Latest news with #Moneycorp
CNA
21-05-2025
- Business
- CNA
US dollar skids on concerns about implications of Trump tax bill
LONDON/NEW YORK :The U.S. dollar fell for a third day against a range of currencies on Wednesday, as investors worried about the Trump administration's tax cut and spending bill, with Republicans still divided over the details of the legislation. U.S. President Donald Trump met with House Republicans on Tuesday and failed to convince his party's holdouts to back his sweeping tax bill. Republican hardliners continue to argue the bill does not sufficiently cut spending, according to House Speaker Mike Johnson. Amid the bill impasse, the euro rose 0.5 per cent against the dollar to $1.1339, after earlier climbing to a two-week high. "There's a general reallocation away from U.S. safe-haven assets, ex-equities, partly due to the budget bill," said Eugene Epstein, head of trading and structured products, North America, at Moneycorp in New Jersey. "Even before the bill, we already had an acceleratingly poor debt to GDP ratio. Our spending has outpaced growth." Trump's tax bill would add $3 trillion to $5 trillion to the country's debt, according to nonpartisan analysts. Traders were also wary of U.S. officials potentially angling for a weaker dollar as part of independent trade deals on the sidelines of Group of Seven finance minister meetings underway in Canada. Developments in Trump's global tariff war, which have swung currencies wildly in recent months, have slowed considerably this week, even as the clock ticks to the end of a 90-day tariff respite for U.S. trade partners in the absence of new deals. While markets remain optimistic that the White House is eager to get trade flowing again on a sustained basis, talks with close allies, Tokyo and Seoul, appear to have lost momentum. All this has combined to keep the dollar under pressure and U.S. Treasury yields rising, as the "sell America" theme continues to inform investment decisions, if in a less dramatic fashion than earlier this month. The yen strengthened against the dollar, which fell 0.6 per cent to 143.64 yen, extending gains derived in part from a steep rise this week in domestic bond yields. Yields on 30-year Japanese government bonds surged to new records on Wednesday in the wake of a poor auction result that raised doubts over coming debt sales in the weeks ahead. Super-long yields have been on the rise, following U.S. Treasury yields higher and as concerns swirled about new fiscal stimulus ahead of a Japanese upper house election slated for July. An auction of 20-year U.S. Treasuries later on Wednesday might offer a litmus test of investor appetite for long-dated U.S. debt. "Higher Japanese yields narrow the gap with U.S. Treasuries, reducing the incentive to hold the dollar," wrote analyst Fawad Razaqzada in emailed comments. "With Japanese 10-year bonds climbing and U.S. yields holding steady, the tide may be turning for dollar/yen. The currency pair which found short-lived relief around 140.00, looks vulnerable again." The yen, along with safe-havens like the Swiss franc and gold, also got a lift after CNN on Tuesday reported that new intelligence gathered by the United States suggests Israel is making preparations to strike Iranian nuclear facilities. A Moody's downgrade of the U.S. sovereign debt rating on Friday, meanwhile, may have had only a limited impact on markets, but it has added to the narrative of less faith in U.S. assets as safe havens. As a result, the dollar was down on the year against every major currency. Market participants also looked ahead to U.S.-Japan talks, with Japanese Finance Minister Katsunobu Kato later this week. Kato said ahead of an expected meeting with U.S. Treasury Secretary Scott Bessent that talks on exchange rates would be based on their shared view that excessive volatility is undesirable. In other currencies, the pound hit its highest since February 2022 after data showed UK consumer inflation flared hotter in April than most economists expected, thereby clipping some of the Bank of England's scope to cut rates quickly. Sterling was last up 0.4 per cent at $1.3443. Currency bid prices at 21 May 03:55 p.m. GMT Descripti RIC Last U.S. Pct YTD Pct High Low on Close Change Bid Bid Previous Session Dollar 99.511 99.963 -0.44 per cent -8.28 per cent 99.971 99.3 index 95 Euro/Doll 1.1337 1.1286 0.46 per cent 9.51 per cent $1.1362 $1.1 ar 281 Dollar/Ye 143.67 144.575 -0.6 per cent -8.67 per cent 144.415 143. n 465 Euro/Yen 162.89 163.03 -0.09 per cent -0.2 per cent 163.3 162. 67 Dollar/Sw 0.8254 0.8284 -0.36 per cent -9.05 per cent 0.8284 0.82 iss 1 Sterling/ 1.3439 1.3391 0.37 per cent 7.47 per cent $1.3468 $1.3 Dollar 387 Dollar/Ca 1.3824 1.3915 -0.64 per cent -3.86 per cent 1.3912 1.38 nadian 25 Aussie/Do 0.6464 0.6424 0.65 per cent 4.49 per cent $0.6466 $0.6 llar 419 Euro/Swis 0.9357 0.9344 0.14 per cent -0.38 per cent 0.9361 0.93 s 15 Euro/Ster 0.8433 0.8423 0.13 per cent 1.95 per cent 0.8459 0.84 ling 23 NZ 0.5962 0.5926 0.62 per cent 6.57 per cent $0.5964 0.59 Dollar/Do 22 llar Dollar/No 10.1279 10.2465 -1.16 per cent -10.85 per cent 10.2578 10.1 rway 268 Euro/Norw 11.4872 11.5624 -0.65 per cent -2.39 per cent 11.605 11.4 ay 68 Dollar/Sw 9.5539 9.6301 -0.79 per cent -13.28 per cent 9.6441 9.54 eden 33 Euro/Swed 10.8313 10.8669 -0.33 per cent -5.54 per cent 10.8865 10.8 en 28
Yahoo
20-05-2025
- Business
- Yahoo
UK's Moneycorp selects Temenos SaaS to scale global business
UK-based international payments provider adopts Temenos SaaS to increase operational efficiency and quickly launch new services around the world MADRID, Spain, May 20, 2025 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN) today announced that Moneycorp, a leading global payments and FX platform, has selected Temenos to power their next phase of products and services offering. The UK headquartered payments and FX specialist will adopt Temenos SaaS for core banking and payments to achieve speed to market and scale efficiently as it expands products and services around the world. By moving to Temenos SaaS, Moneycorp can focus on business growth while benefiting from advanced wallet and payments capabilities to deliver an enhanced client experience on a scalable, secure service. Moneycorp operates globally, with offices in Europe, North America, South America, and Asia, facilitating payments and foreign exchange transactions for corporates, financial institutions and private clients. In 2023, the company handled £71bn in trading volume serving 11,000 B2B clients, 250 financial institutions, and over 23,000 individuals. With 63 regulatory permissions worldwide, the group processes over 1 million payments annually, reaching 190 countries. With multi-geographic support, Moneycorp can seamlessly roll out new capabilities worldwide, leveraging a build-once, deploy anywhere approach across different regulatory jurisdictions. By utilizing Temenos Model Bank with pre-configured banking functionality and country-specific localization, Moneycorp will achieve faster time to value while reducing costs and delivery risk. Temenos' open, API-based architecture will simplify integration with Moneycorp's ecosystem, further accelerating innovation and enhancing operational agility. Srini Kasturi, Group Chief Technology Officer, Moneycorp, said: 'Best-in-class technology is key to delivering the seamless client experience and personalized service that Moneycorp is known for, so we're delighted to partner with Temenos, an established global leader in banking technology. Temenos' multi-country support and localization will enable us to launch new solutions quickly around the world, while running on SaaS will help us to scale efficiently while maintaining our focus on delivering our award-winning, easy to use service to customers worldwide.' Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: "We're proud to partner with Moneycorp, a U.K. success story and world leading cross-border payments provider. This strategic transformation which will see Temenos underpin Moneycorp's core banking and payments ecosystem across its global operation. Moneycorp sought a SaaS solution with deep functionality and the latest technology—capabilities only Temenos could deliver—along with our expertise in Western Europe and the U.S. We look forward to working with Moneycorp to drive the next phase of their impressive growth story.' CONTACT: Scott Rowe Temenos + 44 (0) 20 7423 3857 in to access your portfolio
Finextra
20-05-2025
- Business
- Finextra
UK's Moneycorp selects Temenos SaaS to scale global business
Temenos (SIX: TEMN) today announced that Moneycorp, a leading global payments and FX platform, has selected Temenos to power their next phase of products and services offering. 0 The UK headquartered payments and FX specialist will adopt Temenos SaaS for core banking and payments to achieve speed to market and scale efficiently as it expands products and services around the world. By moving to Temenos SaaS, Moneycorp can focus on business growth while benefiting from advanced wallet and payments capabilities to deliver an enhanced client experience on a scalable, secure service. Moneycorp operates globally, with offices in Europe, North America, South America, and Asia, facilitating payments and foreign exchange transactions for corporates, financial institutions and private clients. In 2023, the company handled £71bn in trading volume serving 11,000 B2B clients, 250 financial institutions, and over 23,000 individuals. With 63 regulatory permissions worldwide, the group processes over 1 million payments annually, reaching 190 countries. With multi-geographic support, Moneycorp can seamlessly roll out new capabilities worldwide, leveraging a build-once, deploy anywhere approach across different regulatory jurisdictions. By utilizing Temenos Model Bank with pre-configured banking functionality and country-specific localization, Moneycorp will achieve faster time to value while reducing costs and delivery risk. Temenos' open, API-based architecture will simplify integration with Moneycorp's ecosystem, further accelerating innovation and enhancing operational agility. Srini Kasturi, Group Chief Technology Officer, Moneycorp, said: 'Best-in-class technology is key to delivering the seamless client experience and personalized service that Moneycorp is known for, so we're delighted to partner with Temenos, an established global leader in banking technology. Temenos' multi-country support and localization will enable us to launch new solutions quickly around the world, while running on SaaS will help us to scale efficiently while maintaining our focus on delivering our award-winning, easy to use service to customers worldwide.' Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: "We're proud to partner with Moneycorp, a U.K. success story and world leading cross-border payments provider. This strategic transformation which will see Temenos underpin Moneycorp's core banking and payments ecosystem across its global operation. Moneycorp sought a SaaS solution with deep functionality and the latest technology—capabilities only Temenos could deliver—along with our expertise in Western Europe and the U.S. We look forward to working with Moneycorp to drive the next phase of their impressive growth story.'
Business Recorder
07-05-2025
- Business
- Business Recorder
Dollar trades lower, euro gains
NEW YORK: The US dollar traded lower against major currencies including the yen on Tuesday amid market jitters over hoped-for US trade deals, while the euro extended gains after the German parliament elected conservative leader Friedrich Merz as chancellor. Investors are waiting to see if President Donald Trump's administration provides details on trade deals it is reportedly negotiating with other countries, including China. Trump indicated on Sunday that some trade deals would be announced this week. 'The market is getting nervous that we're starting to eat away at the schedule since the 90-day tariff reprieve without anything meaningful being announced,' said Eugene Epstein, head of structuring for North America at Moneycorp. 'There's a lot of good sentiment but because of a distinct lack of formal substance that I've seen, I think the market is starting to get uneasy again.' The US dollar was last down 0.59% against the Japanese yen at 142.815,. The Taiwanese dollar pared gains following a record rally against the greenback amid market disquiet over Trump's tariffs. The currency was last down 2.6% to 29.919 per dollar. The euro extended gains after Merz secured the votes needed to become German chancellor following a humiliating and unprecedented defeat on the first attempt. The single currency was last up 0.28% to $1.134550. Commerce Department data on Tuesday showed the US trade deficit widened 14% to a record high of $140.5 billion in March as businesses boosted imports of goods ahead of Trump's tariffs. The Swiss franc weakened after Swiss National Bank Chairman Martin Schlegel said the SNB is ready to intervene in currency markets and cut interest rates even below zero to prevent inflation falling below its price stability target. The US dollar was last up 0.35% against the Swiss franc at 0.82490. Markets are focused on Wednesday's Federal Reserve policy decision, where the US central bank is expected to hold rates steady. The Bank of England also meets this week and is expected to lower interest rates by a quarter point on Thursday. Britain's pound gained 0.49% to $1.33620.
Yahoo
10-04-2025
- Business
- Yahoo
Dollar loses ground against safe havens as markets digest trade war drama
By Alun John and Chibuike Oguh NEW YORK/LONDON (Reuters) - The U.S. dollar weakened against the yen, Swiss franc and euro on Thursday but also against more risk sensitive currencies such as the Australian dollar, as markets digested President Donald Trump's dramatic reversal on tariffs. Trump stunned financial markets on Wednesday by walking back steep duties on trading partners that had gone into effect less than 24 hours earlier. He granted a 90-day freeze on so-called 'Liberation Day' tariffs but maintained a 10% blanket duty on most countries. Tariffs on Chinese imports, however, were raised to 125% with immediate effect, after Beijing countered previous U.S. duties with an 84% tariff rate. The U.S. dollar rebounded sharply against the safe-haven Swiss franc and Japanese yen on Wednesday, while Wall Street's main stock indexes leaped as the tariff reprieve brought some relief to investors. But traders were readjusting their positions on Thursday, with the dollar dropping 2.36% to 144.24 yen and 3.57% versus the Swiss franc to 0.83710, and the benchmark S&P 500, Dow and Nasdaq share indexes all lower. The dollar has fallen 3.82% against the yen and nearly 6.5% against the Swiss franc so far this month. It is on track for the biggest one-day loss against the franc since January 2015. "Up until yesterday's 90-day reprieve, there was a pretty large dislocation in the market, across all markets in fact, and full adjusting to the tariff regime. But now that there's a pause, every adjustment is basically being re-readjusted," said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey. Labor Department data on Thursday showed that U.S. consumer prices unexpectedly fell in March although the improvement in inflation is unlikely to be sustained in the wake of tariffs. A drop in U.S. Treasury yields after a solid 10-year note auction was also partly weighing on the greenback. The yield on benchmark U.S. 10-year notes fell 4.1 basis points to 4.353%. European Commission chief Ursula von der Leyen said on Thursday the EU will pause its first countermeasures against U.S. tariffs after Trump's Wednesday move. The euro was up nearly 2.3% at $1.121250, after making its biggest one-day jump since 2022. The pound was up 1.1% at $1.29760. Risk sensitive currencies were also firmer. The Australian dollar strengthened 0.98% to $0.6211, while the Swedish crown rose 1.3% versus the dollar to 9.857 crowns. China's central bank cut guidance for the official yuan rate for a sixth successive trading session on Thursday, signalling an intention to allow a very gradual depreciation. Investors are waiting to see whether Chinese authorities use currency depreciation as part of their trade war with the U.S. The dollar weakened 0.51% to 7.3057 yuan versus the offshore Chinese yuan but remained above Tuesday's record low of 7.4288 yuan. Sign in to access your portfolio
