Commerzbank is a leading German global banking and financial services company that finances more than 30% of Germany’s foreign trade. Commerzbank’s presence in the UK dates back to 1873, originating from a stake in London & Hanseatic Bank. Its FX Quantitative Solutions Group within FX Sales and Trading is headed by Jessica James. It delivers deep statistical understanding into the short and long-term behaviour of FX markets to support a range of client FX activities, including FX trading strategies, portfolio construction, capital allocation, valuing FX options, risk management. Combining industrial knowledge with academic analysis, Commerzbank’s FX team provides fresh and challenging perspectives on FX topics every month.
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The US dollar continues to dominate global forex markets in late summer and we would hesitate to call an end to the declines just yet. However, signs are emerging that the pound sterling could be about to put an end to what has become a rather protracted losing streak. At the time of this article's latest update the British pound to US dollar exchange rate (GBP/USD) is seen trading 0.05 pct higher on a day-to-day basis; our last quote on the rate is at 1.6586. Long-suffering GBP bulls will welcome the current move higher, as noted by Bill McNamara at Charles Stanley:
Nothing new on the price front for everyone’s favourite cryptocurrency. Bitcoin rallied to a high of $517.85 today but toward the close BTC/USD fell back down to the $510 figure. We are still trading well inside the $50 range mentioned in our daily roundup yesterday. Until we break either of these extremes, prices will likely remain unpredictable. Here’s an updated chart.
Bitcoin will continue the downtrend, according to a research note by finance giant Citi. The two main factors that the Bank blames for the price going down are miners and merchants. Citi estimates that mining adds around 3,500 new bitcoins ($1.75 million) every day. Because of the ever increasing difficulty of mining, the majority of these coins are quickly liquidated on the market to cover electricity, cooling and other costs.
Crude oil faced a bumpy session in US trading overnight on the back of the DOE’s Weekly Petroleum Status Report. As suggested in yesterday’s commodities report; another greater-than-anticipated drawdown in total stocks would likely prove insufficient to yield a recovery for WTI. Indeed, the benchmark seemed to take its guidance from the negative cues offered by the production and distillate readings. The rate of US crude production soared to its highest rate since 1986, lending credence to the idea of a supply glut in the world’s largest consumer of the commodity.
Since 2010, the Conservative government has subjected Britain’s public sector to an aggressive programme of deficit reduction to restore order to UK public finances. One consequence of this initiative is that the British public is easily exasperated by the thought of individuals and companies that avoid paying their fair share of tax. The UK government has responded to public concern with several reforms aimed at taking a more proactive position in relation to tax avoidance.
For several months now, George Osborne has been planning to make manipulation of foreign exchange, fixed income and commodities benchmarks a crime in order to maintain London’s status as an international banking and markets hub. The upcoming reforms will be informed by a review by the Bank of England, Treasury and Financial Conduct Authority (FCA) into the operation of financial markets and the scope of regulation of wholesale markets. With the FCA and other regulators investigating the FX markets amid rigging allegations, Osborne is eager to demonstrate that he is taking strong action as an election looms in 2015.
Kazakhstan is a land of near-mythical promise, brimming with its own vast mineral resources and blessed with natural bounty. The nation’s economy is already the largest in Central Asia, but as Kazakhstan develops, there are still plenty of diverse investment opportunities for the savvy entrepreneur.