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April 22, 2015 MONEY (MSM)

Hedge fund that made 18% on dollar strength now bets on drop

Charlie Chan, a former Credit Suisse Group AG proprietary trader who now runs his own hedge fund, reduced bets the dollar will strengthen and added trades that would profit from a decline. He’s now betting the greenback will weaken against Asian currencies including Singapore’s dollar, South Korea’s won and India’s rupee, the founder of Singapore-based Charlie Chan Capital Partners said. Chan said his Splendid Asia Macro Fund has returned more

April 22, 2015 MONEY (MSM)

Oil prices lifted by U.S. production decline

Oil prices rose on Wednesday after the U.S. government’s Energy Information Administration (EIA) reported a decline in U.S. production. Brent crude for June delivery (LCOc1) was up 66 cents at $62.74 a barrel by 1358 GMT, after touching an intraday low of $61.39. “It’s another decline in production and the market is certainly anxiously awaiting more of those, at least people who are on the long side,” said Dominick Chirichella,

April 22, 2015 MONEY (MSM)

UK trader accused of 'flash crash' role opposes extradition to U.S

A British futures trader accused by U.S. authorities of an illegal role in the Wall Street “flash crash” that briefly wiped out nearly $1 trillion in market value five years ago, told a London court on Wednesday he opposed being extradited to the United States. The U.S. Justice Department said on Tuesday it had criminally charged Navinder Singh Sarao, 36, of west London, with wire fraud, commodities fraud and manipulation.