Sterling Slides After UK Factory Survey Misses Expectations – Financial Times (subscription)
The UK pound, which has pulled back sharply since hitting a post-Brexit vote peak last month, has sustained a fresh blow after a key survey of the manufacturing sector missed economists’ expectations.
Dollar Turns Positive for 2018 Ahead of Fed Meeting – Reuters
The US dollar surged into positive territory for 2018 and broke past key levels against several currencies as a divergence between growth and the interest rate outlook versus other countries spurred investors to chase the currency higher.
Wrongfooted Dollar Traders Brace for Fed Hawkishness – Financial Times (subscription)
The dollar’s rally is undermining one of the market’s key conviction trades of the year and starting to force investors to unwind bets on both a weak greenback and a strong euro.
Mifid II to Spur Algo Trading in Spot FX – FOW (subscription)
Algorithms are increasingly beneficial in markets where liquidity is fragmented, an expert said.
Investors’ Message for European Banks: Forget About Wall Street – Bloomberg
Investment bank units struggle to keep pace with US peers.
A Closer Look At: Building for Hedge Funds – Profit & Loss (subscription)
Citi’s Ayesa Latif, EMEA head of institutional e-FX sales and global head of LM e-Rates distribution, and David O’Byrne, FX global product head – Citi Velocity, talk about building a hedge fund-friendly platform.
SEC Is Cautiously Open to Initial Coin Offerings, Commissioner Says – CNBC
The Securities and Exchange Commission wants to protect investors from fraud in initial coin offerings but the agency remains open to a legal way to raise money in crypto, one regulator says.
House May Vote on Dodd-Frank Changes in May: Majority Leader – Reuters
The US House of Representatives could vote in May on a bill easing bank rules adopted after the 2007-2009 global financial crisis, a leading Republican lawmaker said.
Financial Regulators Turn Their Sights on Banks’ Use of Cloud – Financial Times (subscription)
Big finance groups rely on internet storage services run by Google, Amazon and Microsoft.
South Korea Prepares for EU Benchmark Equivalence – Risk (subscription)
New regulatory framework aims to allow European firms to continue using local benchmarks.
Jeffery Named Chair of Mosaic – Profit & Loss
Former EBS CEO Jack Jeffery has been named as chairman of the board at FICC data analytics company Mosaic Smart Data.
Zografos Joins FastMatch in NYC – Profit & Loss
Nicholas Zografos has joined FastMatch as a director of sales, reporting to Shawn Egger,head of sales, Americas.
Barings Makes Smart Hire – Profit & Loss
Barings has announced the appointment of Dr Christopher Smart as head of macroeconomic and geopolitical research at the firm.
CMC Markets Launches “Professional” Offering – Profit & Loss
Online trading provider CMC Markets has responded to the recent announcement by the European Securities and Markets Authority (ESMA) that retail clients will no longer be able to use their current leverage levels, by creating a new CMC Pro account for eligible clients.
April Proves to Be the Cruelest Month for EM Currencies – Financial Times (subscription)
While the greenback is on track to notch its best month since Donald Trump’s election in 2016 thanks to higher US interest rates expectations and a general shift away from riskier assets, these same forces have left EM currencies nursing heavy losses.
China and Dollar Test Emerging Markets’ Bull Run – Wall Street Journal (subscription)
Factors supporting the market no longer look so solid; rising US Treasury yields and a stronger dollar pose risks.
Pimco Says ‘Cold Currency War’ Could Trigger Stronger Dollar – Bloomberg
The resumption of a “cold currency war” among global central banks could trigger a stronger dollar, Pacific Investment Management Co. said.