Top Headlines

US Dollar Charges to Seven-Month Peak as Fed Minutes Show It is Close to Hiking Rates – South China Morning Post

The dollar reached its highest level since March as minutes from the Federal Reserve’s September meeting showed several policy makers said a US rate increase was needed “relatively soon.”

Trade-Weighted Sterling Near Record Low, Brexit Focus Shifts to High Court – Reuters

Sterling was near a record low in trade-weighted terms as focus turned to the High Court which will hear a legal bid to force the British government to seek parliamentary approval to trigger the formal Brexit process.

Abide With Icap – Profit & Loss

Icap has acquired Abide Financial, a regulatory reporting specialist with the intention of the company becoming a subsidiary of its Post Trade Risk and Information division.

Norway’s Wealth Fund Says Sterling Flash Crash Reflects Economic Prospects – Reuters

The flash crash in sterling was a “correct move” that reflected economic expectations, a senior official at Norway’s sovereign wealth fund, one of Britain’s biggest foreign investors, said.

IMF Warns of Brexit Impact on UK Clearing – FOW

The International Monetary Fund has warned that the UK leaving the European Union could have a significant impact on the City’s role as a euro clearing hub.

Yen Regains Strength After China Data Disappoints – Wall Street Journal (subscription)

The yen regained strength against the dollar and other currencies in choppy Asia trade, after disappointing Chinese trade data helped bring an uptick in the dollar to an abrupt end.

Currency Vigilantes Circle Pound in Thrall to UK Politics – Bloomberg

The pound’s fluctuations underscore how currency traders are becoming arbiters of the Brexit debate.

Hong Kong Official Highlights FinTech Game Changers – Profit & Loss

FinTech, and in particular blockchain technology, is set to significantly change how banks operate, according to John Tsang, financial secretary for the Government of Hong Kong SAR.

Should Central Banks Step Up as Liquidity Providers of Last Resort? – Profit & Loss

There seems to be general acceptance that last week’s flash crash in sterling merely highlighted what we have known for so long – there is a growing structural problem in FX markets.

Top Yuan Forecaster Upbeat as Currency Sinks to Six-Year Low – Bloomberg

Yuan bears have little to celebrate, according to the currency’s top forecaster.

Regulatory News

Europe to “Fast-Track” Uncleared Margin Rules – FOW (subscription)

The European Parliament said it plans to fast-track implementation of the uncleared margin rules under new European regulation, after implementation was delayed earlier this year.

Esma Schedules Open Hearing on Benchmarks Regulations – Global Capital

The European Securities and Markets Authority is to hold an open hearing on its plans to introduce an industry benchmarks regulation.

Company News 

British Pound Tumbles Against Euro and US Dollar Exchange Rate Peers On Tesco Marmite Row – Exchange Rates

Overnight, the GBP EUR fell back on the news that Tesco refused to pay the 10% price increase on products such as Marmite, something that has come about by the pound weakness.

GreenKey to Launch IOS and Andriod Apps – Profit & Loss

GreenKey Technologies will launch a mobile device of its voice workspace platform for IOS and Android users.

Market Savvy

Singapore Dollar Hits Seven-Month Low Pre-MAS Decision; China Data Hurts Asia FX – Reuters

Singapore’s dollar hit a seven-month low, a day before a central bank monetary policy decision, while most emerging Asian currencies slid on disappointing Chinese trade data and expectations of a US interest rate hike in December.

CAD Weaker Against Greenback After Fed Minutes, Oil Fall – Reuters

The Canadian dollar notched a small loss against a broadly higher US dollar, as the release of minutes from the last US Federal Reserve meeting left a December interest rate hike in play and crude oil prices fell.