Articles by FX Markets Staff
Banks review yuan reval forecasts
BEIJING – Some bank analysts have brought forward their expectations of regime change in the Chinese yuan, following the rate hike by the People's Bank of China late last month.
Trading platforms break records
LONDON – FX trading platforms withstood a massive spike in trading on November 5, as record volumes followed the announcement of better-than-expected US jobs data.
Commerz braces for cuts
SINGAPORE – Commerzbank's integration of its investment banking and capital markets units is likely to force some FX job cuts, said a source close to the bank in Singapore.
Non-US airlines profit from low-flying dollar
NEW YORK – The weak dollar is giving airlines outside the US some relief from the impact of high fuel costs, according to their latest financial results.
Concerted intervention ruled out
FRANKFURT – Despite increasingly vigorous comments from European politicians arguing in favour of stemming the onward rise of the euro, concerted intervention from Europe and the US is extremely unlikely.
Merrill man takes on NAB's troubled FX group in Sydney
SYDNEY – National Australia Bank has hired Jeff Lee to take on the management of its troubled FX business in Sydney.
Bayer Group's two-year plan pays off
LEVERKUSEN – As the dollar continues its slide versus all major currencies – it has lost 8% of its value against the euro in the past two months and 9% against the Swiss franc – corporates are struggling to readjust their hedging strategies.
BoA loses French corp sales dealer
LONDON – Olivier Brouet has left Bank of America (BoA) in London, where he worked in FX sales to French corporates, reporting to Kai Fisher, head of European FX corporate sales. A bank official said Brouet has not been replaced but declined to comment…
Lehman to offer onshore forex derivatives in Korea
SEOUL – Lehman Brothers has transferred JS Kim, a senior vice-president in fixed income from Tokyo to Seoul, in preparation for the launch of its onshore FX and interest rate derivatives business in the country.
RBS launches IAS 39 kit for corporate clients
The Royal Bank of Scotland launched a web-based IAS 39 Toolkit last week to help clients with the requirements set out by the IAS 39 accounting standard, which comes into force at the start of 2005.
Saxo and ANZ pick dollar lows
The dollar sank to record lows last week – nearly touching its all-time low just above 1.29 against the euro on Friday (November 5) and an eight-year low of 1.1877 against the Swiss franc the day before.
Bush win prompts dollar sell-off
NEW YORK – The re-election of President George W. Bush last week prompted a dollar sell-off, sending the euro to an all-time high just below 1.30 by close of trading on Friday (November 5).
Investors invited to scale up overlay in Asia
HONG KONG – Investors in Asia could scale up the returns they are currently getting from FX overlay by investing in hedge funds, delegates at the ABN Amro Asia currency conference heard last week.
UBS link to Fenics for e-options
NEW YORK – UBS is linking broker and software vendor GFI's Fenics options pricing tool to its trading platform, FX Options Trader.
BNP Paribas hires head of French sales
PARIS – Thomas Geist has joined BNP Paribas in Paris as head of FX sales to French financial institutions, reporting to Paris-based François Boisson, head of FX sales to financial institutions.
Prebon to take lead in Asia
SINGAPORE – Prebon Yamane looks set to take the lead in the merger with Tullett Liberty in the Asia-Pacific region, as a result of its strength in emerging markets and options, said local market participants.
Refco chooses RBS as prime broker for FX
NEW YORK – Futures broker Refco Capital Markets (RCM) has dropped Canadian Imperial Bank of Commerce as its prime broker for foreign exchange in favour of Royal Bank of Scotland (RBS).
Tech firms spread out
LONDON/NEW YORK – Two FX technology firms have moved into new offices to cope with expanding staff numbers.
European banks' profits slide
LONDON – The huge downward move in the dollar last week came too late to help banks' third-quarter FX trading revenues.
Window barrier for a Canadian manufacturer
Canadian manufacturers are looking for innovative hedging ideas in an increasingly bleak exporting environment. Richard Stang, an FX sales dealer at TD Bank Financial Group in Toronto, suggests one potential solution