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HSBC and Wells Fargo Use Blockchain to Settle Forex Trades

December 13, 2021 admin

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LONDON—HSBC and Wells Fargo have begun using a blockchain platform to settle bilateral foreign currency (FX) trades in the latest sign of how technology which underpins crypto assets is spreading to more mainstream activities. Baton Systems, the company behind the Core-FX distributed ledger technology, or DLT, said on Monday the two banks are using the…

Dollar Loses Ground After US Inflation Data

December 10, 2021 admin 0 Comment

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The dollar lost some ground on Friday after U.S. consumer prices increased roughly in line with expectations in November as investors, who had been bracing for much higher inflation, bet that the actual number would not change the pace of interest rate hikes. Labor Department data showed an increasing consumer price index (CPI) as cost…

Euro Slips, Dollar Rises With Central Banks in Focus; Yuan Drops

December 9, 2021 admin 0 Comment

London—The euro, pound, and dollar stabilised on Thursday as China’s yuan fell from a 3–1/2-year high and was set for its biggest drop in more than four months. With the U.S. Federal Reserve, European Central Bank, and Bank of England among those meeting to discuss monetary policy next week, investors will be keenly watching for forward…

Commodity Currencies Boosted by Hopes Omicron Will Be Mild

December 7, 2021 admin 0 Comment

LONDON—The dollar index was steady and riskier currencies picked up on Tuesday, as traders bet that the Omicron variant of COVID-19 would not be as severe as previously expected. Asian shares staged a recovery overnight and oil prices climbed as risk appetite improved following reports in South Africa earlier in the week saying that Omicron…

EU Fines HSBC, Credit Suisse, Others Over ‘Sterling Lads’ Forex Cartel

December 2, 2021 admin

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Business & Economy cartel Companies credit Economy EU Europe Forex HSBC Lads Markets Sterling UK World

BRUSSELS—EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest 344 million euros ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation. UBS avoided a 94 million euro fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling…

Dollar Steadies Near 16-Month High; New Zealand Dollar Weakens

November 23, 2021 admin 0 Comment

LONDON—The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022. Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era…

Euro Slides as Austria’s Fourth National COVID-19 Lockdown Begins

November 22, 2021 admin 0 Comment

London—The euro fell on Monday to trade close to a 16-month low on growing concerns over the impact of new COVID-19 restrictions in Europe, with Austria starting a full lockdown and Germany considering following suit. Austria began its fourth lockdown, the first introduced since vaccines became widely available, shutting Christmas markets, bars, cafes, and theatres….

Euro Slumps as Austria Reimposes Lockdown; Dollar Flying High

November 19, 2021 admin 0 Comment

LONDON—The euro slumped on Friday to near 16-month lows after Austria became the first country in western Europe to reimpose a full lockdown and Germany did not rule out doing the same. The single currency has been on the back foot all week, pressured by growing expectations that interest rates will be tightened faster elsewhere,…

Dollar Dips From 16-Month Highs as Rally Takes a Pause

November 18, 2021 admin 0 Comment

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LONDON—The dollar slipped back from a 16-month peak on Thursday, losing ground on the euro and Australian and New Zealand dollars as traders assessed whether the U.S. currency’s recent surge was starting to stall. The dollar has rallied in recent weeks as traders bet on tighter U.S. monetary policy. Stronger-than-expected inflation numbers in the United…

China’s Largest Bank to Restrict Forex and Commodities Trading

October 11, 2021 admin

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China’s largest bank set to suspend new account openings for forex and commodities trading beginning next week, raising concerns over further tightening control of the country’s currency and product market. In an Oct. 8 statement, the Industrial and Commercial Bank of China (ICBC) announced restrictions on certain types of retail businesses involving foreign exchange trading….

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