Foreign Exchange News

By Dhara Ranasinghe MANILA (Reuters) - Ready and waiting -- that sums up the attitude of most foreign exchange professionals to the opening up of China's currency market. Banks are hiring more forex traders and setting up alliances with local Chinese lenders, but real changes will only get into full swing once the market opens up further, delegates at a FX industry conference said this week in M ...

The dollar strengthened this week, providing further credence to the notion that it has stepped out of the downtrend that persisted from mid-April to mid-May. // The move was helped by a late dollar rally on Friday as traders moved to square positions ahead of the long weekend in the US and UK in what has become a more volatile market since recent violent swings in commodity and equity prices. In a week characterised by large intra-day price swings, the dollar rose 0.3 per cent against the eur ...

LONDON (Reuters) - Spread-better IG Group Plc (IGG.L: Quote, Profile, Research) said on Friday that Nat le Roux, its chief executive who re-listed the firm last April, planned to step down and would be replaced by current finance chief Tim Howkins. The firm, which allows investors to speculate on currencies, interest rates, shares and indices, said le Roux would be kept on as a consultant working around one day a week and would formally relinquish his current role once a replacement for Howkin ...

MANILA (Reuters) - Global bank HSBC Holdings (HSBA.L: Quote, Profile, Research) said on Friday it expected first quarter profits from its markets business to match higher earnings at rivals but warned that investors were in for a volatile summer of trading. "If you look at other banks in the same industry, in the same markets, that have already reported, we would hopefully be in line," Mike Powe ...

NEW YORK -(Dow Jones)- The precious-metals complex fell sharply Wednesday as long liquidation returned, although the futures managed to hold nearby support above their recent lows. June gold tumbled $36.20 to $637.50 a troy ounce. July silver lost 65.5 cents to $12.515 an ounce. It was a turnaround from Tuesday, when June gold had added $16 and silver 74 cents. "We had a nice recovery yes ...

By Megan Davies and Joseph Giannone NEW YORK (Reuters) - Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research) Chief Executive Bob Greifeld on Wednesday stood by his decision to pursue the London Stock Exchange (LSE.L: Quote, Profile, Research) , while archrival NYSE Group (NYX.N: Quote, Profile, Research) reaffirmed why it wants to take over European stock exchange operator Euronext (ENXT.PA: Quote, Profile, Research) . Greifeld, outlining advances his market has made against the larg ...

The U.S. dollar headed lower on Wednesday after a closely tracked measure of German business confidence was stronger than expected, suggesting the euro's recent appreciation hasn't hurt Europe's largest economy as much as some have feared. The euro rose to $1.2851 from $1.2788, and the dollar fell to 111.85 yen from 112.12 yen. The Ifo Institute, which surveys business managers each month, s ...

Tue 23rd May 2006 It was announced today that the first direct commission and fee-free online travel money has been extended until the end of January 2007. First direct is also offering next working day home delivery for its foreign cash and travelers cheques. Research by first direct suggests that shopping around could save Brits as much as £1.2 billion, enough to send 3.9 millio ...

Investors headed for the safe haven of the Swiss franc on Monday amid continuing turmoil on the world’s financial markets. // Mansoor Mohi-uddin, chief FX strategist at UBS, said that the correlation between rising demand for the Swiss franc and rising risk aversion had re-emerged this month as investors have become concerned about the abrupt moves in currency markets, commodities, equities, bonds and emerging assets. “It does appear the Swiss franc is regaining its safe haven status against  ...

The dollar extended last week's gains against the yen Monday, touching a more than two-week high, but was little changed against other major foreign- exchange counterparts after continued setbacks in gold and commodity markets prompted traders to trim bearish dollar positions. Gold for June delivery fell $10.50, or 1.6%, at $647 an ounce in electronic trading on Monday. It hit a low of $636.80  ...