What This Week’s Turnover Surveys Tell Us About FX Swaps (opinion) – Profit & Loss

Some puzzles were solved by the latest FX turnover surveys and others set – but one thing the UK survey in particular provided, was evidence that disrupting the FX swaps market structure is going to be a tough job.

Trump Wants a Weak Currency. Rivals Do Too, and That’s a Problem –Yahoo Finance

Major economies around the globe all seem to covet a weaker currency as risks to growth mount. That makes engineering a lower dollar, euro or other heavyweight all the harder.

British Prime Minister Johnson Promises a Bold New Brexit Deal – Reuters

Boris Johnson promised in his first speech as prime minister to lead Britain out of the European Union on Oct. 31 with “no ifs or buts” and warned that if the bloc refused to negotiate then there would be a no-deal Brexit.

With Finger on Trigger, ECB Aims at More Stimulus – Reuters

The European Central Bank is all but certain to ease policy further on Thursday, with the biggest question whether it staggers its moves over several months or opts for a big bang.

Central Bankers Are Playing a Dangerous Game with Asset Prices – Bloomberg

Global debt jumped $3 trillion in the first quarter of 2019 and now accounts for almost 320% of global economic output according to the Institute of International Finance, while companies in emerging markets are increasingly relying on short-term borrowing.

It’s Not Just Stocks – Promise of Rate Cuts Lifts Wide Range of Assets – Wall Street Journal

Stocks and government bonds aren’t the only assets getting a boost from an expected wave of central bank stimulus.

Australia’s Central Bank Says ‘Reasonable’ to Expect Lower Rates for Longer – Reuters

Australia’s top central banker said on Thursday it was prepared to provide additional policy stimulus if future demand growth disappointed and that it was “reasonable” to expect an extended period of low interest rates.

Regulatory News

Prospective Fed Nominee Judy Shelton Resigns from EBRD Job – Wall Street Journal

One of President Trump’s latest picks for the Federal Reserve board, economic commentator Judy Shelton, has resigned from her post as U.S. envoy to the European Bank for Reconstruction and Development, the bank said Wednesday.

Funds Push for Retrial Of $370M Forex Trading Fraud Claim – Law360

Two investment funds urged an appeals court Tuesday to revive their $370 million suit accusing a foreign exchange firm of participating in a fraudulent currency trading scheme.

Big Tech’s Risks Aren’t Priced In – Wall Street Journal

The outcome of the government’s latest crackdown is uncertain, but investors shouldn’t assume business will remain as usual.

Crypto News

Facebook Won’t Rule Out Digital Currency Launch Without US Approval – BBC

Was David Marcus’ pledge to Congress a pledge not to launch anywhere without US approval, or just a pledge not to launch in the US?

New York State Digital Currency Task Force Appoints New Members – Coin Telegraph

Legislators from the New York State Assembly have appointed six members to the New York State Digital Currency Task Force.

Fake Libra Currency Sellers are Already Here, Much Before Its Official Launch – Dazeinfo

When Facebook announced its new digital currency Libra last month, little did Zuckerberg and team knew that fake sellers would soon flood the platform to dupe overexcited social media users.

China Moves to Develop Own Digital Currency as Libra Accelerates –z6mag

Amid the growing discussion surrounding Facebook’s Libra, China, a global financial superpower, is reportedly giving it all for them to develop their own cryptocurrency.

Company News

Atlas Bank Eyes a New Model for FX Clearing – Profit & Loss

Atlas Bank is taking a new approach to prime banking and clearing processing in Latin America’s FX markets.

Hedge Fund Caxton Moves Headquarters from New York to London – Financial Times

Shift to UK reflects hiring increase amid benefits of weaker sterling.

Small UK Businesses Feel the Squeeze from Falling Sterling – Financial Times

For many small businesses in the UK, the unpredictability that Brexit has brought to the pound is starting to bite, forcing them to consider raising prices or relocating key facilities.

Market Savvy

The UK Economy Needs More Than a Dose of Optimism (opinion) – Financial Times

Morning, the new prime minister would have us believe, has come to Britain. 

Brexit Noise Drives Currency Markets More Than Policy Outcomes – Forbes

Though Hard Brexit and Remain advocates continue to maneuver noisily for their preferred outcomes, a soft Brexit is still the likely outcome of the UK’s Brexit saga. 

RBNZ to Cut Rates Twice This Year: Westpac – Australian Financial Review

Westpac Bank forecast New Zealand’s central bank would cut rates twice this year as headwinds for the economy from growing business pessimism compounded.

Why Markets are Fixated on Mario Draghi’s Next Frontier – Financial Times

Expectations will be higher than usual when Mario Draghi sits in front of the microphone later today, for one of his final press conferences as European Central Bank president.