Consistent gains for gold against the US dollar have resulted in a bull flag on the pair's chart, technical analyst Steve Voulgaridis writes. "We consider a daily close above $1316 to be a strong signal that the bullish scenario is in play," Voulgaridis writes.
The likelihood that the US will go into a recession in the next 12 months rose to 25% this month, compared with 20% in January, according to a Reuters poll of economists. Most of the respondents said they expect the Federal Reserve to leave interest rates unchanged at its March meeting.
If companies such as Amazon and Google move into finance in a big way, they could put pressure on banks to assume more risk, according to a report from the Financial Stability Board. Because technology giants have brand recognition, trust and an established customer network, their entry into finance could have more of an impact than that of financial-technology firms, the report says.
JPMorgan Chase will introduce digital currency to let clients accelerate transactions. Each "JPM Coin" has a face value of $1 and runs on proprietary blockchain technology Quorum.
Some banks doing eurozone business in London have not relocated sufficient staff to other EU nations ahead of Brexit to meet requirements of the Single Supervisory Mechanism, says Joachim Wuermeling, a board member of Germany's Bundesbank.
Factors such as Brexit uncertainty, a weak economic outlook and a dovish stance by the Bank of England will put a brake on the pace of interest-rate increases this year, economists say in a Bloomberg survey. The economists predict rates will rise to 1% in the fourth quarter from 0.75%, rather than a previous forecast of before Q3.
The UK House of Commons has voted 303-258 against a measure to endorse Prime Minister Theresa May's Brexit strategy, which aims to gain concessions from the EU on how the border with Ireland is handled after the UK leaves the EU. Jeremy Corbyn, who leads the opposition Labour Party, says May should "admit that her strategy has failed" and return to Parliament with a "coherent plan".
The International Organisation of Securities Commissions and the Committee on Payments and Market Infrastructures are considering ways to improve default auctions at clearinghouses, sources say, after Nasdaq Clearing suffered a €107 million loss. The groups reportedly plan to issue a joint discussion paper this summer.
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