Trading
Travelex given green light in China
BEIJING - In what represents a landmark liberalisation of Chinese foreign exchange regulations, Chinese premier Wen Jai Bao has granted Travelex its first authorised FX licence to operate in China.
GFT ups currency research
ADA, MICHIGAN - Online trading company GFT has strengthened its currency research team by hiring two senior staff from online news and information source Daily FX.
The vote and the dollar
Peter Luxton, global economic adviser at Informa Global Markets, says past experience shows presidential elections can be a factor in US dollar volatility
Global capital flows support USD
Stephen Hull, foreign exchange strategist at Lehman Brothers, sees a brighter future for the US dollar, as central banks reverse their accumulation of foreign exchange reserves and foreign direct investment into the US increases
nvestors back MarQCuS by $1.7 billion
LONDON – Lehman Brothers has gained $1.7 billion in investments for its Macro Quantitative Currency Strategies platform (MarQCuS), as investors aim to maximise returns amid failing pure carry strategies.
Volumes double as US dollar gains
GLOBAL – Dealers saw a sharp rise in euro and sterling trading volumes as the dollar continued a broad-based recovery against the major currencies last week.
UniCredit backs the greenback
A bullish view on the greenback, resulting from improved market sentiment towards the dollar, helped push UniCredit MIB to the top slot of this week’s three-month currency forecasts rankings.
Forex.com gains six more currency pairs
NEW YORK – Gain Capital is set to add six Scandinavian currency pairs to its online retail foreign exchange trading platform, forex.com.
Merrill Lynch goes live with prime brokerage on EBS
LONDON – Merrill Lynch has become the latest bank to enable clients to trade on EBS Spot using its credit line.
Hungary cautious over rate cuts
Eszter Gargyan, Citi’s economist for Hungary in Budapest, says rate cuts in Hungary are likely to be delayed in the second half of this year, but could accelerate in 2009
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
Emerging market ETFs booming
ROCKVILLE, MD - Rockville-based Rydex Investments is set to launch four currency exchange-traded products linked to emerging market currencies at the end of the month, as the market for these products grows.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Credit Suisse adds EM currencies to algos
LONDON - Credit Suisse has added six emerging market currencies to its algorithmic trading models for foreign exchange.
HSBC number one as US recovers
A bullish dollar view based on an improved performance by the US economy relative to other regions raised HSBC to the top of this week's one-month currency forecast rankings.
Trend followers suffer losses
LONDON - Currency managers employing trend strategies are likely to be nursing heavy losses after the past 12 months, according to research by ABN Amro.
China's central bank launches forex payment system
BEIJING - China's central bank has launched a foreign exchange payment system to ease transfers between banks on behalf of corporates in the country.
USD labour market hits bottom
Michael Woolfolk, an economist at Bank of New York Mellon in New York, analyses the latest US employment report, examines how the FX markets have reacted to its contents, and reflects on the future of the US dollar
FX thrives in challenging times
FRANKFURT, MEXICO CITY & MONTREAL - International banks are claiming strong foreign exchange revenue gains against challenging overall market conditions in earnings released last week.
4Cast savvy over sliding oil prices
4Cast topped this week's one-month rankings by forecasting a stronger US dollar based on expectations for a fall in oil prices.