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20 May 2015

Four banks plead guilty over FX manipulation

FXStreet (Córdoba) - Five banks, Barclays, UBS, Citigroup, J.P. Morgan Chase and Royal Bank of Scotland, pleaded guilty to manipulation in the FX market. A sixth, Bank of America, was not charged by the Justice Department but was fined by the Federal Reserve for similar conduct. The fines total $5.8 billion.

Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc agreed to plead guilty to conspiring to manipulate the price of US dollars and euros between December 2007 and January 2013 according to US Justice Department. The four banks who described themselves as members of “The Cartel” used online chat rooms to discuss their positions in the minutes before the rates were set.

UBS Group AG agreed to plead guilty to charges related to interest-rate manipulation but avoided a guilty plea over the currency market as it was the first bank to cooperate.

Meanwhile, the FBI said the scheme involved individuals at some large banks who manipulated rates for their own profit. The Justice Department said investigation into individuals continue.
May 20, 2015

EUR/USD: Will the FOMC Minutes halt the USD Rally? – Growth Aces

The Growth Aces Research Team believes that recent US fundamental data doesn’t justify a hawkish rhetoric from the FOMC Minutes today, as such they remain bullish on EUR/USD, targeting 1.1450 levels.
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May 20, 2015

Japanese consumer spending likely to regain momentum in FY15 – Nomura

Japan Economists at Nomura, note that Japanese Consumer spending is likely to regain momentum gradually in FY15, although caution is required in the near term.
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