UK Wins Court Case With ECB on Euro Clearing – Wall Street Journal (subscription)
A European Central Bank policy requiring British companies managing trades in euros to relocate to the eurozone will be annulled, Europe’s second-highest court ruled Wednesday, marking a victory for the UK government which had argued such a move was against European law and would push business away from London’s financial centre.
ASIC to Investigate Market Activity Around RBA Decision – Profit & Loss
The Australian Securities and Investment Commission (ASIC) is to investigate price action in the AUD/USD in the lead up to yesterday’s Reserve Bank of Australia monetary policy announcement.
Barclays ‘Last Look’ at Currency Trades Faces US Review – Bloomberg
The Justice Department has begun looking into a common practice in foreign exchange markets that allows banks to back out of unfavourable trades at the last moment.
London’s Finance Role Threatened by ‘Brexit:’ Lord Mayor – Bloomberg
The City of London’s role as Europe’s financial centre is threatened by the prospect of a British departure from the European Union, Lord Mayor Alan Yarrow said.
Euro Slides Toward 2003 Low as Services Growth Misses Before QE – Bloomberg
The euro declined for a fifth day against the dollar, approaching the weakest level since 2003, as services growth in the region fell short of analysts’ estimates, highlighting economic divergence with the US.
Denmark Intervenes in Currency Market in a Big Way – Wall Street Journal (subscription)
Denmark’s central bank bought a record amount of foreign currency last month in a bid to protect the krone’s peg to the euro, underscoring the fallout from the European Central Bank’s efforts to boost economic growth.
PBOC’s Yi Sees No Need to Widen Yuan Band Amid Currency Pressure – Bloomberg
There’s no “urgent need” to widen the yuan trading band, the deputy central bank governor in charge of foreign exchange reserves management said, even as China’s currency contends with depreciation pressure.
Euro Slides Ahead of ECB; Dollar at 11-year High – Reuters
The dollar, bolstered by rises in U.S. government bond yields this week, hit its highest since September 2003 against the basket of currencies used to measure its broader strength.
Join FXPA at FIA Boca
Attending FIA Boca next week? Please join the membership of the Foreign Exchange Professionals Association (FXPA) for a Meet & Greet session at the FIA Boca conference. Representatives from the FXPA will be in the Lounge Area adjacent to Bar Luna from 5:30-6:30 on Tuesday, 10 March. Please rsvp to firstname.lastname@example.org