the UK’s seven largest banks to a higher standard when it conducts this year’s annual stress test.
The economy might be less strong than central bankers think, or it might be strong but create less inflation.
- Why Global Markets Are Still Far from Normal – Wall Street Journal (subscription)
- Warning Signal on US Borrowing Costs Is a Red Herring – Financial Times (subscription)
UK regulator will meet with counterparts in the US, Europe and Asia to lay out plans for cross-border testing of financial technology innovations
Richard Metcalfe joins WFE as head of regulatory affairs, replacing Gavin Hill who will join the compliance team at the London Metal Exchange.
The clearing house has also set it would leverage new benchmark products.
Thomson Reuters has announced it is introducing more granular pricing for AUD/USD across its spot FX trading platforms.
Shahid Akram, who was most recently Deutsche’s global head of business development for FX sales, will start at Goldman in London in May.
Hong Kong’s stock exchange is working with its Australian counterpart to share information on blockchain, as global exchanges accelerate plans for the technology in an attempt to compete and cut costs.
A faster pace of US rate rises will have ramifications for Hong Kong and its currency.
Should their similar trajectories continue, bitcoin could have even more downside ahead.
The rupee is the second-worst performing currency in Asia and global funds have turned net sellers of its bonds this year.