The US dollar climbed against a broad swath of developed and emerging market currencies amid mounting concerns over global trade.
- Dollar Rally Ripples Globally, Leading Investors to Reverse Course – Wall Street Journal (subscription)
The British pound has suffered its worst quarter since the vote to leave the European Union in June 2016 triggered one of the biggest selloffs in the currency’s history.
The euro weakened half a percent and other high-yielding currencies such as the Australian dollar wilted as rising concerns over an escalation in the trade dispute between the United States and its partners sapped demand.
China’s renminbi resumed its slide following its worst month on record in June and amid concerns that Beijing is prepared to use currency devaluation in a trade war with the US.
The US dollar’s share of currency reserves reported to the International Monetary Fund fell in first quarter of 2018 to a fresh four-year low, while euro, yuan and sterling’s shares of reserves increased, according to the latest data from the International Monetary Fund.
The Australian Securities and Investments Commission (ASIC) has expressed disappointment at the failure of National Australia Bank to fully implement a reform programme linked to an Enforceable Undertaking (EU) levied by ASIC after deficiencies were found in its wholesale FX business.
With eight months to go before the UK is set to leave the European Union, the British capital’s role remains mostly undiminished and no single other European city is close to claiming its crown.
The FX industry – and more importantly certain regulators – have to be reminded that it is not all about the major centres.
This week’s podcast takes a look at last week’s Global Foreign Exchange Committee meeting and pays tribute to FX industry veteran, Paul Chappell.
Some of the most active traders on global derivatives exchanges are scaling back their positions as their banks clamp down in the face of new regulations.
Two regional Federal Reserve presidents warned that worries over escalating trade disputes are increasingly weighing on businesses and adding risks to the US economic outlook.
The country’s bankers are plotting to water down the MiFID II regulations that are increasing costs and eating into what are already the lowest profit levels in northern Europe.
Michael Greenberger, who warned about the risk of a financial crisis 10 years ago, is worried that the Trump administration is doing nothing to close a new loophole that allows banks to take huge risks.
Instead, using an emergency decree that came into effect earlier this year, authorities wrote an entirely new law.
Huge trades move prices about the same as small ones, ignoring the normal rules of economics, according to a review of Kraken’s public order book – a pattern that experts on market manipulation view as a red flag.
When the price of bitcoin rallied 33% in April, some cryptocurrency investors decided it was time to get out, rather than hang on in hopes of a continued surge.
The key lies in stablising its price, says Obi Nwosu, CEO and co-founder of the cryptocurrency exchange, Coinfloor.
CLS’s new post-trade monitoring and reporting tool, CLSTradeMonitor, has gone live with the first asset managers, including Mesirow Financial and Mountain Pacific Advisors.
UBS has hired Amit Batavia as director, EMFX trading, in Singapore.
For the first time, the bank’s currency strategists are using machine-learning programs to tell clients what to buy and sell.
Initial euphoria over Andres Manuel Lopez Obrador’s apparent landslide victory soured as the dollar’s gain jolted investors back to the reality that a leftist president may alter the nation’s economic model.
For the first time in half a decade, the Russian currency suffered the worst performance in the first six months of the year among its 11 ex-Soviet peers.
The Argentine currency started trading with a thud on Friday, sinking 3.3 per cent at the market open to a new record low of 28.90 per dollar and putting it on track for a 7.3 per cent loss for the week.