Trading
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Flextrade beta-tests MilanFX system
NEW YORK – Trading technology vendor Flextrade has started beta-testing its block FX trading platform MilanFX, it told FX Week . The vendor becomes the first to roll out a block trading venue for foreign exchange and employ a dark pool of liquidity.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.
M&A flows – the Aussie angle
Sharon Yeshaya, FX strategist at Morgan Stanley in New York looks at the effect the current M&A cycle will have on the Australian dollar
Banks overconfident on yen – CBA
Most banks are over-bullish on the yen, according to Richard Grace, Commonwealth Bank of Australia's Sydney-based senior currency strategist.
Confidence in dollar resilience growing
Bank of America's (BoA) confidence in the greenback retaining value over the past couple of months is starting to spread to other banks.
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
Headwinds are set to hinder the rand
Razia Khan, senior economist at Standard Chartered in London says the fundamentals for the rand are not supportive despite a recent rally
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.
How to play gravity-defying USD/JPY
Peter Luxton, Global Markets Adviser and Shant Movsesian, Senior Options Analyst at Informa Global Markets advise taking dollar bulls into account when trading on potential weakness
Yen set to stage a comeback next year
The yen is to stage a comeback next year as fundamentals gain more precedence, predicts Adrian Schmidt, senior FX strategist at the Royal Bank of Scotland (RBS) in London.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.
HUF makes a comeback
BUDAPEST – The Hungarian forint surged last week following positive market sentiment to a government announcement last Monday (October 9).
Managing exposure to forex volatility
Manuel Deijk in the structured FX team at UBS looks at a selection of quantitative methods applied in the implementation of FX risk management policies
Return to volatility brings relief for prop traders
GLOBAL – Last week saw the first significant market volatility for nearly two months as euro/dollar saw its first move out of a 1.26–1.28 trading range for over 50 days.
Real strength set to continue
Gray Newman, senior Latin American economist at Morgan Stanley in New York, says that the Brazilian unit will be supported by interest rates and continuing growth
Greenback sell-off fails to materialise
Bank of Montreal's (BMo) prediction for a big sell-off of the US dollar in 2006 has failed to materialise, said Jeff Cooper, BMo's vice-president of forex.
FX volume to exceed $3 trillion by 2007: TowerGroup research
NEEDHAM, MASSACHUSETTS – Global FX daily average volumes will reach $3.6 trillion by 2007, according to research released last week.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.
Decoupling is key to Asian strength
Stephen Jen, head of currency research for Morgan Stanley, and Charles St-Arnaud, acting Asian currency strategist in London, say Asian currencies will strengthen once Asia decouples from the US
Missing links in Korea and Taiwan
Mirza Baig and James Malcolm, FX researchers at Deutsche Bank in Singapore, examine the relationship between the Korean won’s surplus and changes in the Taiwanese dollar
Diverging data muddies forecasts
Danske Bank’s chief strategist Teis Knuthsen, said the technical and fundamental models the bank integrates to forecast FX has recently turned up opposing data.
Black clouds over the greenback
David Woo, head of global FX strategy at Barclays Capital in London, looks at the threats to the US dollar from Chinese trade and a weak housing market