thyssenkrupp trades an FX forward over blockchain with Commerzbank

The first such transaction involving a large German company, Commerzbank’s €500,000 deal was covered by ReutersBanking Technology, The Trade, IBS Intelligence, coindesk, 4-traders, Blockchain News, The Blockchain, CoinShot, Blockshapers, The Paypers, Cypto Currency News, RTT News, coinzdaily, Econotimes Blockchain Revolution, Cryptocy News, Bitnews Today, Coin Telegraph, cryptovest, Finextra and Profit & Loss.

Crown Agents Bank’s new foreign exchange trading platform covered in the specialist press

EMpowerFX provides clients with direct access to real time quotes for well in excess of 500 emerging and developed-market currency pairs. The platform’s launch was covered across the specialist financial and foreign exchange press, including FX-WeekForex NewsTreasury TodayProfit & LossCOVER South AfricaInstitutional Asset ManagerModern GhanaFTSE Global MarketsGlobal Banking and Finance ReviewBanking Technology, and Caribbean News Now.

Natixis’ Nordine Naam forecasts the dollar will continue to firm

Nordine Naam imageIn his weekly column for FX-MM, Natixis’ Senior Forex Analyst, Nordine Naam, reflects on key currency movements during the second quarter of 2017. In response to an improvement in US macroeconomic indicators, the US dollar is expected to firm further with stable growth and inflation remaining low at 2.21%.

Meanwhile, the sterling recovered against the euro and US dollar, registering at 0.4% above its growth estimate despite last week’s stalemate over Brexit negotiations. Although little progress was made last week regarding the terms of Britain’s exit, the sterling drew strength from statements by Michael Saunders, member of the Monetary Policy Committee (MPC), urging for a tightening of policy to contain inflation.

Elsewhere, the sharp appreciation of euro has raised concerns on the indirect effects on European inflation and growth. However, any correction of the EUR/USD is expected to be limited given uncertainties over the US debt ceiling and hurricane Harvey’s negative impact on growth.


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US dollar still on the defensive as raw materials drop in price

In Nordine Naam’s weekly forex blog for FX-MM, Natixis’ Senior Forex Analyst discusses the impact of the downturn in commodity prices on the US dollar.

Despite the optimistic tone of the Federal Open Market Committee (FOMC) statement, the US dollar weakened slightly last week. This was due, in large part, to the downturn in price of raw materials. As a result, the Dollar Index (DXY) pulled back below 99. Meanwhile, the Federal Reserve (the Fed) intends to press ahead with its monetary normalisation even though there has been a sharp slowdown in GDP growth to +0.7% in Q1 2017 (from +2.1% in Q4 2016).

Meanwhile, the EUR/USD held stable around 1.09 ahead of the second round in the French presidential election and the US Employment Situation Report. Certainly, he argues, Emmanuel Macron’s victory should be positive for the euro in the very near term. However, the EUR/USD’s rebound potential will be limited for several reasons.

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Natixis’ 2017 Q1 outlook on the forex market published in FX-MM

In his weekly column for FX-MM, Nordine Naam, Senior Forex Analyst at Natixis, looks back at the first quarter of 2017 and explains what’s gone wrong for the dollar since Trump’s election win.

After a strong appreciation in the last quarter of 2016, the US dollar has gone back on the decline against most currencies since the start of 2017. Against a backdrop of rising metal prices and a stable US 10-year interest rate of 2.50%, the dollar has sharply under performed against emerging currencies – which has led to a steady decline in volatility in the foreign exchange market. For example, the currency volatility index (CVIX) has pulled back below 9% to its lowest levels since 2014. Meanwhile, uncertainty over the Brexit negotiations – coupled with signs of a faltering economy – means that the Sterling remains very delicately poised.

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Natixis’ Nordine Naam predicts the US dollar will continue to rally under Trump’s presidency in FX-MM

 

natixisIn his weekly currency forecast for FX-MM, Natixis’ senior forex analyst, Nordine Naam, analyses the markets’ movements in light of Donald Trump’s US presidential election victory.

While Donald Trump’s poll-defying victory prompted a negative knee-jerk reaction elsewhere, the US dollar received a boost – as the prospect of both stronger US economic growth and the Federal Reserve (the Fed) continuing its monetary policy normalisation under Trump’s premiership spurred investors.

For Naam, the US dollar has been buoyed by the market’s dismissive attitude towards the president-elect’s protectionist policies. In this respect, the greenback is expected to continue its rise, with the DXY dollar index set to test 102 during 2017.

Elsewhere, the pound appreciated against all G10 currencies, most evidently against both the US dollar and the euro following Trump’s victory. As the nature of Brexit will become clearer by Q1 2017, however, Naam expects the EUR/GBP to recover towards 0.90 during the next quarter.

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Natixis’ Nordine Naam predicts currency volatility following Trump’s election victory in FX-MM

natixisIn Nordine Naam’s weekly forex blog for FX-MM, Natixis’ senior forex analyst discusses the latest currency movements in light of Donald Trump’s presidential election victory. Following the result that defied the pollsters, U.S. equity markets have fallen and, in turn, so has the dollar. With this in mind, Naam believes the greenback will remain highly volatile in the short-term.

Meanwhile, sterling rebounded as high as 1.2494 against the U.S. dollar, as investors squared their short positions on the back of promising sentiments emanating from the Bank of England’s (BoE) October meeting. Benefiting from last week’s High Court decision that permits parliament a vote on invoking Article 50, the GBP/USD could rise towards 1.264, especially if a snap general election in 2017 becomes increasingly likely.

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Natixis’ Juan Carlos Rodado cited in Bloomberg’s presidential election market analysis

juan-carlos-rodado-natixisFollowing Republican candidate, Donald Trump’s victory in the U.S. presidential election, the Mexican peso is heading for its worst slide since 1995. Indeed, the president-elect’s pledges to both renegotiate the North American Free Trade Agreement (NAFTA) and build a wall along the U.S.’s southern border secured the peso’s position as a barometer for Trump’s presidential polling performance.

Speaking to Bloomberg in the wake of the election result, Juan Carlos Rodado, Director of LatAm Research, Natixis CIB Americas, says: We’re talking about an election that could determine the future of trade, that can call into question 20 years of economic integration.” With this in mind, Rodado believes the peso will end the year at 21 per dollar on the back of Trump’s victory.

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Natixis’ Nordine Naam explains why confidence in the U.S. dollar remains high in FX-MM  

 

natixisIn his weekly forex review for FX-MM, Natixis’ senior forex analyst, Nordine Naam, believes that very few obstacles stand in the way of the greenback’s appreciation.

Indeed, the U.S dollar’s rally continues on the back of both Donald Trump’s sliding position in the U.S. presidential polls and promising macroeconomic indicators. In this respect, Naam believes only a shock presidential election victory for Trump or weak employment figures can halt the U.S. currency’s rise.

Meanwhile, Naam’s predictions for the euro remain downbeat following ECB president, Mario Draghi’s refusal to rule out extending quantitative easing (QE) until September 2017. In the short-term, Naam predicts the EUR/USD could test 1.0780 – driven by both weak eurozone inflation and growing expectations that the U.S. Federal Reserve will tighten monetary policy in 2017, which are only supporting the dollar’s ascent.

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ICC UK’s Chris Southworth discussing latest GDP figures and Brexit on Sky News

Earlier today, Chris Southworth, Secretary General of the International Chamber of Commerce (ICC) UK was interviewed on Sky News following the release of the latest UK GDP figures from the Office for National Statistics. The figures reveal that GDP grew by 0.5% in the three months to the end of September, down from the growth rate of 0.7% recorded in the second quarter – but better than predictions.sky3

Chris explained that there is still much uncertainty for UK business and the upcoming Brexit negotiations after Article 50 is triggered. He highlighted the fact that the UK is both an import and export economy, and that the Government needs to be pragmatic and mindful of the potential impact on trade in the coming months.