Articles by FX Markets Staff
Ringgit peg set to hold firm
KUALA LUMPUR -- Malaysia’s new prime minister, Abdullah Badawi, is set to maintain the ringgit’s peg to the US dollar for at least 12 months, according to market participants in the Asia-Pacific. Badawi assumed leadership of the Malaysian government in…
New era dawns for FX data
NEW YORK -- A new era in FX data is on its way, as the continuous-linked settlement service (CLS) for forex prepares to sell its market data back to users early next year.
Deutsche Bank profits from IMF impact
LONDON -- Volatile trading around the IMF meeting in September helped Deutsche Bank report higher FX trading revenues in the third quarter, the bank said last week. But its impact on other European giants ABN Amro and CSFB was unclear in their financial…
Refco and Abbey Capital to launch FX funds
NEW YORK -- Refco Alternative Investments, a division of Refco Group, has teamed up with portfolio manager Abbey Capital in Dublin to develop a series of managed FX futures funds.
Managing sterling risks
Trading cable or euro/sterling off fundamentals is fraught with risk because they are primarily driven by trends in euro/dollar, says Steven Englander, Barclays Capital’s New York-based chief FX strategist for the Americas. But a properly constructed…
China moves to ease yuan pressure
BEIJING -- In an effort to relieve upward pressure on the yuan, the Chinese State Administration of Foreign Exchange (Safe) relaxed restrictions on outbound investment flows last week.
Hedging Taiwan dollar risk
Exporters exposed to movements in the Taiwan dollar must hedge by using the non-deliverable forwards market. Michael Image, FX options structurer for northeast Asia at Standard Chartered Bank in Hong Kong, suggests a zero upfront premium solution, which…
Rapid expansion takes prime brokerage into the mainstream
LONDON -- Exponential growth in prime brokerage is taking the service out of niche markets and into the mainstream, according to forex market specialists.
BNP Paribas adds four in global institutional sales
NEW YORK -- BNP Paribas has hired four foreign exchange sales dealers globally, as part of an effort to build its institutional forex business, a senior official told FX Week .
Central banks need to clarify FX intervention
TOKYO -- Central banks should be encouraged to disclose information on their motives for intervening in foreign exchange markets, according to Priscilla Chiu from the London office of the Hong Kong Monetary Authority (HKMA). In a Bank for International…
ABN Amro hires derivatives managers in London, NY
LONDON -- ABN Amro has hired two derivatives marketing managers in new positions in London and New York, in the latest stage of its ongoing FX expansion.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
Risk management for Kiwi wine exporters
With the booming popularity of New Zealand wines in the US, the threat of Kiwi dollar appreciation looms large over the New Zealand wine-making industry. Wes Price in ANZ Investment Bank’s consultative risk management group in Melbourne, describes a…
Trichet unlikely to ring changes
FRANKFURT -- There are unlikely to be any major policy changes at the European Central Bank (ECB) following Jean-Claude Trichet’s introduction as president last week.
Wachovia adds institutional FX sales dealers in London
LONDON -- Wachovia Bank has hired two institutional FX dealers in London, as part of a global drive to increase its institutional forex business.
FX continues to prop up flagging Reuters
LONDON -- FX provided some positive returns for Reuters in the third quarter, despite a backdrop of overall decline at the firm, according to its results published last week.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
Peter Bartko joins Forexster
LONDON -- EBS founder and former chairman Peter Bartko has ended his two-year retirement by joining Forexster, a Bermuda-based FX trading network.
US abandons strong dollar policy -- but will Asia?
The G-7 communiqué at the IMF/World Bank annual meetings in Dubai marked the end of the US administration’s ‘strong dollar’ policy. But does it also signal a change in Asia’s preference for a strong dollar?