News

Australian Dollar Weakens as Does CFLP PMI

Australian Dollar Weakens as Does CFLP PMI

The Australian Dollar surprised all by weakening slightly, in spite of the AIG manufacturing index recording a rise. The most likely reason for this was a drop in the purchasing managers index (PMI) of the China Federation of Logistics and Purchases (CFLP). After all, the Australian currency is linked very closely to that of China […]

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Senior HSBC Manager Caught in the US Fraud Dragnet

Senior HSBC Manager Caught in the US Fraud Dragnet

A top executive of HSBC has been charged with forex fraud by authorities in the United States. HSBC’s global head of foreign exchange trading, Mark Johnson, was arrested on the basis of charges brought against him by the US Department of Justice (DoJ). Stuart Scott, a former colleague of his, has also been charged with […]

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Turkey Military Coup-Lira Sinks, EUR/USD Down & USD/JPY Up

Turkey Military Coup-Lira Sinks, EUR/USD Down & USD/JPY Up

As the Turkish Prime Minister, Binali Yildrim announced that a group within Turkey’s military has tried to overthrow the government and certain ‘security forces’ have been called to do what is needed, the Turkish Lira fell to a 3-week low against the US Dollar. This happened on late Friday in U.S. trading. The reports of […]

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$2.8m Vanishes in Thai Ponzi Scheme

$2.8m Vanishes in Thai Ponzi Scheme

More than 1000 investors in Thailand-based Forex scheme Wealthy-Plus have seen their savings evaporate because this was nothing, but a well-executed Ponzi Scheme. The victims were attracted to the scheme thanks to its advertisements on LINE and Facebook. Around 30 victims of the scheme complained to the police, saying that many more people had lost […]

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Things You Need to Know Before You Jump on the Bandwagon of Trading in the Foreign Exchange Market

Things You Need to Know Before You Jump on the Bandwagon of Trading in the Foreign Exchange Market

With Brexit and the U.S. presidential elections hobnobbing the headlines, the currencies have been on a rollercoaster ride. There have been record-breaking highs and lows. The forex market is always in the news for some reason because it’s volatile. So, what does all this mean? And more importantly, what what do you really need to […]

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Madoff Whistleblower Strikes Again; State Street to Pay Hefty Settlement

Madoff Whistleblower Strikes Again; State Street to Pay Hefty Settlement

State Street Bank and Trust Company was slapped with a $530 million settlement because it was found to be cheating a number of government bodies on the basis of wrongly pricing their foreign exchange deals. The company faced charges from the US Securities and Exchange Commission, the Department of Justice, and also the Department of […]

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Swiss National Bank Shows Q1 Profits of 21.3 Billion Francs

Swiss National Bank Shows Q1 Profits of 21.3 Billion Francs

Switzerland’s central bank released information about its performance for the first half of 2016. The Swiss National Bank made a net profit of 21.3 billion Swiss Francs, equivalent to $21.8 billion, thanks to rises in gold prices and excellent profits made by investments in foreign currencies. The gold holdings of the Swiss National Bank increased […]

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