Trump to Back $200 Billion China Tariffs as Early as Next Week – Bloomberg

President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter.

Trump Says EU Offer for No Auto Tariffs Is ‘Not Good Enough’ – Bloomberg

“It’s not good enough,” Trump said of the offer from Brussels during an Oval Office interview with Bloomberg News.

Argentine Peso Tumbles to New Low Despite Interest Rate Rise – Financial Times (subscription)

Drastic action by Argentina’s central bank on Thursday failed to arrest a plunge in the peso, which ended a dramatic trading session down almost 12 per cent. The central bank ratcheted up interest rates to 60 per cent, a 15 percentage point increase aimed at arresting a currency collapse that has threatened the credibility of the country’s three-year-old reformist government.

Fresh Stress Grips Weakest Emerging-Market Currencies – Wall Street Journal (subscription)

The Argentine peso hit a record low and the Turkish lira slid further, as emerging markets most vulnerable to a rising dollar bent under the stress.

Indonesia’s Currency is Suffering, But That’s About to End: Trade Minister – CNBC

After hitting its weakest in nearly three years against the U.S. dollar, the Indonesian rupiah should stabilize from here on out, the country’s trade minister told CNBC.

Grand Currency Manipulation In The Dollar On The Horizon – Seeking Alpha

When it comes to price variance in markets across all asset classes, the currency markets tend to display the lowest level of volatility.

Nowotny Urges ECB to Hike Deposit Rate Again – Reuters

The European Central Bank should adopt a firmer line in normalising its ultra-easy monetary policy and focus on getting its deposit rate out of negative territory, Austria’s central bank governor, Ewald Nowotny, said.

Regulatory News

Germany Aligns With the UK on Derivatives Danger – Daily Telegraph (subscription)

The German regulator BaFin has read the riot act to complacent EU officials in Brussels, demanding urgent action by the EU side to avert mayhem in the vast derivatives market after Brexit.

EU Mulls Tightening of Rules Around Cryptocurrency – Public Finance International

The European Union is considering tightening up regulations around cryptocurrencies such as Bitcoin, Ripple and Ether.

Indian Currency Decree Did Little to Root Out ‘Black Money’ – The Olympian

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegally hoarded cash re-entered the financial system, India’s reserve bank said, indicating the disruptive move did little to slow the underground economy.

Crypto News

From One Cryptocurrency to Thousands – The Economist

Bitcoin has spawned a horde of imitators, even as enthusiasts refer to its limited supply.

Russia Developing Cryptocurrency Tracker – Bitcoinist

The Federal Financial Monitoring Service of Russia (Rosfinmonitoring) has commissioned an analytical tool for monitoring cryptocurrency transactions.

New Study Provides Bullish Outlook on Bitcoin, Claiming $98,000 Possible – Cointelegraph

According to new research conducted by Initial Coin Offering (ICO) advisory firm Satis Group, the Bitcoin (BTC) price could potentially reach $98,000 in the next five years.

Japanese Messaging App Operator Line to Launch Cryptocurrency – Reuters

Japan’s Line Corp said on Friday it will launch a cryptocurrency in September, as the company tries to build up a wide range of businesses using its popular messaging app as a platform.

Blockchain Jobs Are Booming in Asia, Even as Cryptocurrency Prices Struggle – CNBC

Blockchain and cryptocurrency jobs are increasingly appealing to job seekers from more conventional sectors in Asia — even as the technology’s most famous use case struggles on the price front.

Company News

Europe’s Bank Bosses All Want the Same Thing – Fewer Banks – CNBC

It’s the topic of the moment and everyone seems to agree — Europe needs fewer banks.

Brexit Worries Fuel Outflow from European Funds – Financial Times  (subscription)

Latest weekly data extend third-longest streak of net redemptions for the continent.

Electronic Trader XTX Makes its Mark on TSE – Asian Nikkei Review  (subscription)

Electronic trading house XTX Markets is making waves in global financial markets with its advanced computerized trading.

Market Savvy

Some Nations Are the Authors of Their Own Misfortune – Financial Times  (subscription)

Internal problems make Argentina and Turkey ill-suited to cope with a stronger dollar.

China’s Central Bank Faces a Tough Task in Guarding Nervous Yuan – Bloomberg

A large amount of the People’s Bank of China’s existing funding is also maturing, and all told, liquidity needs could hit around 980 billion yuan ($143 billion) according to Bloomberg calculations.

Greece Faces ‘Long Road’ After Exiting Bailout: Weidmann – Reuters

Greece still faces “a long road to recovery” after leaving its bailout programme last week and needs to continue balancing its books and cleaning up its banking sector, European Central Bank policymaker Jens Weidmann said.

Why the Yen Will Make a Fool of Forecasters – Financial Times (subscription)

In September 2013 an ebullient Japanese prime minister stood in the New York Stock Exchange and dared Wall Street’s finest to “buy my Abenomics!,” unleashing a long bull run for Japanese stocks. Next month, around the five-year anniversary of that bravado-brimming moment, Shinzo Abe will run for re-election as president of the ruling Liberal Democratic Party with the world selling Abenomics like never before.