currency trading

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Rogue Employee Costs Greenpeace $5.2M

He made bad bet on currency markets

(Newser) - Greenpeace is down $5.2 million thanks to an employee who used the environmental group's cash to gamble on currency markets. The worker wasn't acting for his own gain, but his reckless move left the group with a record loss after the euro strengthened instead of weakening as... More »

'Banks Around the World' Probed in Currency Scheme

Swiss regulators looking into alleged plot to rig Forex

(Newser) - Is this the next Libor? Switzerland's top market regulator has announced a sweeping investigation into an alleged conspiracy to rig benchmark currency exchange rates, the Wall Street Journal reports. The regulator, Finma, says it's investigating "several" Swiss firms, but is also "coordinating closely with authorities in... More »

Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1.... More »

Traders Go Nuts for Newly Available Yuan

Price won't appreciate much, but currency is flowing

(Newser) - Currency traders are going wild over their latest toy: China’s yuan. In the few months since Beijing allowed its currency to be bought and sold outside the mainland, daily trading has shot from zero to $400 million, the Wall Street Journal reports. Though China still maintains strict control over... More »

Japan Jumps Into Currency Market to Weaken Yen

Investors cheer, but analysts worry

(Newser) - Japan has taken the extraordinary step of intervening in the currency market in an effort to drag down the soaring yen. Japanese monetary authorities bought dollars and sold trillions of yen, driving the yen down from 84.5 yen to the dollar to 82, the New York Times reports. Their... More »

China's Hurting Us By Lending to Us

Japan's figured this out, why can't we?

(Newser) - When Japan’s finance minister complained last week about recent Chinese purchases of Japanese bonds, it “made me want to bang my head against the wall in frustration,” writes Paul Krugman of the New York Times . See, the US has repeatedly refused to do anything about China’s... More »

Feds Investigate Whether Hedge Funds Sank Euro

'Idea meeting' may constitute collusion

(Newser) - The Justice Department has begun an investigation into a group of hedge funds that may have colluded to short-sell the euro, driving down its value and driving up their profits. Justice sent a letter to SAC, Greenlight, and Soros—among others—the same day the Wall Street Journal reported that... More »

Economists Demand 'Robin Hood' Tax on Speculators

Fee would go to fight poverty, climate change

(Newser) - Hundreds of the world's leading economists want banks to pay for the mess they've made—with an international " Robin Hood tax " that would raise funds to fight climate change and global poverty. Some 350 economists from 35 countries, including two Nobel prizewinners, have written to G20 leaders urging... More »

Oil States Plot to Ditch Dollar

Gulf Arabs in talks to replace greenback with mix of currencies

(Newser) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end... More »

Traders Sneeze, Peso Catches Cold—or Flu

Mexico City brokerages suffer under swine flu

(Newser) - Peso trading is taking a hit as Mexico City brokerages, wary of spreading the flu, send home anyone who so much as sneezes, Bloomberg reports. Face masks litter the floor at one brokerage, whose daily trading volume is down 30%, as traders furiously scrub their desks in an attempt to... More »

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