Top Headlines

Yen Firmer as Dollar at Weakest Level Since November Election – Financial Times (subscription)

Japan’s yen was the outlier in Asia forex trading as most major currencies in the region ceded ground to the greenback, which was still hovering around its weakest level since November’s presidential election.

Trump Woes Eating at Markets, Hitting the Dollar – Financial Times (subscription)

President Trump’s self-inflicted crisis is starting to leave its mark, almost wiping out the dollar’s post-election rally.

Best Forecasters See No Reprieve for Dollar as Trump Woes Mount – Bloomberg

The dollar is set to extend its decline as the turmoil engulfing President Donald Trump will make it harder for him to deliver his pro-growth agenda, some of the best currency forecasters say.

Euro Surges to Six-Month High After Data; Trump Worries Hit Dollar – Reuters

The euro surged more than one percent against a broadly weaker dollar, nearly touching $1.11 as it rose to its highest level since Donald Trump was elected US president in November.

CLS to Replace Core Settlement System – Risk (subscription)

Overhaul will leverage conventional technology rather than blockchain solution that underpins new CLSNet service.

China Pumps $24.7 Billion Into Financial System – Wall Street Journal (subscription)

Cash injection follows comments from officials suggesting concern that moves to tighten regulation have caused disruption.

Regulatory News

Democrats in US Senate Try to Slow Republican Deregulation – Reuters

Democrats are striking back at the US Congress and White House over their push to cut regulations, as Republicans ratchet up attacks on rules they say hurt business and give bureaucrats too much power.

McConnell Is Pessimistic Congress Will Overhaul Dodd-Frank – Bloomberg

Senate Majority Leader Mitch McConnell said he’s pessimistic Congress will overhaul the Dodd-Frank Act because he doubts Republicans can secure enough Democratic votes to make major changes to the sweeping legislation that tightened oversight of banks after the financial crisis.

Wall Street Thinks Trump’s All Talk When It Comes to Breaking Up Banks – Bloomberg

If they ever took him seriously, it didn’t last.

JPMorgan’s Dimon Defends Trump Advisory Role, Deregulation – Reuters

JPMorgan Chase & Co Chief Executive Jamie Dimon responded to criticism from angry shareholders of his role advising President Donald Trump on economic matters, saying he would help “any president” in office.

Japan Eyes Prize in Regulating Bitcoin – Financial Times (subscription)

Efforts to regulate the crypto currency by the Japanese may sharpen its appeal.

Cyberattackers’ Apparent Take: Just $51,000 So Far – Wall Street Journal (subscription)

Payments were made to Bitcoin wallets used by ransomware hackers; security experts poised to track any money moving out.

Company News

Rosenberg Exits EBS – Profit & Loss

Glenn Rosenberg has left his position as product director at EBS as part of a wider restructuring at the group under NEX Markets.

Thomas Joins BTIG – Profit & Loss

Gareth Thomas joins BTIG’s FX trading group in New York as a director of TradeSave FX.

Kalahari Launches FX Futures, OTC Arb Tool – Profit & Loss

Kalahari, a provider of real-time pricing and analytics software for financial markets firms, has launched an FX futures and rates service designed to enable users to benefit from real-time futures versus OTC market arbitrage opportunities.

Pillitteri Joins HC Tech – Profit & Loss

Giovanni Pillitteri has joined HC Technologies in New York.

Citigroup Launches “Credit VIX” – Reuters

Citi’s “credit VIX” mirrors the CBOE’s VIX methodology, using a weighted average of option prices on credit default swap indices across a range of strikes.

Market Savvy

Brazil Real Up as Central Bank Resumes Currency Intervention – Reuters

The Brazilian real strengthened after the central bank resumed market intervention, providing support for the currency ahead of a key vote on pension reform.

Pound Holds Upside Bias v Australian Dollar Confirm Techs, Aussie Wage Growth Seen Tepid – Pound Sterling Live

After a shaky start, pound sterling has recovered versus the Australian dollar this week.

Polish Bonds Firm as Central Bank Seen Holding Fire – Reuters

Risk aversion in global markets mostly weakened Central European stocks and currencies, although Polish government bonds firmed after the size of an auction was cut and ahead of a central bank meeting that is expected to bring no change.