Top Headlines

Trump Tweets Early on Jobs Data, and Wall Street Takes the Hint – Bloomberg

Economists warn that traders will now also interpret silence.

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.

Regulatory News

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.

Crypto News

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.

Company News

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.

Market Savvy

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.