Top Headlines

What Mahathir’s Shock Malaysia Win Means for the Economy and Markets – Bloomberg
Investors are bracing for further market jolts after Mahathir Mohamad’s surprise victory in Malaysia’s election.

• Currency Tumbles as Malaysian Opposition Victory Jolts Markets –Financial Times (subscription)
• Malaysian Currency Weakens Offshore After Opposition Claims Poll Win – Reuters
• Shock Election Result Spells Turbulence for Malaysian Markets – Wall Street Journal (Subscription)
• After Shocking Election Result, Malaysia May be Headed for Market Volatility, Economic Change – CNBC

Argentina’s Warning: Currency Reserves Aren’t Everything – Wall Street Journal (subscription)
Argentina went from robust to bust in a matter of months, leaving investors scratching their heads. Among the mysteries: why the country’s record hoard of currency reserves—often seen as shield against foreign-exchange volatility—did so little to stem the crisis.

A Closer Look At: The Evolution of Mobile Trading – Profit & Loss
As mobile trading continues to grow in popularity, Scott Wacker, global head of e-commerce sales and marketing at JP Morgan, talks about how client demands for this product have changed.

Institutional Investors Look to Outsource Data Management – Profit & Loss
More than half of institutional investors plan to partly or fully outsource their data management over the next three years, according to a new survey conducted by State Street Corporation.

Regulatory News

3rd Circ. Upholds TD Bank Win In Currency Conversion Suit – Law360
The Third Circuit on Tuesday upheld a win for TD Bank NA in a proposed class action alleging the bank charged an embedded fee when converting foreign currency, ruling nothing in its customer agreement specified which formula the bank would use and that the suit did not present any evidence the formula was intentionally withheld.

Bank for International Settlements Commits to FX Global Code of Conduct – Finance Magnates
Basel-based BIS joins a number of early adopters who have pledged to adhere to the code’s principles.

Company News

SGX Posts Continued FX Growth – Profit & Loss
SGX has reported that 1.09 million FX futures contracts were traded on its platform last month, up 88% compared to April 2017.

Coca-Cola HBC Sales Hurt by FX Impact – MarketWatch
Coca-Cola HBC AG said Thursday that sales in the first quarter fell 1.7% on currency headwinds, despite increased volumes.

Spain’s Dia Shares Fall on Rising Domestic Competition, Currencies – Reuters
Shares in Spanish discount supermarket chain Dia fell over 6 percent in early trading on Thursday after first quarter earnings showed core profit was hit by increased competition at home and currency devaluations in Latin America.

Crypto News

What’s Keeping Institutional Money Away from Cryptos? – Profit & Loss (Subscription)
Uncertainty about regulations, a lack of trusted custodians and concerns about security are key factors that continue to deter many large financial institutions from trading cryptoassets, says Kevin Beardsley, a managing partner at B2C2.

Bloomberg, Galaxy Digital Launch Crypto Index – Profit & Loss

Bloomberg and Galaxy Digital Capital Management (GDCM), a digital asset management firm founded by Michael Novogratz, have launched the Bloomberg Galaxy Crypto Index (BGCI).

• Bloomberg and Galaxy Digital Capital Management Launch Cryptocurrency Benchmark Index – Bloomberg

Cryptocurrency the ‘Right Next Step in the Space of Currency’: Nasdaq CEO – CCN
Nasdaq chief executive Adena Friedman is bullish on cryptocurrency, though she says the “jury is still out” on which particular coin or token will ultimately be the one to experience mass adoption.

Market Savvy

Trump’s Iran Decision Adds Volatility to Emerging-Market Currencies – Wall Street Journal (Subscription)
Emerging-market currencies were volatile Wednesday, after President Donald Trump’s decision to pull out of the Iran nuclear deal added to the woes of markets already pressured by a strengthening dollar.

• Emerging-Market Currencies Say Goodbye to 2018 Gain – Bloomberg
• Intervention May Be Way Forward for Emerging-Market Currencies – Bloomberg 

The Dollar-Plagued World Now Has Another Currency to Worry About – Bloomberg
Winds of change in currency markets threaten to blow global investment trends further off course — but from the East as much as the West.

Commodity Currencies Rally Amid Renaissance for Oil – MarketWatch
Currencies of oil-producing nations enjoyed healthy gains against the U.S. dollar Wednesday, buoyed by what has been a multisession advance in the price of crude oil, partly buttressed by President Donald Trump’s withdrawal from the Iran nuclear deal.

C$ Rises From 7-Week Low as Likely Iran Sanctions Boost Oil – Reuters
The Canadian dollar strengthened against its U.S. counterpart on Wednesday, rebounding from a nearly seven-week low the day before, as the price of oil surged after U.S. President Donald Trump abandoned a nuclear deal with Iran.