Trading
Forex forwards bounce back as year ends
LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.
Strong Q3 for FX derivatives
BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).
Portlock new spot FX chief at WestLB
DUSSELDORF - WestLB appointed Mark Portlock global head of spot foreign exchange last Thursday, following the decision by Dan Jones, head of FX and commodities trading for liquid markets, to leave the bank.
New EUR/ISK domestic pair launches
REYKJAVIK - Thomson Reuters is set to list a new currency pair, EUR/ISK Domestic, on the Spot Matching System in January to support trading between Icelandic banks onshore.
The return of PPP
The rapid fall of currencies against the US dollar is restoring balance to the currency markets, as stability in purchasing power parity (PPP) returns, says Margaret Kempner, currency strategist at Brown Brothers Harriman
Currency strategy success continues
LONDON - The reversal of fortunes for currency managers continued in November, with all but those employing carry strategies generating positive returns, said the Royal Bank of Scotland (RBS).
Futures look bright for Ice
ATLANTA - The Intercontinental-Exchange (Ice) Millions FX futures contracts have traded at an average daily volume of $350 million since launch a month ago, according to the Atlanta-based exchange.
Yuan NDFs set to peak
BEIJING - Chinese renminbi non-deliverable forward (NDF) rates could peak this week, ending the rapid rise seen since the government indicated plans to allow the unit to depreciate at the end of November, according to traders .
Monahan ends six years at Icap
HONG KONG - Mark Monahan, chief executive at Icap's electronic business in the Asia-Pacific region, will leave the firm at the end of the year.
TD Securities gets back to basics
TD Securities has surged to the top of the one-month forecast rankings this week by focusing on the US dollar story in an environment driven by short-term factors.
India to open rupee/dollar futures to FIIs
MUMBAI - The Reserve Bank of India and the Securities and Exchange Board of India (Sebi) are expected to allow foreign institutional investors (FIIs) to participate in the currency futures market soon, market participants speculate.
China in shock interest rate cut
BEIJING, MUMBAI & BANGKOK - The People's Bank of China shocked markets with an aggressive 108 basis point cut to interest rates last Wednesday (November 26), in its latest move to curb the rapid decline in growth.
A storm in a teacup
Henrik Gullberg, senior foreign exchange strategist at Deutsche Bank in London, says fears over the Swiss franc's status as a safe-haven currency are exaggerated
Sterling plummets as BoE dithers
CMC Markets topped this week's one-month forecast rankings by predicting a weaker sterling based on a perceived delay in interest rates cuts by the Bank of England (BoE).
Traders shift focus to recession
LONDON - Traders are reporting a slowdown in foreign exchange activity and a focus shift towards global recession fears as the market approaches year-end.
More crisis casualties
LONDON - Morgan Stanley, Citi and Deutsche Bank have all announced thousands of global job cuts in response to the market dislocation, with foreign exchange teams unavoidably in the firing line.
Trouble ahead in emerging EMEA
Nick Chamie , head of emerging markets research at RBC Capital Markets in Toronto, analyses the results of the bank's latest Financial Risk Scorecard, and finds there are tough times ahead for the Baltic states
Risk aversion still 'dominant theme'
Rabobank took top spot in FX Week 's one-month currency forecast rankings this week with a view that a continuation of investor deleveraging would keep the US dollar strong.
Forex contends with great expectations
The foreign exchange industry is set for a shake-out next year as re-pricing of risk forces change in the make-up of the industry.
Canadian dollar draws nervous participants
The Royal Bank of Canada and ANZ took top honours in their domestic markets, reflecting the health of the dealers versus global rivals in these currencies.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Credit Suisse advances in Asia forex
HONG KONG & SYDNEY - Credit Suisse released its advanced execution service (AES) for foreign exchange in Asia last month, following the system's US and European rollout earlier this year.
Icap still best broker for forex
Icap holds onto its crown as best broker for spot FX ahead of rival Thomson-Reuters.
Cable: we've been here before
Peter Luxton, global economic adviser at Informa Global Markets in London, looks at how cable is faring during this economic crisis, and finds it is following a similar pattern to cable during the 1992-93 slump