Top Headlines

Sterling Jumps to 10-Day High on Report of Possible Brexit Transition Offer – Reuters

Sterling rose to a 10-day high, boosted by a report in Germany’s Handelsblatt newspaper that the European Union could offer Britain a two-year transitional Brexit deal.

Euro Set for Biggest Weekly Rise in a Month; ECB Eyed – Reuters

The euro edged higher, on track for its biggest weekly rise in a month as investors switched focus from the euro zone’s political concerns to its brightening economic outlook.

US Dollar Poised to Snap Four-Week Winning Streak – Financial Times (subscription)

The buck slipped and was on course to post its first weekly decline in five amid persistent concerns about tepid US inflation.

After Dream Run, Fed and Trump Worry Emerging-Market Investors – Bloomberg

Weathering political turbulence and the prospect of tightened monetary policy is about to get tougher for the bulls in emerging markets.

Prospects for Rebound in EM FX on the Rise – Financial Times (subscription)

It’s been a rough month for Asian emerging market currencies, capping strong gains made over much of 2017.

Citigroup, Deutsche, HSBC Agree to $132 Million Settlement in Libor Scandal – Wall Street Journal (subscription)

Citigroup, Deutsche Bank and HSBC Holdings have agreed to pay about $132 million in total to resolve accusations they rigged a lending benchmark, according to court documents.

Currency Traders Have Already Worn Out Their 2017 Trading Themes – MarketWatch

Tighter monetary policy, US tax-cut prospects and European growth are among the ideas that have driven currency trading in 2017.

Regulatory News

Bank of England’s Chief Economist Warns Against Loosening Financial Rules – Wall Street Journal (subscription)

Andrew Haldane defends regulations instituted after the financial crisis, saying they have made banks safer.

European Commission Urged to Go Further on EMIR Refit – Euromoney

The derivatives industry is lobbying policymakers to abandon dual-sided trade reporting, align European and US swaps rules, and ease the European Market Infrastructure Regulation’s (EMIR) burden on end-users.

Industry Pushes for a Second Mifid II Delay – Financial News (subscription)

After countless delays, financial institutions are lobbying quietly to have the rules take effect on a Monday.

Trump Plans More Fed Chair Interviews, Kelly Says – Bloomberg

President Donald Trump plans to conduct more interviews as he considers who to appoint as the next leader of the Federal Reserve, White House Chief of Staff John Kelly said.

Crypto Start-Ups Are Trying to Get Their House in Order Ahead of a Possible SEC Crackdown – CNBC

A growing number of cryptocurrency start-ups are filing with the SEC when they raise money through token sales.

China, South Korea Seal Currency Deal Despite US Missile Defense – Wall Street Journal (subscription)

South Korea and China have agreed to renew their currency swap agreement after they let their previous deal expire, in an apparent bid to contain the fallout over Seoul hosting a US missile system that Beijing opposes.

Company News

CLS Volumes Up Double Digits in September – Profit & Loss

The average daily traded volume submitted to CLS was $1.75 trillion in September, up 10.7% from $1.58 trillion in August 2017.

CTA Performance Down in September – Profit & Loss

Managed futures traders slipped after two months of gains, losing 0.72% in September, according to the flash estimate for the Barclay CTA Index, which is compiled by BarclayHedge.

Bank Plans to Move 13,000 Jobs Just the Tip of the Iceberg, Warns EY – Financial News (subscription)

That number is taken from looking at announcements from just six investment banks on their Brexit plans.

Market Savvy

China’s Yuan Edges Up, Set to Gain Over One Percent on Week – Reuters

China’s yuan firmed against the US dollar and looked set to strengthen more than one percent for the week, supported by dollar weakness, traders said.

CEE: Currencies, Bonds Firm as ECB Seen Extending Asset buying – Reuters

Central European currencies and government bonds mostly firmed slightly after sources told Reuters that the European Central Bank is likely to extend its asset purchases.