Articles by FX Markets Staff
Funds struggle as dollar swings
STAMFORD, CT – Currency funds struggled to make positive returns in May, according to the Parker FX Index, which was down 1.65% for the month. Only 13 of the 52 reporting funds achieved profits in a month when the dollar strengthened to 1.1822 against…
FNX licenses derivatives analytics
Philadelphia – Treasury management system vendor FNX is adding to the derivatives analytics on its Sierra platform with models from US banking software vendor Suite.
Hedge and gain during euro/dollar volatility
A six-month ‘volatile forward’ can help a firm hedge safely while also benefiting from a choppy euro/dollar market, say Eric Ohayon, European head of FX structuring, and Chris Weiss, FX structurer at Bank of America in London
Rivals gear up for FX clearing
LONDON – The stage is set for a central counterparty clearing (CCP) system for FX as two potential providers moved their plans forward last week.
BoE's Black Wednesday FX chief joins macro hedge fund
LONDON – William Allen, the Bank of England's foreign exchange chief during 'Black Wednesday' in 1992, has joined a hedge fund.
DrKW launches Nordic team
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has hired three dealers in London for a new Nordic financial institutions derivatives marketing team. The team, which joins Dresdner from a range of top-tier banks, will market the bank's range of…
Tax bill to bring the dollars home
NEW YORK – A new tax bill in the US that is likely to herald a massive repatriation of funds into the country could spell a 5%–10% hike for the dollar, according to one scenario model from Dutch bank ABN Amro.
How to make yen gains amid intervention fears
A currency overlay manager may wish to take advantage of fresh yen strength without being exposed to the impact of renewed intervention. Simon Derrick, head of Bank of New York's currency strategy team, describes a simple, low-cost way to express this…
HSBC reverses its fortunes
HSBC, which last month was languishing near the bottom of the FX Week Currency Forecasts Index, is this week the top one-month forecaster. The bank's aggregated majors forecasts, submitted May 21 and tested against spot on June 21, were out by just over…
Commerzbank's Nick Parsons takes on ALM strategic trading
LONDON – Nick Parsons, chief currency strategist at Commerzbank in London, is moving to become strategic trading manager on July 1, a spokesperson for the bank told FX Week .
GNI adds to spot platform
LONDON – UK broker GNI, a division of alternative investment provider Man Group, goes live today (June 28) with two more currency pairs on its online platform GNI Touch's spot FX trading module.
FXall adds Japanese bank
TOKYO – Multi-bank portal FXall is continuing to expand its Japanese client base with the addition of Mitsubishi Trust and Banking Corporation (MTBC) to the platform early next quarter. Misubishi Trust, the largest trust bank in Japan, is the second…
Merrill boss adds ex-colleagues
NEW YORK – Merrill Lynch's new global FX chief, Stephen Kemp, has hired three former colleagues from Morgan Stanley, the bank he left last April in order to join Merrill.
Merrill gets FX licence in South Korea
SEOUL – Merrill Lynch has become the first foreign investment bank to receive an FX licence from the South Korean financial services regulatory body, the Financial Supervisory Commission.
ABN Amro AM doubles funds under management
LONDON – ABN Amro Asset Management (AAAM) is expanding its currency management team to support the success of its newly launched fund and guaranteed notes. The firm launched its third FX note, in eight-year form, on June 21, with total assets of $240…
"What is risk management?" ask Risk USA speakers
BOSTON – The way banks and other financial institutions think about – and sometimes misinterpret – risk management formed the main theme of the opening keynote speeches at FX Week sister publication Risk 's USA conference held last week.
Dollar set to depreciate
Net capital inflows will exceed the US current account deficit over the next year, prompting dollar depreciation to begin again, says Jay Bryson, economics analyst at Wachovia Bank in Charlotte, North Carolina
RBS hires four in FX and rates
LONDON – The Royal Bank of Scotland has made four senior hires in its FX and rates business in London.
Kiwi ripens against Aussie
The New Zealand dollar is rising against the Aussie in line with interest rate differentials. But potential growth in Australia may cap its gains, says Sue Trinh, currency strategist at the Bank of New Zealand in Wellington
Citigroup doubles e-FX volume in first half
LONDON – Citigroup has almost doubled its e-FX trading volume during the first half of this year, a senior official told FX Week .
UBS loses two in fund sales
STAMFORD – UBS lost two from its institutional sales team in Stamford, Connecticut last week, a spokesperson for the bank told FX Week .
Consensus forecasts win out
Consensus forecasts are commonly seen as a reliable indicator of future currency moves, and our Currency Forecasts Index proves this – to a degree.