UK Government’s Controversial Early Peeks at Economic Stats to End – Wall Street Journal (subscription)
Britain’s statistics body said it would stop giving the government access to official data ahead of public release, a practice which many UK lawmakers had long fought to keep even as statisticians complained it increased the chances of leaks.
Pound Holds on to Gains After Boost from Hawkish BoE – Financial Times (subscription)
The dollar’s weakness helped sterling edge higher, consolidating the gains made after Thursday’s surprisingly hawkish Bank of England meeting.
Dollar Firms on Upbeat Data, on Track for Weekly Gains – Reuters
The dollar stood tall in Asia, on track for weekly gains against a currency basket, after upbeat US economic data gave investors reason to hope the US central bank will stick with its plan to hike rates.
- Dollar Extends Post-Fed Meeting Rebound – Financial Times (subscription)
- Dollar Lifted by Upbeat Fed – Wall Street Journal (subscription)
Yen Hits Two-Week Low After BOJ Stays Pat on Policy – Reuters
The yen fell to two-week lows after the Bank of Japan kept interest rates steady and signalled it was in no hurry to follow the Fed’s example in tightening its ultra-loose monetary policy.
Renminbi Strength Surprises China Bears as PBoC Plays Clever Game – Financial Times (subscription)
Fundamentals suggest the currency should weaken but central bank manipulates expectations.
Canadian Dollar’s Rally Draws Attention to Key Levels – Financial Times (subscription)
The Canadian dollar is having a moment in the sun and it’s all the more remarkable since the commodity currency is shining as oil prices slide.
World’s Best Currency Seen Extending Run as Trump Agenda Falters – Bloomberg
Don’t let the Mexican currency’s rally this year turn you off. Strategists from Morgan Stanley to BNP Paribas SA say it’s a great bet.
Bitcoin Drops to Three-Week Low on Profit Taking – Reuters
Bitcoin fell to a three-week low as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner’s plan to undertake a “hard fork” that will result in a split in the digital currency.
If Trump Unlocks $2 Trillion at Banks, Here’s Who May Get It – Bloomberg
If Donald Trump gets his way in overhauling banking regulation, it would free up some of the billions of dollars in capital that banks were forced to amass after the financial crisis. Less clear is what they’ll do with it.
Banking in the Age of Dodd-Frank – Wall Street Journal (subscription)
Banks may soon enter a new regulatory era, reflected by Treasury Department proposals this week to roll back parts of the Dodd-Frank Act.
Former Treasury Secretary Jack Lew: DOL Fiduciary Rule Has ‘Important Purpose’ – Investment News (subscription)
Mr. Lew, who served under the Obama administration from 2013 through the start of 2017, acknowledged the rule has “unintended consequences”.
FCA Says Regulatory Sandbox Growing in Popularity as Second Cohort is Unveiled – Finextra
The Financial Conduct Authority has selected 31 firms for its second cohort of regulatory sandbox participants, narrowing down the field from an initial list of 77 submissions.
NY Cybersecurity Deadline Nears – Markets Media
The CEOs of Citigroup, Goldman Sachs, and Morgan Stanley reportedly are the latest victims of the same merry hacker who duped Barclays CEO Jes Staley and Mark Carney, Governor of the Bank of England with email phishing attacks earlier this year.
CLS Volumes Tick Up in May – Profit & Loss
The average daily traded volume submitted to CLS was $1.55 trillion in May, up 2% from the previous month and up 10% year-on-year.
Banks Turn to Synthetic Derivatives to Cut Initial Margin – Risk (subscription)
Options-based instruments can halve initial margin for some non-cleared products, say dealers.
O’Brien Launches Macro Fund – Profit & Loss
O’Brien Investment Group (OBIG) has launched the OBIG Discretionary Global Macro Fund.
TransFICC Gets Singapore FinLab Boost – Profit & Loss
TransFICC, which was established last year to provide connectivity solutions for the fixed income and derivatives markets, has been selected to join Singapore’s FinLab accelerator programme.
Asian Currencies Slip as Strong US Jobs Data Strengthens Dollar – Reuters
Asian currencies were lower as the US dollar gained, boosted by strong jobs data which bolstered the case for a third rate hike in 2017 by the Federal Reserve.
Rand Weakens After SA Government Announces New Mining Charter – Financial Times (subscription)
The South African rand was the worst-performing emerging market currency, amid confusion over changes to rules over for the country’s mining sector that have unsettled investors.
Rouble Up Before Central Bank Rate Decision, Stocks Recover from Multi-Month Lows – Reuters
Russian stock indexes bounced off multi-month lows and the rouble inched higher, supported by higher oil prices.