One pair we haven’t examined in depth yet this week is USD/CAD, which has broken below key previous support at 1.2400 amidst Friday’s strong Canadian jobs report and yesterday’s big rally in oil prices.
After weeks of talks with its international creditors, Greece requested to bundle its four payments to the IMF into one lump-sum totalling €1.5 billion and pay this on June 30. On the commodities side, crude oil fell sharply from mid-week as speculators prepared for the OPEC’s semi-annual meeting on Friday. The key decision the cartel had to make was whether to raise its official output target to around 31 million barrels of oil per day.
Of course the dollar would resume its longer-term rally, the euro would be hit by fears surrounding Greece’s debt, the UK would fall into deflation, USD/JPY would break out from its unsustainably tight range and the commodity dollars would fall in sync with the rising U.S. dollar.
The U.S. Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Barclays PLC, Barclays Bank PLC, and Barclays Capital Inc. (collectively, Barclays or the Bank).
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Barclays Bank PLC (Barclays) for attempted manipulation, false reporting, and aiding and abetting other banks’ attempts to manipulate, global foreign exchange (FX) benchmark rates to benefit the positions of certain traders.
UBS will pay $545 million to U.S. authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals.
Revenue at the world's 10 largest investment banks rose 9 percent to $44.9 billion in the first quarter compared to a year ago, as financial market volatility and central bank stimulus measures boosted profits, a survey showed on Wednesday.