In contrast to the high-flying stock market, the dollar has been generally trending lower since the election. After making a modest new high in January, as shown below, the broad dollar index has been trending lower and is down roughly 7% from the peak and 3% from the pre-election surge level. The dollar is testing one-year lows on a trade weighted basis and is even weaker vs some individual currencies – especially, EUR and AUD. It is tempting to blame the Trump Administration’s anti-free trade and immigration policies as a source of the decline; but this would be overstating the

Are you ready for the new FX landscape? Following a number of recent scandals, the Bank of International Settlement (BIS) has outlined its new global code of conduct for foreign exchange with an aim to bring confidence and transparency back to the foreign exchange markets. The move will of course mean changes to the FX industry that will have an acute impact on how banks and corporate treasury departments interact. What do these changes mean for corporate treasurers and how will they impact their FX trading activity? In this webinar, Neill Penney, Managing Director and Co-Head of Trading at Thomson

Brexit: What are the markets telling us? A 23 June referendum on British exit from the European Union (BREXIT) was set by Prime Minister Cameron on 20 February. As seen in the chart below, the trade-weighted GBP was in decline before the 20th as the market was already pricing for a potential BREXIT. The downtrend continues and the index is now at its weakest point since 2013 and showing no signs of basing. Volatility also began to firm late last year with a sharp acceleration in January. Although 1-month volatility appears to be capping out at around 9%, by historic