Trading
FXall reaches profitability
New York – Multi-bank portal FXall now earns more than it outlays on a monthly basis, it said last week, over two years after its May 2001 launch.
Fed reserved
For all its talk of deflation, the Fed fails to walk the walk, says Alan Ruskin, research director at 4Cast in New York
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.
HK’s FX clearing needs improvement – IMF
HONG KONG – Foreign exchange clearing supervision in Hong Kong needs to be improved, according to the International Monetary Fund (IMF). In a report published in late June, the IMF said although payments systems in the Special Administrative Region (SAR)…
Dollar and US stocks decouple
The positive correlation between US stocks and the dollar has seen a turnaround, and this is unlikely to reappear in the near future, says Niels Christensen, senior currency strategist at SG in Paris
Protecting against euro resurgence
A Hong Kong-based firm could use a series of resetting bonus forwards to hedge against a potential euro rebound, say Charlie Brown, head of structuring at Standard Chartered Bank in London, and Mike Image, structurer for North-east Asia global FX options
EBS makes spot sterling drive
LONDON – Spot broker EBS last week made a bid for market-share in the sterling market – the acknowledged gap in its coverage of major currencies.
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
US investment banks’ revenues soar on back of investor demand
NEW YORK -- Strong investor demand is driving US investment banks’ fixed-income and forex revenues sky-high, according to first-half results released last week.
AIGforex under merger threat
GREENWICH, CT -- AIG Trading’s FX group faces an uncertain future as parent company Connecticut-based American Insurance Group (AIG) prepares to merge its AIG Trading and AIG Financial Products subsidiaries, sources close to the firm told FX Week .
Cause and FX
Corporate hedging practices have become a focal point for equity investors, as companies look beyond traditional risks. Alex Patelis, senior G-10 FX strategist at Merrill Lynch in London, highlights the risks to balance sheets from capital losses on…
Hedging solution for Canadian exporters
A series of Canadian dollar calls could be the solution to Canadian exporters’ concerns about the direction of US dollar/Canadian dollar, says Shaun Osborne chief currency strategist at Scotia Capital in Toronto
US investment banks’ revenues soar on back of investor demand
NEW YORK -- Strong investor demand is driving US investment banks’ fixed-income and forex revenues sky-high, according to first-half results released last week.
Brazilian real rally set to come to an end
SAO PAULO -- The Brazilian real strengthened after the US Federal Reserve’s decision to cut interest rates on Wednesday (June 25), but was back on the defensive over Brazil’s debt and is likely to remain on the back foot.
Multi-choice options for eurozone exporters
The multi-choice strategy forward option can offer flexibility to a euro-denominated exporting company looking to hedge its long-term dollar exposures, says Roman Stauss, head of FX product development at Commerzbank Securities in London
Rabo loses global FX head
LONDON -- Dutch Bank Rabobank is currently without a global head of foreign exchange following the departure of Gary Kaye from the London office last Monday (June 16), a spokesperson for the bank in Utrecht told FX Week .
Is the dollar bouncing back?
The US dollar may have been mired in decline in recent months, but a recovery could be on the cards sooner than expected, says Tony Norfield, global head of FX strategy at ABN Amro in London
Politics mars eastern European FX process
BUDAPEST -- Political interference in Hungary’s monetary policy decisions could ultimately damage regional currencies and derail the accession process to the eurozone, analysts told FX Week .
No change likely for ringgit/dollar peg
KUALA LUMPAR -- The Malaysian ringgit’s (MYR) peg to the US dollar is likely to remain in place, analysts in Asia told FX Week , despite mounting speculation last week that it may be relaxed ahead of Malaysian prime minister Mahathir Mohamad’s retirement…