FX Markets - Jul 2025
See below for a full listing of the articles in the July 2025 collection of FX Markets
Articles in this issue
Turn of the skew: FX options dealers balance fragile market
Calls-versus-puts demand flips wildly in response to geopolitical events
Investors hope US rate cuts will lower FX hedging costs
European investors in US assets set to boost hedge ratios as implied yields rise
LMAX: stablecoin bill sets stage for FX and crypto convergence
CEO David Mercer on what the Genius Act means for markets, and where the venue’s FX business goes next
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits
Mutual funds were USD bulls going into April’s tariff chaos
Counterparty Radar: Positioning in Q1 reflected market sentiment that tariffs would lead to a dollar rally
Why Iran tensions failed to rattle markets
Despite initial fears, traders say risks were signposted and investors had deleveraged after April
Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
Standard Chartered launches spot crypto market-making
Bitcoin and ethereum to trade off the bank’s FX desk, but questions remain on capital treatment
Jive Investments quicksteps towards hedged returns
Brazilian fund manager uses combo of options and forwards to push down hedging costs compared with plain NDF strategy
Taco trades or fake news fatigue
Is another era of ‘will he, won’t he’ numbing rates and FX traders to its jeopardy?
How FX traders searched for the light amid tariff turmoil
Traders found consistent and actionable pricing in lit FX spot and futures order books during volatility rollercoaster in Q2, finds CME
From fringe to forecast: why bitcoin now moves like a currency
LMAX data finds crypto prices react to macro market events as quickly as EUR/USD
