Trading
BoA links major and emerging FX forwards in risk strategy drive
LONDON -- Bank of America (BoA) has merged its forwards and emerging markets forwards businesses in London, and hired three forwards traders globally as part of a continued drive to move to a strategic risk management model, a senior official told FX…
ACI UK annual ball raises over £46,000
LONDON -- Forex industry body the ACI’s UK branch last week said it had raised £46,300 at its annual ball held at the Grosvenor House hotel in London on April 25.
Indian market opens up
MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.
Plimsoll steps into currency overlay
NEW JERSEY -- Summit, New Jersey-based fund manager Plimsoll Capital is moving into currency overlay, and expects to secure its first clients this quarter, a senior official told FX Week .
IMF outlines reserve currencies criteria
WASHINGTON -- The currency composition of a central bank’s reserves is not an easy decision to make, according to a collection of case studies compiled by the International Monetary Fund (IMF).
Chinese derivatives regulations expected soon
SHANGHAI -- The Chinese central bank is expected to publish new regulations within the next few months aimed at easing tough restrictions in the country’s forex derivatives market, say bankers.
Cycles, structures and the dollar
It is difficult to ascertain what drives the capital markets at any one time. Market participants often seem to confuse cyclical and structural factors, and this is especially true of the dollar now, says Marc Chandler, chief currency strategist at HSBC…
US banks revisit specialist sales
NEW YORK -- JP Morgan Chase and Bank of America are among the banks turning back to specialist FX advisory teams, in a move away from cross-product generalist sales.
Funds seek new ways to manage currency
NEW YORK -- Funds are becoming increasingly sophisticated in their use of currency management in an effort to boost returns, officials told FX Week .
Riding with the euro
A European client buying US dollars should consider a three-year swap to use the current euro strength to their advantage, says Pritpal Gill, head of structuring at Lehman Brothers in London
Sars threatens C$ boom
TORONTO -- Booming forex business for Canadian banks could be under threat from the spread of severe acute respiratory syndrome (Sars) to Toronto, senior market participants told FX Week .
Euro powers on as investors desert US
LONDON -- The euro nudged above the $1.10 level against the dollar last week, as the market’s renewed focus on economic fundamentals hurt the greenback.
Macroeconomic trading back in vogue
LONDON -- Institutional traders are returning to macroeconomic trading styles, after years of position-taking based on other factors.
Market focus shifts to fundamentals
LONDON -- The US dollar slipped across the board last week, as the forex market’s gaze turned from war to economics.
Loonie zooms
Canadian dollar strength is set to continue, say Lauren Germain and David Mozina, of Bank of America’s FX strategy group in New York. And the market is reacting accordingly
Citi rides out tough Q1
NEW YORK -- Citigroup shrugged off concerns about reduced FX client activity in the first quarter of 2003, reporting largely flat forex trading revenues last week.
A firm view on the rand
Unexpected data revealing South Africa’s current account surplus has led Merrill Lynch to cite a firm view on the rand. Jos Gerson, chief economist for South Africa in Cape Town, explains key factors that must be taken into account in coming to a solution
FX safe from equities threat
LONDON -- Top FX officials are confident the current peak in investor currency business could survive an equity market rally -- a prospect brought to the fore by the success of coalition forces in Iraq.
War threat to Q1 FX profits
NEW YORK – The impact of the war in Iraq on FX will become clear this week, when the US commercial banks publish trading revenues for the first three months of the year.
Singapore dollar hit by SARS woes
SINGAPORE -- Speculation mounted last week that the Monetary Authority of Singapore (MAS) had intervened to protect the Sing dollar’s narrow trading range, as fears over the SARS virus escalated.
When stocks rocket
Markets are expecting a post war rally in equities. Jesper Dannesboe, chief FX strategist at Dresdner Kleinwort Wasserstein in London, looks at the implications for FX