U.S. Banks Report Boost In Q1 Forex Gains Taking Advantage Of U.S. Dollar Weakness
BANKS
The major U.S. banks overall report strong first-quarter foreign exchange revenues, showing particularly healthy gains compared to last year's weak first-quarter results (FXW, April 17). The dollar's continuing weakness against the Deutsche mark and yen gave banks the chance to profit from market-making and proprietary trading, but other factors included intra-European exchange rate volatility, ongoing turmoil in emerging markets and strong customer-related demand, officials say.
Citibank's
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