Opinion
There are no options benchmarks
The following is a case study of option volumes with delayed delivery, by Nasir Afaf, global head FX options, Commerzbank Corporates & Markets in London
Pressure likely for the greenback
The improvement in February's US trade data is likely to be short-lived. Deutsche Bank's strategy team continues to look for EUR/USD to grind higher over the course of the quarter. Is the deterioration of the US basic balance still a valid reason to sell…
A changing regime
Low-yielding currencies are set to make a comeback, writes Teis Knuthsen, head of FX and fixed-income research at Danske Bank in Copenhagen
Defrosting the myths
The risk of an Icelandic crisis and its impact on other high-yielding currencies has been strongly exaggerated, says Beat Siegenthaler, senior strategist at TD Securities in London
Questionable benefits of prime brokerage
The changes at Royal Bank of Scotland, which is merging its FX prime brokerage and futures businesses, reflect structural problems in the wider market.
Retail growth needs responsible attitude
The rise in financials' use of foreign exchange over 2005, as demonstrated by Greenwich Associates research (see related article, this issue), shows just how important it is becoming as an asset class.
The end of emerging market exuberance?
A plunge in high-yield currencies has triggered concerns that global investors had become too lax in their evaluation of emerging market risk, but Caroline Blyth, emerging market manager at Informa Global Markets, says the likelihood of a serious…
How anonymity turned to acrimony
Anonymous trading is still one of the single most contentious topics in the industry. The threat posed by those that trade anonymously using the credit lines of prime brokers, became evident last year.
A Russian revolution
Jurye Pimenov , senior FX dealer at the Central Bank of the Russian Federation, and Igor Souzdaltsev , project manager in financial markets at Investsberbank in Moscow, analyse the Russian rouble's strength and its recent comeback after the financial…
April – a perfect storm for Asian FX?
Investors could profit from the prospect of an unusually volatile month for the normally low-vol USD/SGD. Sean Callow , senior currency strategist at Westpac Institutional Bank in Singapore, explains how this can be achieved
Trading FX implied volatility
How frequently does one need to hedge to effectively trade implied volatility? Duncan Farnsworth , head of risk analytics in the currency structuring group at the Royal Bank of Scotland in London, offers a solution
The winners take it all?
In the past few years, it has become clear that the winners in FX are those that were first to commit to the right IT investment.
Not too late to sell the Swedish krona
As the short-term interest rate spread between the eurozone and Sweden increases, we are likely to see further depreciation of the krona, writes Henrik Degrér , senior portfolio strategist of Skandinaviska Enskilda Banken (SEB)
Banks should have the courage of their convictions
The speculation swirling around the future of two of the most important forex institutions is providing the industry with something to discuss, and for us journalists something interesting to write about.
Is risk adequately priced?
An end to carry plays on high-yield emerging currencies would create volatility in FX markets and potential flight to safe-haven assets. Sharada Selvanathan , currency strategist at BNP Paribas in Singapore, suggests a basket to benefit from this
ACI heads for Manila, but will anyone else?
The ACI's decision to hold its annual get-together in Manila has raised a few eyebrows to say the least.
Turkey and the butterfly
Marios Maratheftis , FX strategist at Standard Chartered Bank in London, says it is one thing being positive on the TRY and another being complacent. Here he presents three models that can help with the timing of TRY trades.
Bank results need to be spelt out
Annual results season is here, and this brings a series of stories for FX Week on how banks' forex desks are performing.
Look past the Fed for dollar positives
Geoff Kendrick, senior currency strategist at Westpac in London, believes the market is too focused on the Fed's intention for rates, and is therefore missing the medium- term positive signs for the greenback
Future opportunities from EUR/CHF
Corvin Codirla and Adarsh Sinha, fx strategists at barclays capital in london, show that while low eur/chf volatility may be justified at present, investors should position for a pick-up further out
A flexible approach to hedging
UBS's FX structuring team offers two case studies highlighting the benfits of flexible hedging solutions in the form of flexi notional forwards and structured flexi forwards
Loonie flight to quality remains on course
The current outlook for real interest rates and the growth picture remains favourable for the Canadian dollar, writes Ashraf Laidi , chief currency analyst at MG Financial in New York
Signs of the times, symbols of success
Emerging markets currencies are gradually coming to the fore.
Algorithmic trading in FX – watch this space
With algorithms now being tailored to provide best execution, Stuart Crooks, European head of FX sales at FlexTrade Systems, says now is a good time to start looking into these products