Top Headlines

Sterling Set for Best Quarter Since Year Before Brexit Vote – Reuters

Sterling edged down as end-of-quarter portfolio rebalancing by investors outweighed encouraging economic data, but the currency is still set for its best quarter against the dollar in almost three years.

Dollar Stalls After Rally, Braces for Headwinds in New Quarter – Reuters

The dollar stalled against its peers as the recovery seen earlier this week petered out ahead of the new quarter, which could potentially bring renewed pressure on the greenback.

Japan May Face Trump’s Heat as Currency Manipulator – Japan Today

The Bank of Japan could face criticism from US President Donald Trump as keeping the yen artificially weak if it persists in maintaining ultra-loose policy until its elusive inflation target is met, Japan’s former top currency diplomat said. 

Trump’s Tariffs Aren’t the Only Way to Shrink the Trade Gap – Bloomberg

The newest idea, and one of the most intriguing, is called the market access charge. It’s a tax that would be applied to all foreign purchases of US assets (possibly excluding currency trading to avoid a fight with Wall Street).

Regulators Step Up Efforts to Safeguard City of London’s Status – Financial Times (subscription)

UK authorities have intensified their efforts to maintain London’s status as a global financial centre by saying European investment banks can continue to operate much as they currently do until the end of the Brexit transition period.

There’s Much to Fear as Brexit Nears – Wall Street Journal (subscription)

With one year left until the UK exits the European Union, unease about what a final deal will look like is still reflected in markets.

CME and NEX: Building the Supermarket – Profit & Loss (subscription)

If there’s one thing that has become abundantly clear over the past few years, it is that many OTC platforms have decided that they need to scale their businesses up and out in order to be successful in today’s FX market.

Winds of Change in $5 Trillion FX Market – Bloomberg

For businesses such as Curex, the goal is catering to asset managers, pensions and insurance companies, which Singleton views as under-served and sometimes even exploited.

Global Funding Markets Party Through Libor Stresses – Wall Street Journal (subscription)

While short-term US borrowing costs have surged in recent months, borrowers of dollars abroad are unexpectedly getting some long-delayed relief.

Hackers Who Stole €1 Billion Allegedly Laundered the Profits with Crypto – Quartz

Government watchdogs are wary of bitcoin being used for illicit purposes, and now they have an example that seems ready for a Hollywood script.

Regulatory News

FCA Shuns Brussels Rules in Tackling Money Launderers – Financial Times (subscription)

The UK financial regulator has yet to press criminal charges against a bank for breaches of EU anti-money laundering rules that took effect 11 years ago, statistics show.

Cuba Quashes Rumors Currency Unification Around Corner – Reuters

Cuba’s central bank quashed rumors that it would withdraw one of the Communist-run island’s two currencies from circulation over the weekend, after nervous Cubans had rushed in recent days to exchange their CUCs for pesos.

China Extends 200 Billion Yuan Currency Swap Deal with Australia – Reuters

China’s central bank has extended a bilateral currency swap agreement worth 200 billion yuan ($31.88 billion) with the Reserve Bank of Australia for another three years.

Company News

More Japanese Cryptocurrency Exchanges to Close – Nikkei Asian Review

Two more Japanese cryptocurrency market operators are quitting as regulators tighten oversight of the sector, which makes five exchanges closing so far in the wake of a half-a-billion-dollar cryptocoin theft in January.

Blockchain Funding Center Scrapped Over China Regulation Concerns – Coin Desk

The Investment Association of China (IAC) has scrapped a previously reported plan to launch a funding center to boost blockchain development in the country.

Saxo Bank Weighs in on ESMA’s Leverage Decision, Strongly Endorses Measures – Finance Magnates

“For the benefit of its long-term survival, the industry should welcome the move away from competition on leverage.”

Market Savvy

More Pain Seen for Worst FX Strategy as Carry Traders Suffer – Bloomberg

For analysts, the potential for rising volatility amid escalating global trade tensions suggests there’s little hope of a turnaround on the horizon.

Follow the Money as Gulf Tension Ratchets Up – Financial Times (subscription)

For decades, Gulf financial markets and exchange rates have been tranquil, right up to the moments when they are not.

“Very, Very Dull”: What Happened to India’s White-Hot Cryptocurrency Market? – Quartz

Tightening regulation and policy ambiguity have sucked the life out of trading in the past few months, though industry insiders say the phase may be temporary.