Asian Slowdown & Euro Hit FX Profits At UK Banks
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LONDON--Most UK banks have struggled to maintain the high FX profits they enjoyed last year, according to interim results released last week. Although most of them exceeded expectations in terms of overall earnings, industry insiders say a stable and benign market in the first half of the year made it difficult for FX traders to generate the one-off exceptional levels reported for first half 1998, which were boosted by Asian markets volatility.
Moreover, the introduction of the euro has cut
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