Foreign Exchange/Currencies

As currency trading has become more competitive and commoditized, big Wall Street banks have begun focusing on serving the world's largest companies.

Instead of sliding into recession, the U.S. economy has powered ahead, even as growth stalls overseas. Investors are responding by shifting funds to the U.S. dollar.

China, Thailand, Hong Kong, and the UAE are collaborating to develop mBridge, a multi-CBDC bridge, that promises cross-border settlement in seconds rather than days.

The firm envisions the PYUSD, which is pegged to the U.S. dollar, becoming "a part of the overall payments infrastructure."

In Q4/2022, global FX markets were costly for North American companies, but less so than in Q3/2022.

Only the Japanese yen has proved stronger than the greenback among G-10 currencies so far this year, with the Norwegian krone, euro, and Swiss franc falling sharply.