Euromoney FX News
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LATEST ARTICLES
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A boutique broker renowned for the accuracy of its currency forecasts has warned that a no-deal Brexit could see the pound fall to parity with the euro by the middle of next year.
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Some of the proffered solutions to the difficulties of attracting real money into the cryptocurrency market continue to be of the ‘which came first’ variety, such as the hope that increased liquidity from market maturity will lead to reduced volatility.
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As few as eight significant multi-dealer platforms could remain standing after further rounds of consolidation sweep the sector, predicts a new report.
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FX data providers are surprisingly coy when it comes to discussing the extent to which they have shaken up a market that has been described as ripe for disruption.
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The prime brokerage market will be hoping for a boost from the imminent launch of BNY Mellon’s new service, which will represent a reversal of the trend for larger banks to leave the space.
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Pragma has attempted to provide some clarity to the little-understood phenomenon of flash crashes by providing a definition of the term for the first time, which it hopes will encourage further study of these market dislocations.
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Banks consistently offer more competitive prices in spot FX than their ECN counterparts — for all but a few minutes per day — according to research conducted by Pragma, a provider of algorithmic trading technology.
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The regulatory probe into allegations that traders have colluded to manipulate the $5.3-trillion-a-day foreign exchange market has some way to run, but some investors are pre-empting the results with technologies they say will help them reduce their reliance on industry benchmarks.
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The People’s Bank of China moved this week to lift a $1 billion cap on a sovereign-level onshore investment window. But will central banks and sovereign wealth funds take the bait?
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The resilience of the euro after last week’s European Central Bank (ECB) meeting reflect concerns that other main central banks could pursue further easing measures, but negative rates and weak demand for eurozone assets do not bode well for the single currency.
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The US Commodity Futures Trading Commission’s (CFTC) division of swap dealer and intermediary oversight has exempted swap dealers and leading swap participants from the requirement to disclose pre-trade mid-market marks to counterparties in certain FX transactions.
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The flow of FX trades processed through Thomson Reuters’ market-leading service continued to decline in November after a tepid October.
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Average daily volumes (ADVs) on EBS, Icap’s electronic FX trading platform, rose in November after hitting an all-time record low in October.
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The shock announcement that Mark Carney, Bank of Canada (BoC) governor, is set to take the helm of the Bank of England (BoE) has boosted the pound, but don’t forget the Canadian dollar.
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The US Treasury decision to exempt FX swaps and forwards from regulation under the Dodd-Frank Act should not be a surprise to anyone participating in the FX markets.
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Attempting to hold on to a long USDJPY position has been frustrating in recent months, as Japan’s trade position has deteriorated and tensions with China have escalated, but the time could finally be ripe for a push higher.
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Tradable has launched a new FX platform it believes will revolutionize the world of online retail trading.
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The Swiss National Bank (SNB) could be in for a challenging end to the year as the pressure on the floor in EURCHF intensifies, warns UBS.
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Here we go again, lets jump on the beat up high frequency trading band wagon.
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With volatility in the FX market hitting its lowest level since before the start of the financial crisis, many are looking for the trigger that will push currencies out of the tight ranges that have held in recent months.
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Reserve data from Australia has sparked speculation that the Reserve Bank of Australia (RBA) is leaning against strength in the AUD, but the notion that it will follow Switzerland and adopt a more aggressive approach to its currency’s resilience is wide of the mark.
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The Hong Kong Monetary Authority (HKMA) has intervened for the first time in three years to keep the HKD in its trading band against the dollar, a move that should lend further support to the euro but could be the start of the unravelling of the city’s currency regime.
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Jim O’Neill, chairman of Goldman Sachs Asset Management, has delivered an upbeat assessment of the eurozone crisis, arguing the market has failed to fully appreciate the significance of the European Central Bank’s (ECB) pledge to do whatever it takes to save the euro.
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Once upon a time, the FX markets were easier to trade. Currencies traded on their macroeconomic fundamentals, unimpeded by politics, and unconventional monetary policy. The carry trade was king.
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There has been tough talk from Brazil after the Federal Reserve’s decision to implement QE3, but speculation of a re-emergence of global currency wars is wide of the mark.
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The eurozone debt crisis is going to escalate once the US elections are out of the way, argues leading Russian investment bank VTB.
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EM reserve managers are starting to accumulate funds on a scale not seen for more than a year – a development that is likely to keep FX volatility down at its current low level and encourage investors into carry trades.
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One year on from the introduction of the floor in EURCHF, the odds may be beginning to turn in the Swiss National Bank’s (SNB) favour, with speculation emerging that the central bank could lift the minimum price level.
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China’s attempts to internationalize the renminbi have suffered a setback amid expectations that the currency will fall in value.
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Decreasing demand for European currencies that lie outside of the eurozone suggests that investors have increased faith that policymakers within the currency union can resolve the region’s debt problems.
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JPMorgan has warned that the FX market is pricing in an environment that leaves no margin for error on data or policy during the next two months.
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Relatively stable FX markets during the current summer lull have pushed volatility down to its lowest level of the year.
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For those hoping that the holiday period will usher in some calm on the world’s currency markets, there is likely to be disappointment.
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The Swiss National Bank further diversified its reserve holdings in the second quarter as it increased holdings in “other” currencies by a third as at the end of June, figures released by the central bank today showed.
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Deutsche Bank has launched the next generation of its Autobahn – the FX platform that revolutionized electronic trading in the past decade – which it says will redefine the way trading is conducted with its clients.
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Technical analysts at Commerzbank – voted number one for banks in this year’s Euromoney FX Survey – see no respite for the single currency, as the EUR plunges to a two-year low against the USD.
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There is no shortage of recommendations to sell the EUR after last week’s decision by the European Central Bank (ECB) to cut its deposit rate to zero, but where will buyers come in?
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The renminbi is likely to weaken as Chinese corporates pay back their offshore foreign-currency liabilities.
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If you are looking for the near-term direction of the euro, you are better off asking a German toolmaker than a Mayfair hedge fund manager.
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Flow data from UBS shows investors last week were the heaviest sellers of euro-denominated equities since July 2008, as concerns over the currency block escalated.
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For those wondering why the prospect of further monetary easing is not weighing more heavily on the pound, there is a relatively simple explanation.
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New-found government resolve in Brazil to avoid additional BRL weakness has materially improved the currency’s outlook, according to a strategist at ING.
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Western Europe is the key battle ground in the quest for supremacy in the global FX markets, asserts Jeff Feig, Citi’s global head of G10 FX.
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The latest CFTC data showed EUR short positioning was at record levels, but proprietary positioning trackers of leading FX banks tell a different story.
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The prospect of a Greek exit from the euro has prompted hedge funds to make a fresh assault on the Swiss National Bank’s resolve in maintaining its SFr1.20 floor in EURCHF.
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The chance of a Greek exit from the euro is on the rise, and so the question for investors has turned from why is the single currency so strong, to how low can it trade and how fast.
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Currency speculators on the CME turned to the dollar, yen and sterling, as concerns over Greece’s fiscal crisis and worries over global growth pushed investors toward safety.
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Natixis has hired a former UniCredit FX salesman to cover sales to hedge funds and other financial institutions.
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A €700 billion pool of maturing eurozone bank debt might be removed as a pillar of support for the euro if investors migrate into US credit markets.
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FX momentum strategies can yield “surprisingly” high excess returns, according to a new study due to be published in the Journal of Financial Economics, which adds more weight to the view that FX is an asset class in its own right.
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The Swiss National Bank’s (SNB) disposal of euros in the first quarter suggests it might abandon its attempts to rein in the franc, despite protestations to the contrary.
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Asian FX reserve managers are making it hard for EURUSD to break out of its tight trading range as they seek to improve the low returns on their FX portfolios by selling options.
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The Bank of England’s (BoE) quantitative easing cycle is likely to have finished, say economists at Barclays and RBS, and a more hawkish BoE stance will provide support for the pound, despite GDP estimates thrusting the UK back into recession.
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Australian retail FX is booming, thanks to a healthy domestic market, the access it provides to fast-growing Asia and a friendly regulatory environment.
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Benign inflation data has weighed on the AUD and is likely to kick-start the Reserve Bank of Australia’s easing cycle when it meets next month. However, the government’s “stealth war” against the currency could be of greater importance.
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Barclays predicts a set of policy initiatives by the Chinese authorities to liberalize the movement and trading of the renminbi, heralding full liberalization of the country’s capital account by 2015, according to Asiamoney.
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The euro is the most undervalued G10 currency on a purchasing power parity (PPP) basis, according to Morgan Stanley.
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The confusion over the Federal Reserve’s monetary-policy stance has heightened, as the central bank flip-flops between hawkish and dovish rhetoric.
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Troy Rohrbaugh, JPMorgan’s global head of FX, believes he might be in a more advantageous position than some of his competitors.
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If HSBC were to operate as a fully integrated global FX business, just how much more profitable could it be for the bank?