Trading
China stands firm on peg
BEIJING -- China will continue to stand firm in the face of increasing international pressure to relax the yuan’s peg to the US dollar, analysts in the Asia-Pacific told FX Week .
Italians step up FX use
ROME -- Italian corporates have increased their derivatives use over the past 12 months as companies have honed their risk management skills to battle against currency volatility.
Central Europe sees shift in fortunes
BUDAPEST -- Economic fortunes have been changing in central Europe, possibly more so than markets have recognised, said FX strategists at Merrill Lynch.
Cashflow considerations in currency overlay
Active currency overlay can reduce the risk of adverse cashflow arising from a strategic hedge, say Andrew Davies, director of capital market research, and Damhnait Ni Chinneide, portfolio manager at Lee Overlay Partners in Dublin
Banks offer capital intro to hedge funds
LONDON -- Investment banks are stepping into a new role by offering a capital introduction service to hedge fund clients in order to increase their business with them, officials told FX Week .
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Banks failing SMEs on hedging
LONDON -- More than half of UK businesses with exposure to currency transactions totalling £20 million per year are failing to hedge their exposure, according to research produced by currency services firm Travelex in the UK. The lack of protection is…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.
UBS triumphs in currency derivatives
ZURICH -- UBS triumphed again in this year’s currency derivatives categories in FX Week ’s sister publication Risk magazine’s global derivatives rankings.
Asian currencies set to outperform
Asia is heading for a period of sustained growth. And with high US budget and current account deficits, the region is likely to replace the US for leading global economic growth, says Hans Redeker, global head of currency strategy at BNP Paribas in London
NZ dollar to strengthen
WELLINGTON -- The New Zealand dollar is set to strengthen against the greenback to at least 60 US cents by the end of the year, according to market participants in the Asia-Pacific.
The hedge that lets you ride the wave
David Faller, Chicago-based head of FX options at BMO Financial Group in Chicago, and Evan Steed, FX options trader in Toronto, suggest a cost-effective hedging strategy to enable a Canadian exporter to fully hedge 12 months of equal US dollar…
Middle East lures FX firms
BEIRUT -- The potential for growing business in the Middle East has this year brought two new firms to industry body ACI’s annual congress, which was held in Beirut last week.
Jobs to go in MMS/MCM merger
LONDON -- Job cuts at forex market commentary providers MMS International and MCM are "inevitable" as a result of UK publishing group Informa’s $37 million acquisition of MMS International last week, officials told FX Week .
Asian intervention tops G7 agenda
DUBAI -- Japanese and Chinese manipulation of the FX market will top the US agenda at this week’s meeting of the Group of Seven leading industrial nations in Dubai, analysts said. The US could shoot itself in the foot, however, as China and Japan are…
HSBC cuts in emerging FX
LONDON -- UK-based bank HSBC has cut about 10 European emerging markets positions in London, as part of a decision to move the management of those currencies back to their local centres, a senior official told FX Week .
Aussie’s halcyon days are not over
The Australian dollar’s strong rise in the first half of the year may have fallen off, but that does not mean its best performance is behind it, says Michael Jansen, market strategist at National Australia Bank in Sydney
Dealing for charity
LONDON -- Many City dealers globally will donate a percentage of their day’s profits to London-based charity Children in Crisis (CIC) on September 18.
Fourth quarter boom for FX
LONDON -- Continued market volatility looks set to boost FX in Q4, senior bank officials told FX Week .