Top Headlines

Sterling Stuck Near 2018 Low After Stagnant Growth Data – Reuters

The pound traded near a five-month low of $1.33, hindered by worries over Brexit and further signs of sustained weakness in Britain’s economy.

Euro Set for Sixth Week of Losses as Concerns Linger – Reuters

The euro slipped and is set for a sixth consecutive week of losses as concerns over Italy’s debt outlook weighed on sentiment, although losses were checked after North Korea said it was still open to resolving issues with the United States.

Dollar Slides Lower in Aftermath of Fed Minutes – Wall Street Journal (subscription)

The dollar edged lower after minutes from the Federal Reserve’s latest meeting showed the central bank plans to stay on a gradual path of rate increases even if inflation meets its target.

NY Fed Signs Global Code Statement of Commitment – Profit & Loss

The Federal Reserve Bank of New York has released its Statement of Commitment to the FX Global Code.

GFXC Plans Global Index of Registers for FX Code – Euromoney

The deadline for registering statements of commitment for the global code is only a day away, and market participants are reporting difficulties finding who has signed up, with statements spread out across eight registers – but GFXC has a plan to alleviate the problem.

Citi and Deutsche Bank Policy Chiefs Plead for Brexit Support – Financial News (subscription)

Policy heads at two of London’s biggest banks have told a top Brussels lawmaker that there needs to be  more “common sense” rule-making ahead of the UK’s split from the European Union.

Buy Side Using Compression Tools to Create, Not Destroy – Risk (subscription)

Designed to wipe out trades and reduce risk, trading platforms’ compression tools are increasingly being used to do the opposite, an accidental innovation that has become the primary way for some buy-side firms to trade.

Regulatory News

1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation – Bloomberg

President Donald Trump just took another step in his 15-month push to ease regulation of banks, this time putting his signature on the most far-reaching measure yet to loosen rules prompted by the global financial crisis.

Wall Street Regulations Need a Facelift, Not a Minor Dodd-Frank Makeover – CNBC

Republicans finally managed to roll back some of the Wall Street regulations passed by Congress in the wake of the 2008 financial crisis after years of trying.

US and EU Lock Horns on Clearing House Agreement – Global Capital (subscription)

Representatives from the CFTC and the EC clashed at the Institute of International Finance spring membership meeting in Brussels this week with no signs of a breakthough.

Company News

Commerzbank, Thyssenkrupp, Process FX Forward Using Blockchain – Profit & Loss

Commerzbank and German corporate Thyssenkrupp say that this week they traded an FX forward with the transaction being instantaneously replicated in a Blockchain successfully.

CME Expands IRS Suite with Emerging Market Currencies – FOW (subscription)

The Chicago-based exchange cleared its first trades in Colombian Peso and Chilean Peso.

Crypto News

UK Watchdog Running Dozens of Probes Into Cryptocurrency Firms – Financial Times (subscription)

The UK’s top financial watchdog is running enquiries into 24 businesses dealing with cryptocurrencies, and has opened seven whistleblower reports related to the nascent asset class this year alone.

About $1.2 Billion in Cryptocurrency Stolen Since 2017: Cybercrime Group – Reuters

Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group.

Probe into Bitcoin Price Manipulation Probably ‘A Good Thing’, Novogratz Says – Bloomberg

Major cryptocurrency proponents seemed unfazed by news the Department of Justice has started a criminal probe into potential trading manipulation.

One of the Biggest Crypto Exchanges Is Heading to the Caribbean – Bloomberg

Bitfinex, one of the largest virtual-currency markets, has been a particular mystery in the crypto world.

Market Savvy

Swedish Krona Rallies on Positive Bet from Debt Office – Financial Times (subscription)

The Swedish krona rushed higher after the country’s national debt office said it was betting on a rally, potentially causing headaches for the central bank. 

Lira’s Plunge Places Turkey on Edge of Financial Crisis – Financial Times (subscription)

Turkey’s lira has been in near-continuous decline since Recep Tayyip Erdogan was elected president in 2014 but even emerging market veterans were taken aback by this week’s rout.