JPMorgan goes long euro vs Romanian leu in FX spot market
The bank said that the leu's movements following the win of George Simion, the country's hard-right eurosceptic opposition leader, in the first round of Romania's presidential election re-run on Sunday raised the chances of a devaluation.
In a recent note, the bank had sketched out scenarios including a 3-5% devaluation and a 15-20% devaluation.
"We would argue for a 50/50 probabilities between the two devaluation scenarios but the developments on the ground will matter hugely as well," JPMorgan's Anezka Christovova said in a note to clients.
However, Christovova said that a different second round outcome of the presidential elections or a change in Simion's rhetoric would alter these probabilities.
"We...go long EURRON spot (assuming daily rolling of funding) aiming initially for a 5% total move from pre-intervention levels."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
an hour ago
- Times
Golden walls — the fanciest finish for your palazzo (or semi)
As building materials go, there's none quite so luxurious as marble — conjuring visions of Greco-Roman temples and the stately grandeur of the Taj Mahal. However, there's another technique that exploits the sheen and durability of marble — without the colossal weight. Marmorino Venetian plaster is an ancient technique that combines slaked lime and marble dust (the marmorino of the name) for a polished, breathable, timeless finish. Perucchetti Studio introduced this type of plaster to the UK in 1970 and since then the company's work has featured everywhere from Chelsea dining institution Daphne's and the Pall Mall home of Berry Bros & Rudd wine merchants to London City Airport and the Royal Academy, as well as residential projects in homes, castles and palaces from Perth in Australia to Mumbai including Ardross Castle in Inverness-shire, Mayfair House and many properties whose owners closely guard their anonymity. In use since the Greco-Roman and Byzantine periods, the technique that came to be called marmorino found new life in Renaissance Venice, through Venice's trade with the East. It is applied to a surface — except some metals and glass — in thin, multiple layers using a steel trowel or spatula. Each layer is smoothed and burnished, creating a polished, marble-like finish with subtle depth and texture. Despite its Venetian roots, Perucchetti's headquarters are in London. 'In general, the Venetian plaster we apply, using the ancient recipes obtained from the archives in Venice, has not been bettered by modern day ready mixed plasters,' Natascha Boldero, the creative director of Perucchetti tells us. With a background in the study of Byzantine art, Boldero was one of Perucchetti's first clients in the 1970s — and went on to buy the company some years later from the artist Mauro Perucchetti, who founded the company. 'Modern plasters simply do not have the depth and quality of a bespoke mix of plaster. We maintain a traditional application using our very fine materials creating very many different textures.' Although the materials have changed a little over the centuries — with the introduction of modern pigments, for example, Perucchetti maintains the traditional, painstaking method of applying its finishes to surfaces. 'We have been much copied by others,' explains Boldero, 'but they fail to have the intricate knowledge we have in these historical finishes.' To achieve this the company has 18 plasterers who have all been trained in-house by both Boldero and Perucchetti's master plasterers. The Renaissance Venetians introduced pigments to marmorino, including the ludicrously expensive, highly valued lapis lazuli, used by painters from Mantegna to Caravaggio. Before this, marmorino was principally made of crushed Istrian stone mixed with lime putty producing a velvety white finish or a natural terracotta hue. 'The master plasterers in Venice experimented with these raw materials and developed the mixes we use today over centuries. They cured their own lime for many years. As the lime ages, linseed oil is mixed and stirred creating the richest texture of very fine Grassello di Calce,' Boldero explains. • Read more luxury reviews, advice and insights from our experts Perucchetti continues the tradition by producing finishes in everything from jet black to gold and shimmering white. 'Our colour range is infinite, and we can add carbon of diamond, mother of pearl or real liquid gold, to name a few precious materials, to create a unique finishes that are sublime,' Boldero explains. Colours can be either opaque or translucent, depending on the amount of pigment included and the number of layers used. 'Each finish is unique to the client's requirements or our imagination.' All of Perucchetti's work is bespoke, so prices and time scales vary according to the finish used and the size of the job. Classic marmorino starts at £180, with Grassello di Calce starting at £200. Another benefit of Marmorino Venetian plaster as decorating material is that, in the hands of a skilled artisan, it can mimic any number of other textures for both interiors and exteriors — stone, wood, leather, textiles — while remaining lightweight. 'Hence its extensive use on the palaces of Venice where weight is an issue, as most buildings are built on wooden piles,' says Boldero. These days, however, rather than palazzi, the finish is more likely to be found lightening the load of private planes and yachts — though, again, clients guard their anonymity. 'We can achieve about 30 different finishes using our own mixes depending on the textures that are required,' Boldero explains. 'But within those finishes we can create very different looks by adding minerals and metallics etc within the plaster.' Inspiration for new finishes can strike in unusual places. Boldero was even inspired by the eruption of the Eyjafjallajokull volcano in Iceland. 'After going to Iceland and having the opportunity to fly over the volcano I created our Lava Flow collection of volcanic plaster finishes,' she tells us. 'This involved adding some precious minerals such as real liquid gold which created the most extraordinary organic textures with an underlying reflection from the gold.' Applied correctly, Marmorino Venetian plaster is extremely durable and can last for centuries — although it's best if it doesn't sit in water. 'Think of the external finishes on all the buildings in Venice,' notes Boldero, 'they are marmorino, though some look weathered they have withstood centuries of all weathers, including being flooded.' Venetian plaster may be an ancient technique, but it's moving in new directions. Where once the finish was prized for its reflective sheen in the soft glow of candlelight, matt finishes are the new frontier that designers are working with — all achieved by the expert flick of a trowel.
Finextra
2 hours ago
- Finextra
Deluxe buys CheckMatch from Kinexys
Deluxe (NYSE: DLX), a trusted Payments and Data company, today announced it has completed the acquisition of CheckMatch from Kinexys by J.P. Morgan, the firm's industry-leading blockchain business unit. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Consistent with the company's strategy, this acquisition will expand the Deluxe Payment Network (DPN) solution. CheckMatch is a service that digitizes the delivery of paper checks, enabling faster electronic conveyance, which was developed by Kinexys by J.P. Morgan. The DPN solution digitally connects physical lockboxes across the Deluxe network, which helps to more efficiently process payments made to thousands of businesses across the U.S. By adding CheckMatch to the platform, Deluxe further extends the company's Payments scale, enabling potential revenue and cost synergies. 'In alignment with our strategy to expand in Payments and Data, this acquisition marks a continued investment across our B2B payments portfolio,' said Barry McCarthy, President and CEO of Deluxe. 'By bringing together the strengths of CheckMatch and DPN, we are building the largest purpose-built digital lockbox network in the market—delivering value through scale, security, and simplicity in competition with traditional offerings.' Deluxe has already more than doubled the number of lockboxes accessible through DPN in the first half of 2025. Once integration of CheckMatch is completed—the combined platform is expected to include five of the top 10 U.S.-based lockbox providers and multiple leading disbursement partners, including financial institutions, AP automation platforms, and a major medical payments provider. "We are thrilled to see CheckMatch become an integral part of a larger vision that embodies our shared commitment of bringing next-gen innovation to the world of finance and delivering exceptional value for our clients," said Umar Farooq, Global Co-Head of J.P. Morgan Payments. "We are confident that Deluxe is well-positioned to elevate CheckMatch to the next level and will ensure a seamless transition." Check payments remain a critical component of the B2B payments ecosystem, particularly for large enterprises, financial institutions, and disbursement partners. This expanded inter-lockbox network delivers meaningful cost savings by eliminating postage, envelopes, labor, handling, and physical check costs for payors—including major bill pay platforms and financial institutions. For payees, the process remains virtually unchanged. Payments follow the same well-established lockbox protocols, but are now delivered digitally—streamlining operations without disrupting treasury workflows. By digitizing the delivery of check payments, the network simplifies reconciliation, improves reliability, and helps treasurers manage payments with greater speed and confidence. As the network scales, participants will benefit from increased efficiency and growing value through shared infrastructure and reach. A division of J.P. Morgan Payments, Kinexys by J.P. Morgan has exceeded $2 trillion in notional value1 to date, processing on average $3 billion daily in transaction volume2. Payment transactions on the platform have grown by 10x year-over-year3, with clients now spanning five continents. The business is transforming how information, money and assets move around the world, helping clients harness the speed and efficiency enabled by blockchain technology.
Leader Live
3 hours ago
- Leader Live
UK stands with Ukraine, says David Lammy ahead of Trump-Putin summit
The Foreign Secretary spoke with his Ukrainian counterpart Andrii Sybiha on Friday and 'reiterated' the UK Government's 'commitment to work with the US and Ukraine to secure a just and lasting peace'. Mr Trump and Russian President Mr Putin flew to Anchorage, Alaska, on Friday where they will discuss ending more than three years of fighting in eastern Europe, which began after Russian forces invaded Ukraine in February 2022. Writing on X, Mr Lammy said: 'The UK stands with Ukraine on what will be an important day for the future of Ukraine and Euro-Atlantic security. 'Speaking to Andrii Sybiha today, I reiterated our enduring support and our commitment to work with the US and Ukraine to secure a just and lasting peace.' Mr Sybiha praised the UK for its 'principled stance on supporting' his country. After speaking with Mr Lammy, he said the pair had 'a meaningful conversation' about 'securing a just and lasting peace for Ukraine'. Mr Sybiha wrote on X: 'I value the UK's leadership in the Coalition of the Willing and its principled stance on supporting Ukraine. 'We focused on joint diplomatic efforts to bring closer a real peace for Ukraine and all of Europe. The UK stands with Ukraine on what will be an important day for the future of Ukraine and Euro-Atlantic security. Speaking to @andrii_sybiha today, I reiterated our enduring support and our commitment to work with the US and Ukraine to secure a just and lasting peace. — David Lammy (@DavidLammy) August 15, 2025 'We also discussed ways to further enhance assistance to Ukraine, including long-term financial aid. 'We stand united in defending our shared security and democratic values.' Mr Trump boarded Air Force One to head to the summit at around lunchtime UK time on Friday. He had earlier posted the words 'HIGH STAKES!!!' on his Truth Social platform. In an interview aboard the presidential jet, Mr Trump told Fox News Channel his meeting with Mr Putin would 'work out very well'. He added: 'And if it doesn't, I'm going to head back home real fast.' A meaningful conversation with UK Foreign Secretary @DavidLammy on securing a just and lasting peace for Ukraine. I value the UK's leadership in the Coalition of the Willing and its principled stance on supporting Ukraine. We focused on joint diplomatic efforts to bring closer… — Andrii Sybiha 🇺🇦 (@andrii_sybiha) August 15, 2025 Speaking to reporters, the US president said he wanted 'to see a ceasefire rapidly' and continued: 'I don't know if it's going to be today but I'm not going to be happy if it's not today.' He has previously said the US could offer security guarantees to Kyiv alongside European leaders, but 'not in the form of Nato', and added it would be up to the Ukrainians to decide whether to concede land to Mr Putin. Moments before Mr Trump touched down in Anchorage, Ukrainian President Volodymyr Zelensky wrote on X that 'on the day of the negotiations, the Russians are killing as well'. He continued: 'And that speaks volumes. 'Recently, weʼve discussed with the US and Europeans what can truly work. Everyone needs a just end to the war. 'Ukraine is ready to work as productively as possible to bring the war to an end, and we count on a strong position from America.' Mr Zelensky also said his administration had continued 'coordinating with our partners in Europe', and added 'tomorrow will start early for everyone in Europe'. He called for a 'meeting of leaders' with 'at the very least, Ukraine, America and the Russian side'. Other UK Cabinet members have backed Ukraine in the build-up to Friday's summit. 'The UK's role is to stand with Ukraine on the battlefield and in the negotiations, and prepare, as we have been, leading 30 other nations with military planning for a ceasefire and a secure peace through what we call the Coalition of the Willing,' Defence Secretary John Healey told BBC Breakfast. Asked about lessons from the Second World War on the 80th anniversary of VJ Day, he said: 'The first lesson is that military and fighting solves nothing in the end, and that the end to war must come through talking, must come from diplomacy. 'So today in Alaska is what I hope, we all hope to see, a first step towards serious negotiations.' At a VJ Day reception this week in the Downing Street garden, Prime Minister Sir Keir Starmer said Mr Zelensky was 'fighting for the same values' as the British-backed Allies were during the Second World War.
