And Finally…

As flagged in Thursday’s column, I want to revisit the subject of pre-hedging and the FX Global Code – and it is timely to do so given that the US Supreme Court is expected to review Mark Johnson’s petition to have his case heard and, eventually, overturn his conviction. The “offense” committed by Johnson, even […]
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The H2 Edition of Profit & Loss is Now Available

The second edition of Profit & Loss magazine for 2020 is now available online, click here to access all the usual features as well as our main feature on the evolution of the FX swaps market – is it really, finally, on the cusp of radical change? There are also features on spoofing in spot […]
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GDP Will Rebound for Q3, But Not Nearly Enough

After the 31.4% plunge in second quarter GDP, there is no doubt that economic growth partially rebounded in the third quarter, data to be released Thursday will show. Consumption, home building and business activity all improved drastically from the lockdown-period of the previous quarter. But it will be a while until the economy completely gets […]
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US Sept Existing Home Sales, Prices Surge

US existing home sales advanced further in September, hitting the highest point since May 2006. National Association of Realtors (NAR) chief economist Lawrence Yun said Thursday that it was “another spectacular month” for sales and prices, but noted again that supply is being depleted rapidly. He said that the housing sector is experiencing better than […]
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And Another Thing…

Ahead of my normal duties at Profit & Loss Mexico on Thursday evening and Singapore next Wednesday afternoon (both local time), I had the all-too-rare pleasure of being on the other side of the “divide” this week, as a speaker on an excellent ACI UK panel on conduct and the FX Global Code. I was […]
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Fed’s Beige Book Shows Slight to Modest Expansion

The Federal Reserve’s latest Beige Book survey of economic activity through the 12 regional bank districts Wednesday found little evidence of any V-shaped recovery, instead seeing “slight to modest” improvements in most regions. Assembled by the St Louis Fed, the survey prepared for the next Federal Open Market Committee meeting November 4-5 was able to […]
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BoE’s Ramsden: UK Doesn’t Need Negative Rates Right Now

The UK economy does not require sub-zero interest rates at present, according to a top central banker Wednesday, who added the negative borrowing rates have been most effective in other jurisdictions once a recovery is underway. “The time” for negative rates in the UK “is not right now”, said Dave Ramsden, the Bank of England […]
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ECB Hints at Refinement of ‘Price Stability’ Goal

The European Central Bank (ECB) could refine its approach to achieving price stability during its delayed strategy review, assessing its inflation target and the components of the inflation basket, according to top rate setters Wednesday. The ECB has resumed a strategy review halted by the COVID pandemic, an evaluation that will include whether the current […]
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Italian Banks’ Net Bad Loans Fell in August

The volume of Italy’s banks’ net bad loans fell to €24 billion in August, down from €32 billion a year ago and €40 billion in 2018, Italy’s Banking Association, ABI, said Tuesday in a report. Since November 2015, when the highest peak in bad loans reached €89 billion, there has been an overall drop of – […]
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Sept Housing Starts Rebound on Single-Family

The US September home building data, released Tuesday, continued to represent the shift toward single-family homes and away from condos and apartments as buyers seek more space and larger homes since the COVID-19 quarantines. The pace of housing starts rose by 1.9% to a 1.415 million annual rate, below the 1.451 million pace expected and […]
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