The euro’s relief rally against the dollar is unlikely to last, analysts say, with the market seeing yesterday’s (July 21) bailout package for Greece as offering only a temporary reprieve.

Citic Securities International Investment Management is targeting $1 billion in investment for its new multi-strategy renminbi-denominated fund, reports AsiaHedge, a sister publication of EuromoneyFXNews.

Lloyds Banking Group has hired Richard Chatterton as e-commerce product manager from Thomson Reuters, where he launched and managed the RTFX trading platform.

Citigroup has lowered its medium-term (six- to 12-month) euro/US dollar forecast to $1.37 from 1.47 because of the increasing likelihood of a wider eurozone fiscal crisis and the growing resilience of the dollar. Longer-term, its target is largely unchanged at $1.38.

A small, open, export-driven economy with limited natural resources and a population still recovering from two devastating earthquakes are hardly the defining characteristics of a safe-haven currency. But, for the second-best-performing G10 currency this year, the New Zealand dollar, it may become just that, according to a research note published by UBS.

Hirander Misra, chief executive officer of software vendor Algo Technologies, has left his post to pursue freelance high-frequency trading consultancy work. He will remain on the firm’s board as a director.

Hotspot FX, the multi-dealer platform owned by Knight Capital Group, has reported a mild drop in average daily forex trading volumes for June.

Ged Corbett, head of G-10 spot trading at Nomura, has left the firm according to sources who spoke to EuromoneyFXNews.

Luis Aguilar, a senior commissioner at the US Securities and Exchange Commission (SEC), is calling for a one-off alert to warn retail investors about the potential risks of trading off-exchange foreign-currency contracts, according to Compliance Reporter, a sister publication of EuromoneyFXNews, citing Reuters.

The EURGBP cross rate is caught in limbo because both the eurozone and the UK economies face significant short-term economic risks, which are reflected in the views of their currencies. That means the cross rate should remain within a relatively tight trading band in the coming months, say JPMorgan option strategists in a research note.

Regis Bourget, head of institutional FX sales at Societe Generale, has left the bank according to a person familiar to the situation. Bourget joined SG in 2003 and reported to Mike Burton, global head of FX sales, after beginning his career at Banque Indosuez in 1996. An SG spokesperson declined to comment.

China is buying US treasury bonds at a slower rate than it is buying its own currency, according to data for May from the US Treasury International Capital System (TIC).

Citigroup has made at least 20 redundancies in its FX division in London and New York due to underperformance, according to people familiar.

Luis Aguilar, a senior commissioner at the US Securities and Exchange Commission (SEC), is calling for a one-off alert to warn retail investors about the potential risks of trading off-exchange foreign-currency contracts, according to Compliance Reporter, a sister publication of EuromoneyFXNews, citing Reuters.

Euro sentiment took another beating on the International Money Market last week, with net long positions on the single currency collapsing by nearly three quarters.

Oanda, the Canadian retail FX platform, has added 11 more currency cross pairs to its online trading platform, including the Swiss franc and the Hong Kong dollar, it said in a statement on July 16.

Sterling is, and will probably remain, a sideshow to other currencies because the market is fixated with the risks to the euro and the US dollar, according to research published by HSBC, making it a less attractive currency to trade on a momentum basis, traders say.

Investors look for alternatives, fearing erosion of safe-haven status

The Danish krone could prove a useful hedge against the euro in the event of a single-currency break-up, UBS G10 strategist Chris Walker argues.

The euro is finishing the trading week on a stronger note after both leading ratings agencies warned about the sustainability of the US economy’s AAA credit rating.

The award-winning IKOS FX fund this month launched a new UCITS-compliant fund that will systemically trade G10 currencies, reports Absolute UCITS, a sister publication of EuromoneyFXNews

Matt Gardner, co-chief dealer at Barclays Capital in London, has left the firm, EuromoneyFXNews.com understands. It is believed that Gardner left the company last week, but his future plans are still unknown.

Group turnover on retail foreign exchange platform operator Alpari hit a record $210 billion in May, the firm announced today (July 14).

HSBC, which had the fastest-rising share of the FX market of the world’s top 10 FX banks in 2010, has hired Yorke O'Leary for its hedge fund FX sales team and Faiza Bukhari for its central bank and sovereign wealth fund sales team, an HSBC spokesperson has confirmed.

Citigroup has hired Conor Brides from Goldman Sachs, as a spot trader based in London, and he will be report to Rohan Ramchandani, head of the London spot desk, a Citigroup spokesperson confirmed. The hire follows on the heels of Anthony John, who was previously employed by Bank of America Merrill Lynch. John is also reporting to Rohan Ramchandani.

Credit Suisse has hired Khorrom Hussain as an Algorithmic Execution Services (AES) FX salesman at an associate level, and will be based in London.

Qantas Superannuation, the A$6 billion ($6.35 billion) pension fund for the Australian airline, has appointed Russell Implementation Services (RIS) to provide agency FX execution services.

ICAP, the London-based interdealer broker, has seen its quarterly revenues decline 4% year on year amid weaker trading on its EBS platform.

Macro hedge fund managers and currency funds have suffered a second successive month of negative returns amid sharp corrections in the commodity, equity and currency markets, according to data from Hedge Fund Research and BarclayHedge.