Trading
Sars leaves FX untouched
HONG KONG/TORONTO -- Despite fears that the Sars outbreak would affect volumes and markets globally, the forex industry escaped the crisis unscathed.
A new crystal ball
Second-guessing the Federal Reserve is getting more complicated as the central bank enters uncharted territory, says Lara Rhame, FX economist at Brown Brothers Harriman in New York
Hedge optimisation under IAS39
All European Union listed companies must implement IAS 39 by the end of this year. Raymond Franzi, head of structuring, and Emmanuel Burot, head of structuring and accounting at Dresdner Kleinwort Wasserstein in London, outline how a European firm should…
ETrade enters FX with Saxo Bank
LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.
BTM top in Japanese FX
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) has cemented its position as the top Japanese forex provider, reporting a 3% rise in yen terms in revenues for the full-year 2002.
Prop desks reap rewards of heightened FX volatility
LONDON -- Banks could be reaping rewards from their proprietary FX trading desks, as swift intra-day market moves continue, dealers have told FX Week .
Japan fights to keep yen down
TOKYO -- Data issued last week by the Bank of Japan (BoJ) revealed that May saw a record amount spent in the FX markets, and proved that Japanese authorities are willing to enter into a protracted battle to prevent yen strength.
Icap thrives on market volatility
LONDON -- UK Inter-dealer broker Icap has seen "another outstanding year" on the back of market volatility, especially in medium-term interest rate markets, said group chief executive Michael Spencer on the announcement of the firm's full-year results…
FX investor caution over terror threats
LONDON -- Risk aversion in emerging markets FX has heightened in recent weeks due to increased terror threats and concerns over the success of efforts to rebuild Iraq, analysts told FX Week .
Tale of two currencies
Recent FX market moves have exposed differing interest rate strategies for the eurozone and the UK, says Lorenzo Codogno (right), co-head of European economics at Bank of America in London
FX derivatives activity flat but healthy
BASEL -- FX derivatives volumes were relatively unchanged in the second half of 2002, the Bank for International Settlements reported last month.
Reuters FX under threat EBS-Bloomberg forex alliance prompts defiant response from UK firm
LONDON -- Reuters was last week fighting back to secure its position in FX, following the announcement of an alliance between two rivals.
EUR-denominated diesel fuel hedge
There has been a recent trend for corporates to migrate the risk management of their commodity exposure from their procurement to their treasury departments. As the corporate’s risk is centralised, it is managed as part of a portfolio of more standard FX…
Gulf currency by 2010, say Saudis
RIYADH -- A common currency for Persian Gulf countries could be a reality as early as 2010, according to officials from the Saudi Arabian Monetary Agency (SAMA).
The FX week ahead
(all times GMT)
Intra-day volatility returns
LONDON -- Trading desks buzzed with the return of intra-day volatility to the markets last week, as the euro sailed over its launch price of 1.175 against the dollar.
Rand recovery spells good news for South African FX
JOHANNESBURG -- The dramatic recovery of the rand and surging international interest in South Africa have proved a money-maker for local banks, market participants told FX Week .
Forex dealers clear on US dollar policy
NEW YORK -- Despite conflicting comments last week, analysts said the market is clear on the US government’s strategy regarding the greenback.
Appreciating the euro
With economic conditions in the eurozone worsening, the authorities are unlikely to allow the euro’s strengthening to continue, says Mitul Kotecha, global head of FX research at Credit Agricole Indosuez in London
Saxo Bank’s forex fund flourishes online
COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…
Crackdown on risk budgets
Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…
Japan steps up yen intervention battle
TOKYO -- Japanese authorities intervened in the forex markets again last week as the yen came under more pressure from the weakening dollar.