Foreign exchange
Measuring US dollar and prospects
Thomas Lam Tai Loong, treasury economist at United Overseas Bank (UOB) in Singapore, outlines a way of predicting dollar movement through measuring growth in the US economy
Fraudulent FX sites uncovered
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed yet another action against a party participating in fraudulent forex activity.
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
Singapore sees record FX volumes
SINGAPORE – Forex trading activity in Singapore reached the highest levels in seven years in 2004, according to latest statistics from the Monetary Authority of Singapore.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
Asian central banks increase reserve management sophistication
HONG KONG – Asian central banks who have typically been long dollar are evolving with their reserve management, according to Claudio Piron, currency strategist at JP Morgan.
Using a long straddle for EUR-USD participation
Armin Mekelburg, currency strategist at HVB in Munich recommends a way to take advantage of the strong swings in the eurodollar
China joins forex community
BEIJING – Large-scale FX trading is coming to the Chinese market, with EBS linking to three major state-owned banks in the country.
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Yen set ‘to play catch-up’ with economy
TOKYO – The relative weakness of the yen, despite the Japanese economy’s strength, is set to end shortly, according to market observers.
FX Week comes to Asia
HONG KONG – This week sees the inaugural FX Week Asia conference in the Special Administrative Region at the Renaissance Harbour View Hotel.
IFX Group gets a boost from forex
LONDON – IFX Group, the City-based financial trading and spread betting company, expects to make in excess of £1.7 million in its interim results, after strong profit growth in its global FX trading operations.
Tietmeyer warns of global imbalances
LONDON – The increasing level of global imbalances is leading to greater risks for the global economy, according to Hans Tietmeyer, former president of the Deutsche Bundesbank.
Forex hits the wild east
ALMATY – The rapid expansion of the emerging market economies is forcing the development of local currency derivatives markets.
Oanda boosted by $17m stake from Index Venture
LONDON AND GENEVA – Venture capital firm Index Venture has bought a $17 million stake in global currency trading firm, Oanda.
Hong Kong set for retail yuan NDF contracts
HONG KONG – Authorities in the Special Administrative Region are to follow China's lead in making renminbi non-deliverable forwards (RMB NDFs) available for trading next month.
Barclays offers Chinese research
HONG KONG – Barclays Capital is launching its FX weekly research in traditional and simplified Chinese for the Hong Kong, Taiwan and mainland Chinese investor base.
Yuan for the money
With the growing importance of the Chinese market, James Malcolm, senior currency strategist at Deutsche Bank in Singapore, suggests range-trading USD/CNY NDFs from the short side, to capture gains
Interactive to switch FX feed
BEDFORD, MASSACHUSETTS – Data vendor Interactive Data is to switch off an old forex data feed from its ComStock division and replace it with a new one from another part of ComStock, GTIS.
Record Q3 for US banks
NEW YORK – US investment banks have posted record-breaking third quarter results, largely arising from a profitable quarter in foreign exchange.
Dow Jones adds to forex coverage
HONG KONG – Dow Jones Newswires has launched a website to complement its 'CommentaryPlus' real-time commentary and analysis service.