Trading
Political upheaval nears the endgame
The next two to six weeks in Poland will be very important for the medium-term outlook of the Polish zloty and indeed the entire country, says Daniel Katzive, FX strategist at UBS in New York
An average rate option to protect the budget
As euro/dollar continues its descent, Rabobank’s corporate sales desk in Utrecht suggests one way for European corporates to profit from the move
Corporates and banks still behind on IAS 39
LONDON – With the January 2005 implementation date for accounting standard IAS 39 fast approaching, corporates and financial institutions are still behind in their preparation, according to a recent survey carried out by Reuters and FX Week ’s sister…
ACI expects 1,200 delegates in London
LONDON – Forex industry body ACI is expecting 1,200 attendees for the European congress in London later this month, said Robin Poynder, chairman of the congress organising committee.
ABN Amro Q1 figures show return to form in forex
AMSTERDAM – ABN Amro has seen a return to form in forex, with a year-on-year rise of 47% in its Q1 FX dealing income, published last week.
Martin Wiedmann leaves UBS
ZURICH – The departure of Martin Wiedmann from UBS in Zurich last week sparked a guessing game among his peers over which bank he is set to join.
Kemp takes FX helm at Merrill
NEW YORK – Morgan Stanley FX chief Stephen Kemp is set to take on the continued build-up of Merrill Lynch’s forex business, following the resignation of co-head of global FX and rates Michael DeSa.
News and research firms set to diversify
NEW YORK – News and research firms are looking to diversify their offerings following the recent take-over of currency analysis firm MMS by publishing group Informa Global Markets, said officials.
Volatility helps Reuters return to growth
LONDON – Renewed marketing efforts and continued volatility in the FX market led to a return to growth for Reuters’ dealing business in the first quarter despite fierce competition from EBS and Bloomberg, it said last week.
China hints strongly at yuan peg change
BEIJING – China last week gave its strongest hint yet that the yuan’s peg to the US dollar could be altered sooner rather than later.
Banks draw EU25 battle plans
LONDON – Euro convergence may yet be years away for the 10 new member states joining the European Union (EU) this weekend, but far-sighted banks and brokers are already drawing up their FX battle plans for the new Europe.
RBI under scrutiny as rupee rises
A recent surge in the rupee is prompting debate about the Reserve Bank of India’s (RBI) forex policy, says Peter Redward at Deutsche Bank in Singapore
How to slash currency conversion rates
A Dual Currency Accumulator Note enables investors to convert currencies at a better rate than would be available in the cash market, writes Andy Kaufmann, head of FX structured products, EMEA, at Merrill Lynch
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
Time is right for early barrier forwards
The high level of volatility in the market makes this an opportune time for corporates to use early barrier forwards to hedge cable risk, says Barclays Capital’s senior FX structurer in London, James Edwards
Ex-MMS analysts set up new research firm
NEW YORK -- A group of former MMS analysis staff are launching a new real-time advisory service today (April 19) for FX, fixed income and economic news.
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
FX profits soar as funds up risk
NEW YORK -- Citigroup and State Street both reported surges in Q1 FX revenue last week on the back of increased activity from fund managers, senior officials told FX Week .
Russia shifts focus from dollar to euro
MOSCOW -- The move by Russia’s Central Bank (CBR) to manage the rouble against both the euro and dollar is a step towards the free floating of the currency, but will lead to increased volatility against the US dollar, analysts said last week.
MAS move could pre-empt peg changes
SINGAPORE -- The Monetary Authority of Singapore’s surprise move last week towards a "policy of modest and gradual appreciation" for the Singapore dollar may be a pre-emptive move to counter Asian peg revaluations.
Cashing in on Asia
Asian FX offers abundant opportunities to make money over the next few months. Mike Newton (right), regional FX strategist, HSBC global markets in Hong Kong, suggests potential trade ideas to make the most of the markets