Myanmar: first-mover advantage?

Myanmar: first-mover advantage?

The opening of Myanmar to the outside world

Navigating Africa’s disparate markets

Navigating Africa’s disparate markets

Simplifying the investment process

Swiss franc move shakes up trading flows

Swiss franc move shakes up trading flows

January 2015

Foreign-exchange markets have been hit by bouts of extreme volatility this year, prompting investment managers to hastily rebalance their portfolios, but it also signals a welcome return for traders seeking to maximize gains from moving currency markets.

  • HKD peg back in focus as SNB removes currency floor

    The Hong Kong dollar’s peg to the US dollar has, once again, come under scrutiny after the Swiss National Bank’s (SNB) removal of its currency’s floor roiled currency markets globally.

  • SNB abandons euro peg ahead of expected ECB QE

    The SNB has been under sustained fire in its attempt to defend its euro peg in recent years, as ECB loosening and risk aversion increased safe-haven flows. Thursday's rate cuts and the shift in the long-defended policy regime have shocked markets and have far-reaching implications for the euro and eastern Europe.

  • Mixed signals fuel confusion on timing of Fed rate rise

    The US has been recording mixed data signals in recent months, with strong GDP undermined by weak wage growth and core inflation.

  • All eyes back on Greece but break-up still unlikely, say analysts

    Concerns that Greece could be on the verge of leaving the euro are back to the fore after the country called elections that could usher in a government determined to rip up the existing aid agreement – but analysts doubt the brinkmanship will lead to Greece leaving the single currency, let alone a full-scale euro break-up.

  • The year of the dollar bull

    It has been a year of two halves for FX, with an opening seven months characterized by low volatility and few attractive trading opportunities for FX managers, before a dollar bull market roared into life in August. It is arguably the first such market for 20 years, bringing with it a rise in volatility and enhanced opportunities for FX traders.

  • Emerging markets ride 2014 FX rollercoaster

    EM currencies have taken a savage beating this year, tumbling to a decade low, thanks to falling oil prices, weaker growth, a stronger dollar and fears over reform inertia. Euromoney surveys the FX landscape for 2015.

  • Dealers face FX front-running battle

    Banks face a tough task proving to regulators that foreign-exchange traders are not front-running clients, as they respond to the government’s consultation on reinforcing confidence in the fairness and effectiveness of fixed-income, currency and commodities markets (FICC).

  • Slowdown in world trade savages EM FX

    Weak global trade and increasing import substitution have signalled bad news for emerging-market FX in 2014, particularly in those countries that rely on a vibrant export sector to drive their economies. 2015 should provide some respite for manufacturers, but commodity exporters will remain in the line of fire.

  • Electronic FX trading gathers steam in 2014

    While other leading markets are yet to follow Switzerland’s lead and mandate automated trading of currency, the industry moves inexorably towards automation. But the push creates new market risks for both the buy side and sell side.

  • Rise of RMB trading shows little sign of slowing in 2015

    Despite depreciation risk next year, amid the global currency war, market players say the battle between RMB offshore financial hubs and trading volumes will go from strength to strength.

  • FX regulations doing more harm than good, reveals survey

    New market regulations governing the FX industry have done more harm than good for FX trading desks, according to an October survey by TradeTech FX.

  • The future of the RMB: special focus

    An in-depth guide to global currency wars; how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.

  • Inside investment: Hobbesian option

    A war of all against all in currency markets will not be pretty. For some countries it may also be too little, too late. The International Monetary Fund has failed in its role as the arbiter of currency values.

  • Deutsche Börse plots expansion into emerging market FX

    Deutsche Börse's acquisition of a minority stake in R5FX, the London-based electronic trading venue specializing in emerging markets (EM) FX, is the latest in a series of strategic moves by the exchange to break into the FX market. Up to 20 banks have signed up for the March launch of a bank-to-bank liquidity pool for EM FX.

  • HFT: Flash boys come to Asia

    High-frequency trading is not confined to Europe and north America. Some Asia-Pacific countries are further along in embracing the strategy than others.

  • The floodgates of FX litigation open

    JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.

  • Jury out on impact of trade-finance automation

    Opinion is divided on how automation of trade-finance processes is changing bank practices in relation to FX reporting and processing.

  • Oil and Abenomics in the great yen tug of war

    The yen has been quietly strengthening in recent days, amid renewed concerns about global demand pushing down the price of oil and fresh fears over Europe. If this trend persists, it could be problematic for Japanese prime minister Shinzo Abe, who is closely associated with a policy of yen weakness.

  • Exit Bitcoin, enter block-chain technology

    Negative publicity around cryptocurrencies such as Bitcoin has deflected attention from the potential of the underlying technology to facilitate real-time – and therefore much cheaper – international payments.

  • ‘Barrier running’ investigation alarms FX traders

    Foreign-exchange options traders are feeling the pressure as regulators shine a spotlight on the derivatives market and investigate commonplace practices, such as barrier running, which traders fear might attract criticism.

  • Bank FX technology spend on the rise

    Investment in FX technology is expected to mirror growth in wider financial services IT expenditure over the next few years.

  • 2014: a year in data – FX

    A fine time for the top 10

  • Sepa-like revolution upends traditional payments model

    Companies are recognizing the benefits of applying the principles of Sepa to payment and collection processes beyond the single euro payments area, helping to boost liquidity and cross-border flows, consolidate treasury processes and reduce FX risks.

  • Bank intraday tools get mixed reception

    Corporate treasurers and asset managers are turning to innovative predictive tools that help identify FX volatility and liquidity opportunities, bankers say. However, not everybody on the buy side is convinced the new solutions are for them.

  • Ukrainians pray for swift bounce-back for embattled hryvnia

    The Ukrainian hryvnia has been ravaged in 2014, with the conflict with Russia exacerbating the challenges faced by this highly indebted economy.

  • Market innovations restoring confidence in FX, says Tradition

    The disruption associated with the electronification of FX trading has overwhelmed some market participants, but while policymakers ponder stronger efforts to regulate market structure, especially high-frequency trading (HFT), market players say the latest generation of innovations are now revitalizing FX trading.

  • Hong Kong-Shanghai Stock Connect enables CNH funding arbitrage

    The Hong Kong-Shanghai Stock Connect, which was launched amid much fanfare on November 17, has triggered a jump in CNH-funded arbitrage opportunities. However, rising Stock Connect volumes and easing by the People’s Bank of China – triggering a convergence between onshore and offshore rates – will remove current funding advantages.

  • FX: Lessons from the fix

    It’s time to get some perspective back into the debate about global foreign exchange.

  • Currency hedge funds continue to disappoint

    It has been a chastising few years for currency hedge funds. Several high-profile currency managers have closed down due to poor performance while many that have survived have struggled with redemptions. But some hedge fund allocators are predicting an imminent return to form for FX strategies.

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