Trump Tweets Early on Jobs Data, and Wall Street Takes the Hint – Bloomberg
Economists warn that traders will now also interpret silence.
- Here’s What Wall Street Is Saying About Trump’s Early Jobs Tweet – Bloomberg
- The Economic Risks of Trump’s Premature Tweeting – Wall Street Journal (subscription)
- White House: It Was Appropriate for Trump to Tweet About Jobs Because ‘He Didn’t Put the Numbers Out’ – CNBC
Dollar Rises on Strong Jobs Report – Wall Street Journal (subscription)
The dollar rose Friday, buoyed by stronger-than-expected US jobs data.
Sterling Edges Up Against Dollar Ahead of Construction PMI – Reuters
Sterling was on track for its fourth consecutive day of gains against the dollar as traders paused ahead of a survey of Britain’s construction sector.
Euro Climbs as Italy Risks Ease, Markets Rally – Reuters
The euro climbed after political tensions eased in Italy, supporting a rebound in risk appetite as worries about an escalating trade battle between the United States and other major economies took a back seat.
Early ADV Reports Suggest Strong Trading Activity in May – Profit & Loss
May was a good month for OTC FX platforms, judging by the first set of venues to report trading volumes.
The Next EU-US Battleground: Clearinghouses – Wall Street Journal (subscription)
The European Union is dialing back a threat to force major clearinghouses in London to relocate to continental Europe after Brexit, in a move that could cool a lengthy, politically charged battle over a jewel in the City of London’s crown.
Wells Fargo Eyes Paris and Dublin as Post-Brexit Hubs – Financial Times (subscription)
Wells Fargo is eyeing a plan to use both Paris and Dublin as its post-Brexit hubs in Europe, becoming the latest global bank to prepare to shift some operations from London.
Goldman Moves to Automate London Trading Division – Financial News (subscription)
Goldman Sachs is taking radical action to replace traders with computers in London.
Ex-Barclays Banker Says Euribor Rates Weren’t Tweaked for Trader – Bloomberg
A former Barclays banker who submitted rates that help determine a key benchmark interest rate repeatedly batted back suggestions that she considered trading profits when making her entries.
US Regulators Increasing Oversight of UK Finance Industry – Financial News (subscription)
US regulators are ramping up their scrutiny of UK financial services executives, according to data compiled by City law firm RPC.
Elizabeth Warren Maintains a Hard Line on Big Banks – Wall Street Journal (subscription)
Wall Street’s biggest critic in the Senate recently fought against loosening Dodd-Frank restrictions.
FMSB Seeks Feedback on Information Sharing Guidance – Profit & Loss
The FICC Markets Standards Board (FMSB) has published a Transparency Draft of a new Statement of Good Practice on Information and Confidentiality for fixed income and commodities markets.
Blockchain Start-Up Raises More Than $4bn – Financial Times (subscription)
Auction shows strength of investor demand for cryptocurrencies.
Buy-Side Shifts Focus from MiFID II to Bitcoin – The Trade
Survey by Linedata suggests the buy-side is less concerned about MiFID II but increasingly interested in cryptocurrencies.
Estonia Scales Down Plan to Create National Cryptocurrency – Bloomberg
Estonia, an eastern European nation that switched to the euro in 2011, scaled down its plan to create a national cryptocurrency after it drew criticism from Mario Draghi and local banking authorities.
A Top VC Is Teaming Up with the Co-Founder of Coinbase to Launch an Investment Fund That’s All About Cryptocurrency – Business Insider
Sequoia partner Matt Huang is leaving the venture capital firm in June to launch a new fund focused on cryptocurrency.
Miesner, Provenzano Depart GTX Following 360T Announcement – Profit & Loss
John Miesner and Sal Provenzano have left GTX, according to market sources.
A Senior Trader Who is Part of ‘The Most Exclusive Club in Finance’ Has Left Deutsche Bank After 17 Years – Business Insider
Raj Bhattacharyya, the head of the emerging-market debt and foreign-exchange business in the Americas, is leaving the firm after 17 years, according to an internal memo.
Banks and Brokers Suffer ‘Dramatic’ Fall in Commissions – Financial Times (subscription)
Asset managers cut fees for share trading after introduction of Europe’s Mifid II rules.
Embattled EM Investors Pin Hopes on India, Turkey Rate Decisions – Bloomberg
Central bankers won’t have it easy this week. They’ll need to weigh a rising dollar, renewed fears of a global trade war and a robust US jobs report that prompted traders to rebuild bets for four rates hikes this year.
Emerging Markets Face a Dollar Double Whammy – Financial Times (subscription)
The Fed must adjust its balance sheet shrinkage to limit the effects of less liquidity.