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Traders Said to Rig Currency Rates to Profit Off Clients

Traders at some of the world’s biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to five dealers with knowledge of the practice.

Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said the current and former traders, who requested anonymity because the practice is controversial. Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years.

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Yen Strengthens After BOJ Minutes as Market Questions Fed Exit

Posted by Forexsq 5 days ago (http://www.bloomberg.com)

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Currencies | yen boj All

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Posted by Forexsq 5 days ago (http://www.reuters.com)

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Economic recovery in the euro area is expected to kick in later this year, but risks to the growth are on the downside as governments continue with painful fisca

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Economy | euro zone inflation All

Stocks leap on easing Fed worries, upbeat data

Posted by Forexsq 5 days ago (http://www.marketwatch.com)

U.S. stocks rallied on Thursday, with the S&P 500 index marking its best day in five months, bolstered by upbeat economic data and a late-session report in The Wall Street Journal that eased worries about the Federal Reserve’s monetary policy.

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Stocks | u.s. stocks All

Europe Stocks Little Changed as Stoxx 600 Pares Gains

Posted by Forexsq 5 days ago (http://www.bloomberg.com)

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Hochtief AG gained the most in five weeks after the German builder said it will buy back as much as 260 million euros ($347 million) of its ow

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Stocks | europe stocks european stocks All

U.K. regulator eyes currency market manipulation

Posted by Forexsq 5 days ago (http://money.cnn.com)

Regulators in the United Kingdom are looking into allegations that traders from some of the world's largest banks have been manipulating benchmark foreign-exchange rates to make profits on the backs of clients.

Bloomberg News broke the story earlier this week, citing interviews with several anonymous traders who claim the practice has been occurring for at least 10 years.

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Currencies | currency market uk forex regulator All

Gold Bears Return as ETP Rout Extends to 17th Week: Commodities

Posted by Forexsq 5 days ago (http://www.bloomberg.com)

Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange- traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.

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Commodities | gold gold traders All

Consumer Sentiment in U.S. Declined in June From Six-Year High

Posted by Forexsq 4 days ago (http://www.bloomberg.com)

Consumer confidence in June eased from a six-year high as progress in the labor market supported Americans’ views of the economic outlook.

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Economy | consumer confidence All

Big Short on Aussie Tells Loomis Time to Buy

Posted by Forexsq 1 day 23 hours ago (http://www.bloomberg.com)

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Currencies | aussie currency All

Stocks Rise While Yen Declines Before FOMC; Corn Drops

Posted by Forexsq 1 day 23 hours ago (http://www.bloomberg.com)

Stocks rose, while the yen weakened after its biggest weekly advance in four years, as investors weighed prospects for less economic stimulus before this week’s Federal Reserve meeting. Natural gas rebounded and corn fell.

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Stocks | stocks fomc All

Bank Profits Seen Buffeted by Rates Rising Without Growth

Posted by Forexsq 1 day 23 hours ago (http://www.bloomberg.com)

Rising bond yields are typically indicators of stronger economic growth and higher profits for banks. That might not be the case this time, as a 30-year bull market in U.S. government debt shows signs of coming to an end.

Higher long-term interest rates can discourage mortgage lending and cause losses in the securities portfolios of banks including JPMorgan Chase & Co. (JPM) and Bank of Americ

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Economy | u.s economy All

Apple received thousands of U.S. orders on data

Posted by Forexsq 1 day 23 hours ago (http://money.cnn.com)

U.S. law enforcement officials made thousands of requests for data about Apple users over the last seven months, the company said Monday.

Apple (AAPL, Fortune 500) said it had received between 4,000 and 5,000 requests, covering between 9,000 and 10,000 accounts or devices, from federal, state and local authorities.

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Technology | apple All

Stock futures jump after weekly loss, Fed eyed

Posted by Forexsq 1 day 23 hours ago (http://finance.yahoo.com)

Stock futures rose on Monday after major equity indexes on Friday closed their third negative week in four, with traders focused on this week's Fed policy meeting.

* While consensus is building among policy-makers that the time is nearing for the Federal Reserve to scale down its quantitative easing, or $85 billion-a-month asset purchase program, divisions remain over when to start the taperin

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Stocks | stock futures All

Pimco Sees 60% Chance of Global Recession in Five Years

Posted by Forexsq 6 days ago (http://www.bloomberg.com)

Pacific Investment Management Co., the world’s largest active bond manager, said investors should cut risk amid a more than 60 percent chance of a global recession in the next three to five years.

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Economy | pimco All

Dollar firms as Fed meeting nears, shares bound higher

Posted by Forexsq 1 day 23 hours ago (http://www.reuters.com)

The dollar edged up against the yen and euro while European and Asian shares recouped some of last week's losses on Monday, as investors hunkered down for the U.S. Federal Reserve's meeting later this week.

Uncertainty over the Fed's future policy course has triggered a sharp sell-off in broad risk assets in recent weeks and investors are hoping for some clarity on its intentions when it concl

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Currencies | dollar All

Emerging markets in turmoil

Posted by Forexsq 6 days ago (http://money.cnn.com)

Investors have been fleeing emerging markets as they seek safer havens and higher returns in the developed world.

Stocks, bonds and currencies have been volatile since early May, when investors started to get increasingly worried about when the Federal Reserve might start to pull back on its bond buying program.