The South Korean won ticked up today on signs that Korea’s exporters were converting their overseas earnings into the local currency before the end of the month, increasing demand for the won. As it usually happens, exporters were buying local currency for their month-end needs, creating a temporary surge of demand for the won. Yet the rally was limited on concerns that South Korean policy makers may take steps to prevent appreciation. … “Won Edges Higher as Exporters Convert Earnings”
Month: June 2014
Alpari Russia volumes drop below $100 billion in May
By Andrew Saks-McLeod Trading volume at Alpari’s Russia and CIS operation continues to dwindle, with May 2014 figures showing a decline of $14.4 billion compared with April, and the first drop below $100 billion since 2012.
USA: NFA’s Board approves prohibition of credit cards to
By Mike Fox The new ban is subject to approval by the Commodity Futures Trading Commission
RisePay to integrate Spindle payment processing aggregation in strategic
By Mike Fox Geared towards smaller firms looking for this kind of payment processing aggregation and a solution for mobile payments
Intercontinental Exchange agrees to sell NYFIX and Metabit to
By Mike Fox The transaction, which is subject to regulatory approval, is expected to close in the third quarter of 2014. The terms of the transaction were not disclosed.
UK Pound Slips Against US Dollar
UK pound has slipped against the US dollar, even after a stronger week that saw sterling reach highs not seen in five years. Since the end of a strong week, the pound is down against the dollar to start a new week. It is also down against the yen, and even slightly lower against the euro. Last week, expectations that an interest rate hike will come from the Bank of England … “UK Pound Slips Against US Dollar”
Sucden Financial’s Hong Kong office becomes fully regulated to
By Andrew Saks-McLeod Sucden Financial steps up its presence in the heart of Asia’s institutional FX center, as its Hong Kong operation gains the ability to offer full brokerage facilities.
Euro Ekes Out Some Small Gains After Disappointing PMI
Euro is eking out some small gains against some of its counterparts following the disappointing PMI report just out for June. Concerns about a faltering eurozone economy are on the rise again, especially with the data indicating that France is struggling. The latest PMI data from Markit indicates that the eurozone continues to expand at a slower rate. The PMI for the eurozone is at 52.8, when forecasts were for 53.5. Even … “Euro Ekes Out Some Small Gains After Disappointing PMI”
End to EONIA Swap Index: to be discontinued on July
The EONIA Swap Index will not be published as of July 1st 2014. The Euribor-EBF decided on this as number of contributing banks has fallen. Only 8 banks participate in the EONIA Swap. The swap ran since June 2005 – a total of just over 9 years. This measure has been cited many times in correlation … “End to EONIA Swap Index: to be discontinued on July”
EUR/USD: Trading the German IFO Jun 2015
The German Ifo Business Climate is a monthly composite index of about 7,000 businesses, which are surveyed about current business conditions and their expectations concerning economic performance over the next six months. A reading which his higher than the forecast is bullish for the euro. Here are all the details, and 5 possible outcomes for EUR/USD. … “EUR/USD: Trading the German IFO Jun 2015”