S&P: Another index with a slightly bearish candle yesterday – hanging man – and divergence with an oscillator (MACD weakening). Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

London’s FX crown shines even brighter Based on data from the BIS

In a survey carried out every 3 years the Bank for International Settlements says that FX trading volume in London increased by 6 per cent up until April 2019, taking its global share to 43 per cent – comfortably ahead of New York. It also, and more surprisingly, found that the UK overtook the US in terms of the highest average daily turnover of interest rate derivatives traded, grabbing a 50 per cent share. Catherine McGuiness, policy chair of the City of London said, ‘’despite challenging times, the fundamentals of the City remain strong. [The figures] are a clear vote of confidence in the City’’.

Yesterday the US Department of Justice accused the precious metals trading desk at JP Morgan of running, over 8 years, a racketeering conspiracy to manipulate markets. Global head of the department Michael Nowak faces charges of a ‘‘massive, multi-year scheme…[to] defraud market participants…through a pattern of racketeering activity’’ and together with another 2 colleagues ‘’engage in a complex scheme to trade precious metals in a way that negatively affected the natural balance of supply and demand’’. The bank declined to comment.

Financial Markets and Political Commentary
 

Tags

, , , , , , , , ,

Related Posts

About the author

High profile, trusted, veteran Technical Analyst with over 25 years’ banking experience. Key expertise in all areas of Treasury, especially foreign exchange, derivatives, fixed income and commodities. Acknowledged for personal contribution to new developments in the industry. Well regarded by the media for provision of accurate forecasts, succinct copy and entertaining sound bites. Thrives in dealing room environments – excellent interpersonal skills and a strong communicator with extensive business contacts. Looking for suitable and interesting opportunities.