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China shuts down $7.3bn illegal forex operation (news: 28/02/17)

Today's press

  • China said it has broken up an underground banking operation that conducted $7.3 billion in illegal foreign-currency transfers, trumpeting the bust as a sign of its resolve in stemming massive capital flight.

  • Speaking to the parliamentary committee last week at the inflation report hearings, the Bank of England Governor, Mark Carney defended the central bank’s monetary policy.

  • All eyes will be on President Trump this evening as he will give his first official address to Congress in a speech that is expected to begin to lay out policy details. A $54bn increase on defense spending (a 10% rise) has already been leaked (to be fully funded from cuts to environmental, international aid and administrative measures).

Next trading day's important events

Forex quotes:

  • USDJPY: 112.07
  • EURUSD: 1.0596

Indices:

  • S&P 500: 2369.75
  • NASDAQ: 5861.90

 



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