Today’s gains in the euro are seen as short-term, according to traders, after a major sell-off in yesterday’s trade. Against the Swiss franc, the euro fell to a record low of 1.1680.

BNP Paribas has appointed two senior currency strategists to its London and New York foreign exchange desks.

CME Group, host of the world’s largest FX futures trading platform, is to launch two US dollar-based exchange-traded renminbi futures contracts.

The Global FX Division, a trade body representing 90% of the global foreign-exchange market, has said it will recommend a partnership with DTCC and messaging provider Swift to develop an FX repository, a post-trade reporting requirement that takes effect in 2012.

Offshore renminbi market surges; Driven by corporate activity

Unlikely to threaten OTC market; Other exchanges chase incumbent CME

Lincoln Sheppard, head of real-money FX sales at BNP Paribas in New York, left the firm last week, according to two people familiar with the situation.

Short US dollar positions on the CME’s International Money Market platform rose back above the 100,000 mark last week, according to the latest data from the US Commodity Futures Trading Commission.

The Hungarian government last month announced details of its long-awaited mortgage relief plan, designed to help households deal with rising repayments on loans denominated in foreign currencies following the depreciation of the forint against the Swiss franc and euro.

Brazil is likely to further restrict foreign direct investment and domestic credit provision, analysts say, as the real hit a fresh high of R$1.56 against the dollar last week and inflationary pressures remain high.

Competition to become the preferred trade reporting repository for the FX market has started to heat up in recent weeks after trade processing and clearing vendors announced plans to start repositories in response to new global post-trade reporting regulations.

TradingScreen, a global provider of electronic trading solutions, has hired Paolo Gilardi as its new head of US FX sales, based in New York.

The head of European FX e-commerce sales at Deutsche Bank, Alex Maillard, has left the bank, according to people familiar with his departure.

Scale enables the bank to dominate the high-end market in cash management and trade finance.

Consistent ability to offer liquidity in times of market turbulence across all asset classes has set Deutsche Bank apart from rivals.

Foreign-exchange contracts traded with CME Group declined by 17% month on month, figures released yesterday (July 5) show.

Short dollar positions fell below the 100,000 mark last week for the first time since January, data from the US Commodity Futures Trading Commission’s latest Commitment of Traders report shows. Dollar short positions among non-corporate traders on CME’s International Money Market platform fell from -119,593 on 21 June to -83,243 on 28 June.

The US dollar is likely to remain the preferred reserve currency for some time yet, even as the latest data on reserve holdings of foreign currencies shows a decline in global US-dollar denominated reserves, says UBS in a research report.

Barclays Capital has sharply lowered its short-, mid- and long-term sterling forecasts, citing poor cyclical growth predictions and a more bearish tone from the Bank of England’s Monetary Policy Committee.

Anello Asset Management, the London-based alternative investment manager, has launched a new multi-asset managed account, exclusively trading contracts for difference.

Deutsche Börse, the world’s third-largest derivatives exchange by turnover, has agreed to acquire a minority stake in a UK-based currency options start-up platform, Digital Vega.

Anello Asset Management, the London-based currency fund manager, has launched a new multi-asset investment fund, exclusively trading contracts for difference.

The 0.8% decline in global dollar reserve holdings for the first quarter of 2011 is not as important as the net decline in euro holdings, UBS FX strategist Geoff Yu says.

Alpari US, a retail-focused FX platform operator, has partnered with Dukascopy Bank to offer the bank’s FX trading services to Alpari customers.

In an article first published in Absolute Return today (July 1), a sister publication of EuromoneyFXNews, Jan Alexander talks to some of the world’s leading FX hedge funds about emerging trend of using Asian currencies as a basis for the carry trade.

The Indian rupee and South Korean won may be the most vulnerable Asian currencies to a worsening of the Greek debt crisis, Nomura says.

Danny Wise is set to join Credit Suisse as global head of spot FX trading, the bank has confirmed. He will report to Todd Sandoz, the global head of foreign exchange and short-term interest-rate trading. He replaces Alain Delelis, who left in March 2010, according to a Credit Suisse spokesman. He will start in August.

The euro's gains following the approval of Greek budget cuts yesterday (Wednesday) may not be sustainable because economies such as Portugal and Spain will still be at risk of sovereign default contagion, Citigroup says.

HSBC has hired Paul Thirlwall as its new global head of exotic options, to be based in London, commencing in late September, a bank spokesperson has confirmed. It has also hired Sam Underwood, as a junior exotics trader, starting in July. Thirlwall and Underwood both join from Barclays Capital.