Corporate foreign exchange news

Published by Mark Smith-HalvorsenThe dollar was up against the yen in the Asian foreign exchange trading session this morning (March 18th) after a speech by Federal Reserve chairman Ben Bernanke yesterday.In a statement to the House Financial Services Committee, Mr Bernanke said the central bank needs to maintain a connection with both Main Street and Wall Street, and expressed opposition to plans relegate the regulation of smaller banks to the Federal Deposit Insurance Commission."We are quite concerned by proposals to make the Fed a regulator only of the biggest banks. It makes us essentially the too-big-to-fail regulator. We don't want that responsibility," he told committee-members.In early foreign exchange trading this morning, forex dealers pushed the dollar higher against the yen, prompting analysts to forecast that the yen may fall as low as 100 per dollar, which it has not done since April 2009.Speaking to Bloomberg, Osama Koizumi, who helps oversee the equivalent of $7.5 billion as chief investment officer at Yasuda in Tokyo, said higher yields in the US will draw hedge traders out of the yen.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site