Trading
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
Barclays thrives on risky business
A bearish short-term view on risky assets has helped Barclays Capital top the one-month currency forecast rankings this week.
Parker FX Index dips 0.58% in July
STAMFORD, CT – The Parker FX Index was down 0.58% in July, with 36 indexed programmes reporting positive results and the remaining 45 incurring losses.
CME Group intensifies electronic forex trading
CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.
GFT preys on vulnerable euro/yen
GFT has beaten the Royal Bank of Scotland and HSBC in this week's three-month forecast rankings, owing to a bearish view on EUR/JPY.
Carry-trade capitulation
When the market turmoil subsides, the yen will give up some of its 2007 gains in 2008 and will remain undervalued by past norms, says Gabriel de Kock, Citi's global currency economist in New York
Electronic brokers reach new highs
LONDON – Electronic brokers EBS and Reuters smashed records for trading volumes amid highly volatile global markets.
Carry view takes Lehman to the top
Expectation of an FX carry unwind helped Lehman Brothers to the top of this week's one-month currency forecast rankings, said Jim McCormick, head of FX research at the bank in London.
Capitalising with caps
Loïc Henry, head of Paris FX structuring at French Bank Calyon, suggests the introduction of caps when participating in spread options
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
Risk aversion favours the dollar
The greenback is, paradoxically, likely to benefit from the recent spate of risk aversion brought on by the subprime crisis, writes Mansoor Mohi-uddin, chief currency strategist at UBS Investment Bank in London
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Barren greenback boosts Merrill
A bearish view on the US dollar led Merrill Lynch to top the one-month currency forecast tables, according to Emma Lawson, G10 FX strategist at the bank in London.
FOMC slouches towards neutrality
According to Robert DiClemente , chief US economist at Citi in New York, the lingering policy bias should not dissuade markets from anticipating an eventual reversal
Reuters reports record volumes
LONDON – As volumes on FXMarketSpace decline, electronic broker Reuters reported a record trading day in July.
EFX options broking sparks into life
Competition in electronic FX options broking is intensifying, with electronic brokers rolling out new tools to capture the growing business opportunity.
HSBC drawn up by drawdown
HSBC beat Merrill Lynch, Barclays Capital and Bank of America in FX Week 's one-month currency forecast rankings, by predicting the carry trade would unwind.
The effects of the subprime crisis
According to Michael Woolfolk , New York-based senior currency strategist at Bank of New York Mellon, US market players will focus on evolving developments in the subprime crisis, with global equities the preferred barometer for market risk aversion
London FX volumes soar
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the city continues to reap the benefits of emerging market flows and dual time zones, according to figures released last week.
Weak greenback benefits Scotia
Scotia Capital topped this week's one-month historical index by predicting broad weakness in the US dollar, said Camilla Sutton and Stephen Malyon, currency strategists at the bank in Toronto.