Sterling Hits Seven-Week Low Before Second Lords’ Brexit Vote – Reuters
Sterling fell to a seven-week low against the dollar, ahead of a second vote in Britain’s upper house of parliament on legislation giving Prime Minister Theresa May the right to start formal Brexit talks.
Dollar Holds Gains as US March Rate Hike Seen Near Certain – Reuters
The dollar steadied as investors widely expect the Federal Reserve to raise interest rates next week and are waiting for clues on the likely pace of hikes, including this week’s US job data.
Peso Hits Post Election High as Banxico Begins FX Hedge – Financial Times (subscription)
Mexico’s peso firmed to its best level since the US elections after a successful start to the Bank of Mexico’s foreign exchange hedging programme.
- Mexico Peso Slips Even as Central Bank Sells Forex Hedge – Reuters
- Mexico Currency Hedges See Strong Demand as Pessimists Abound – Bloomberg
Thomson Reuters Volumes Fall in February – Profit & Loss
Thomson Reuters has rounded out the reporting period for FX platforms, recording average daily volume (ADV) of $84 billion in spot and $254 billion in forwards, swaps, NDFs and options.
What China’s Premier Left Unsaid Raises Speculation About Yuan – Wall Street Journal (subscription)
A subtle change to Beijing’s familiar language on its exchange-rate policy suggests that China’s leadership is preparing for more volatile currency moves this year, as global political and economic uncertainties mount.
- China’s Forex Reserves Rise for the First Time Since June to Above $3tn – Financial Times (subscription)
China Currency Manipulation Could Be Just What Trump Needs – Bloomberg
Top American economic officials, set to meet their Chinese counterparts next week at a Group of 20 gathering, may find one of their toughest challenges yet to hash out agreed language on foreign-exchange policy.
Swiss FX Reserves Back at a Record High – Financial Times (subscription)
Switzerland’s foreign exchange reserves have hit a fresh record high after two months of declines, according to figures released by the Swiss National Bank.
Emir Review Delayed Until June 7 – Risk (subscription)A review of the European Market Infrastructure Regulation (Emir), at the centre of a battle to relocate euro-denominated derivatives trades from London to Paris, has been delayed from March 14 until June 7, according to the European Commission.
Banks Set to Win Derivatives Relief in New EU Trading Rules – Bloomberg
Banks and asset managers have pushed for more than a year to have many of their derivatives exempted from new European Union trading rules the industry says would send costs spiraling. Now they’re on the verge of success.
Trump’s Pick for SEC Chairman Clears Ethics Hurdle – Wall Street Journal (subscription)
The federal agency charged with reviewing US officials’ conflicts of interest has cleared financial disclosures filed by Jay Clayton, President Donald Trump’s pick to run the Securities and Exchange Commission, according to people familiar with the matter.
OCC’s Curry Fires Back at Fintech Charter Skeptics – American Banker
Comptroller of the Currency Thomas Curry defended plans to offer a nonbank charter to fintech firms, disputing arguments by state regulators that his agency lacks the legal authority to do so and emphasizing that it will appropriately monitor any firms that go through the rigorous application process.
A ‘Bad Bank’ Could Be Good for Europe – Bloomberg
Part of the purpose of a pan-European bad bank is to enable the kind of risk-sharing needed to make Europe’s banking union and common currency viable.
Indonesian, South Korean Central Banks Renew Local Currency Swap Arrangement – Reuters
The central banks of Indonesia and South Korea renewed a bilateral local currency swap arrangement to promote trade and financial cooperation between the two countries, Bank Indonesia said.
Deutsche Bank Revamps Structure, Eyes Share Sale – Wall Street Journal (subscription)
The moves would recombine Deutsche Bank’s giant trading division with its investment bank, a year and a half after Chief Executive John Cryan separated the two.
London Financial Jewel Brightens Even as Brexit Reckoning Looms – Bloomberg
But LCH has a major distraction: Continental Europe thinks it’s located on the wrong side of the English Channel.
Paris Hopes for Brexit Bank Jobs Run Up Against Frexit Fears – Bloomberg
There’s one big thing standing in the way of France luring banking jobs from London after Brexit: the prospect of Frexit.
FXCM.Com Removes All Mention of Non Dealing Desk Model – Finance Feeds
Residents of a number of countries, including the United States, the Russian Federation, Hong Kong and Singapore, are not eligible to open live accounts with FXCM at this time.
Asia Finished Mostly Higher, Aussie Dollar Strengthens After RBA Holds Rates Unchanged – CNBC
The Australian dollar strengthened to $0.7611 at 3.04pm HK/SIN from the $0.75 handle, following the policy decision.
Most Asian Currencies Edge Up as Dollar Awaits Fresh Catalysts – Reuters
Most emerging Asian currencies edged higher, as the dollar’s rally lost steam after the market priced in the high likelihood of a US Federal Reserve interest rate hike next week.
C$ Weaker Ahead of Key Data – Reuters
The Canadian dollar weakened against its US counterpart after falling more than two percent last week, but traded in a narrow range ahead of upcoming domestic trade and employment data.