CFTC Ordered to Pay $3.1M
🔸 Major Stories U.S.–EU Trade Deal Drives Dollar Higher, Stocks Fall The announcement of a bilateral trade deal has bolstered the U.S. dollar, pushing it to nearly a one-month high and dampening equity markets. The Fed is widely expected to hold rates at its upcoming meeting
Pakistan Cracks Down on Black Market Dollar Trade Following pressure from military intelligence, unlicensed exchange kiosks have shut down in Pakistan, briefly strengthening the rupee in official markets. Meanwhile, informal trading has shifted to encrypted peer-to-peer apps amid the crackdown
India’s Forex Reserves Stay Strong Amid Export Growth India’s core exports rose 7.2% in Q1 FY26, helping sustain a stable rupee and robust FX reserves—a signal of continued macroeconomic resilience
RBI Buys $1.76B in Forex Market In May 2025, the Reserve Bank of India purchased $1.76 billion to stabilize the rupee after a 1% depreciation. Net forward-sales outstanding also declined month-on-month
INR Faces Pressure; Central Banks Actively Intervening The Indian central bank continues interventions in both spot and forwards to manage volatility; the rupee closed around ₹86.41/USD on July 23
🏦 Regulatory & Institutional Developments UK Forex Firm Argentex Enters Administration Argentex collapsed after mishandling U.S. dollar exposure amid a dollar rally. The firm’s zero-margin trading model failed to meet margin calls, resulting in insolvency proceedings and an ongoing customer fund investigation
UBS Derivatives Mishap Highlights Banking Risk UBS issued goodwill payments to about 100 clients who lost money on Range Target Profit Forward contracts—a stark example of how complex FX derivatives can backfire during volatile periods
CFTC Ordered to Pay $3.1M Over Forex Lawsuit A U.S. federal judge ruled that the agency must cover legal fees in a case involving allegations of mismanaged $310M funds and withheld evidence from My Forex Funds/Traders Global Group
🧭 Market Context & Outlook Dollar Steady as ECB Holds Rates The euro weakened slightly around $1.1766, while USD/JPY traded near 146.88. Markets await upcoming U.S. inflation, payroll, and GDP data ahead of a likely rate freeze by the Fed
Yuan Hits 9‑Month High vs USD The Chinese yuan briefly reached 7.15 per dollar, buoyed by UBS’s optimistic forecast on further appreciation