With very little movement taking place and the lack of any clear trend, they will all no doubt be hoping for the latter.
Meanwhile, I have been exceptionally busy. This week I’ve been listening to the pitches of those houses which made my short list for Euromoney’s best house in FX award. There are four institutions in contention and perhaps for the first time ever, they are not all banks. That may come as a bit of a shock, but as I’ve been keen to stress ever since I started covering FX for Euromoney, there is far more to the market than just the activities of those banks in the top five or 10 of the Euromoney Poll. It’s unfortunate that only one can win, but those are the rules I have to play by. Read next month’s magazine to find out more.