EURUSD: One small step at a time but the euro continues trying to lift itself up off last year’s lows. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

EURUSD SHORT TERM TRADER: Long at 1.1305; stop below 1.1275. Target 1.1480.

EURUSD POSITION TAKER: Square.

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Fines continue to pile up Today it’s Standard Chartered

Reuters reports that Standard Chartered bank has set aside $900 million to cover fines resulting from regulatory investigations in the United States and Britain. The news agency, or the PR bods at the bank, then helpfully add: ‘potentially drawing a line under probes which have dogged the bank for years’. Good luck. Yesterday it was UBS’s turn which, after a six-week trial in France, was deemed to have helped clients evade taxes and using ‘James Bond’ tactics to lure the wealthy in. Result: 3.7 billion euro fine and 800 million in damages.

This morning the Financial Times reports that Swiss asset manager GAM has fired its star portfolio manager Tim Haywood, the fixed income director of its unconstrained/absolute return fund. In a terse statement, GAM said: ‘following the conclusion of the investigation and the disciplinary proceedings, the suspended investment director has now been dismissed from the company for gross misconduct’. The firm also reported annual losses of CHF 929 million after having seen a rush of redemptions last year which forced the firm into freezing customers from taking even more money out.

Financial Markets and Political Commentary
 

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