RBC
Capital Markets' co-head of foreign exchange spot trading, Graeme King,
has left the bank while a raft of global investigations into the
suspected manipulation of currency markets goes on.
According to a Reuters report, King has already left the bank but there was no confirmed reason for his departure.
RBC's representatives were not available at the time of publication.
The
daily $5tn (£3.1tn, €3.7tn) currency market is the largest in the
financial system and is pegged to the value of funds, derivatives and
financial products.
Morningstar estimates that $3.6tn in funds, including pension and savings accounts, track global indexes.
FX
rates are calculated are compiled by using data from a variety of
submitted provisions on a number of platforms, such as Thomson Reuters.
Euro-Area Unemployment at 12.1% Shows Economic Struggles
By Stefan RiecherJan 8, 2014 5:47 AM CT
Photographer: Mario Proenca/Bloomberg
Sparks fly as an employee uses a angle grinder on a minibus frame at the Toyota Caetano... Read More
Euro-area unemployment held at a record in November as policy makers struggled to bolster the recovery from the currency bloc’s longest recession.
The jobless rate
remained at 12.1 percent, the European Union’s statistics office in
Luxembourg said today. That’s in line with the median estimate in a Bloomberg News survey of 26 economists. After several revisions of previous months’ data, unemployment has been stable at that level since April.
While
unemployment remains resistant to policy makers’ attempts to boost the
economy, positive signs are gradually accumulating. Separate data today
showed euro-area retail sales and German factory orders rose more than forecast in November, while data tomorrow may show economic confidence in the currency bloc improved in December.
There is “very limited momentum in the euro area labor market,” said Timo del Carpio, an economist at RBC Capital Markets in London.
“Despite gradually improving macro conditions, the pace of recovery in
our view falls short of that necessary to make a measurable dent in
unemployment.”
Euro-region retail sales
increased 1.4 percent in November from the previous month, beating
analysts’ estimates and rebounding from two months of declines. From a
year earlier, sales were up 1.6 percent. In Germany, manufacturing orders surged 2.1 percent in November, also ahead of forecasts. Photographer: Konstantinos Tsakalidis/Bloomberg
Jobseekers stand and wait to see employment advisers inside a job center operated by... Read More
Lagging Market
The euro declined against the dollar today and was down 0.2 percent at $1.3584 as of 11:22 a.m. London time.
Europe’s fragile labor market remains a major concern for EU leaders as they try to foster the recovery. Last month, they acknowledged
that the jobless rate remains “unacceptably high,” especially among
young people, 18 months after they unveiled a 120 billion-euro ($163
billion) package to jump-start the economy and create jobs.
“The labor market is lagging behind the economic recovery in the euro area,” Carsten Brzeski,
an economist at ING Group NV in Brussels, said by telephone. “It will
take at least until the middle of the year until we’ll see significant
improvement.”
The European Central Bank estimates that the
euro-area economy will expand 1.1 percent this year after contracting
0.4 percent in 2013. Unemployment will average 12.1 percent this year
and 11.8 percent in 2015, economists forecast in a separate Bloomberg
survey.
