Trading
New Turkish lira causes surge of activity
ISTANBUL – The new Turkish lira (TRY) is seeing strong demand across Europe only a month after its rebasing, said industry insiders.
Ringgit peg likely to end, say analysts
KUALA LUMPUR & SINGAPORE – The days of the Malaysian ringgit’s six-year peg to the dollar look to be numbered, according to analysts in the region.
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
Dollar weakness set to continue
Jim McCormick, global head of FX research at Lehman Brothers in London, sees short-term technical gains, but continued longer-term dollar weakness
Private bankers boost structured products sales
LONDON – Private bankers are buyoing the expanding market for structured products linked to currency movements, in a bid to provide more attractive yields to their clients.
Kissing with confidence is key to FX
Keep it structurally simple (Kiss), says Evan Steed, director FX options trading and sales TD Bank Financial Group. This truism is especially appropriate as the greenback faces an uncertain future and regulatory change comes to Canada
HK FX traders favour service over price
HONG KONG – Service rather than price is the key determinant for FX traders, according to a survey carried out in Hong Kong.
Rising dollar trend to continue
With the euro/dollar on its way towards its peak of 1.3652 on December 31, most analysts predicting rates a month down the line on December 17 missed the greenback’s subsequent rally to 130.87 by January 17. Pronet Analytics was helped to the top of the…
Corporate confidence in FX on the rise
LONDON – Forex activity from corporates will continue to grow in 2005, following the introduction of accounting standard IAS 39 and the Homeland Investment Act, according to banks.
Further dollar falls needed
ANZ came top of the one-month forecast this month, with forecasts less than 1% out across every currency pair except for the dollar/swissie, where the bank was 1.1% out. For the euro/dollar pair the antipodean bank benefited from a lower prediction than…
The greenback/HK dollar digital deposit
Hong Kong dollar interest rates remain suppressed. Michael Image, FX structurer for Northeast Asia at Standard Chartered shows a way for HK$ depositors to achieve higher interest rates by taking advantage of the fact that US$/HK$ forwards are trading at…
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.
Speculative $/¥ selling discouraged
Ian Stannard, senior currency strategist at BNP Paribas in London, favours selling USD/JPY gains amid mounting political pressure
Man Financial posts strong forex results Reuters to report revenue rise
LONDON – Reuters’ share price rose by 4.8% on the London Stock Exchange on January 13, from £3.8175 to £4, and hovered at that level by close, following a statement by the vendor on its Q1 performance.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Intervention going out of fashion
Paul Meggyesi, vice-president, global currency strategist at JP Morgan Chase, points to a decreasing willingness for Asian central banks to intervene as a reason to expect further dollar weakening
Gain ahead of the pack in 2004
Gain Capital topped the ranking for both one-month and three for 2004. Mark Galant, chief executive of the FX services provider, puts this success down to a combination of knowledge acquired from many years spent at banks and the ability to benefit from…
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
Towards risk-free emerging markets investment
Pete Eggleston, head of quantative solutions at Royal Bank of Scotland (RBS), outlines a way of benefiting from the high yields associated with emerging market investing while controlling the inherent risk
Turkish delight in strength of lira
ISTANBUL – The run-up to the introduction of the new Turkish lira (NTL) has coincided with a strong growth in the unit.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.