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| ForexLive US Wrap: Hawkish ECB sends EUR/USD soaring Posted: ECB's Bini-Smaghi: As economy recovers and inflationary pressures rise, rates may have to go up Egypt allows Iranian warships to transit Suez Canal Government buildings in Yemen torched by protesters US 10-year note rises 1 bp to 3.59% S&P 500 index rises 0.2% to 1343, fresh post-Lehman high EUR/USD was given a turbo-charge by ... |
| Q. How will the markets react to the end of QE? Posted: A. My guess is we will begin pricing in the phasing -out of QE in the next 60-90 days, or roughly 60-90 days before the program is scheduled to end in June. Equity markets have clearly enjoyed a tailwind from the flood of liquidity, prompting inflation in asset prices, a boost ... |
| Maybe this explains the euro strength… Posted: Let's suppose you are a European bank having funding problems. But the ECB is trying to wean banks off of emergency funding. You borrow 16 bln euros from the ECB and then you look for other avenues... Look! Cheap dollars to be had in the States! You borrow some greenbacks, but your exposure ... |
| Q. When are markets going to return to “normal”? Posted: A. Markets are never "normal". That's the fascinating thing about them. They constantly change and morph in response to stimuli, just like some amoebae in a petri dish... Correlations come and go. Markets get to skittish, they get over-confident. Once you think you have it figured out, things change. At the moment, ... |
| Q. How much attention should we pay to revisions Posted: A. A lot, if they are significant. The most closely eyed revisions in US data are of the unemployment and GDP figures. Unemployment figures are compiled on the fly and released within days of the end of the month covered by the data. The subsequent revisions can be substantial and consequential. The ... |
| Posted: A. Reuters, Bloomberg, Dow Jones. We use them all. They all have strengths and weakness. |
| US BudgetRecap:Obama Tip-Toes Out of Startng Blcks W/FY12 Plan Posted: --Obama's FY12 Budget Proposes $1.1 Trillion In Ten Year Savings --Obama Says 'Further Steps' To Reduce Budget Deficit Are Needed --House Budget Chief Ryan Calls Admin Plan A 'Duck' From Hard Choices --Senate Budget Chief Conrad Says Admin Plan Is Okay For One Year By John Shaw WASHINGTON (MNI) - ... |
| Posted: I have no interest in markets today, so I may as well answer some reader questions. Keep them general and one the markets please. Send questions to jamie at forexlivedotcom |
| US Tsy’s Geithner:’Justifiable,Grwng Confidnce’in Econ Expansn Posted: By Steven K. Beckner PARIS (MNI) - Treasury Secretary Timothy Geithner was upbeat about the U.S. and global economies ahead of a meeting of the Group of 20 finance ministers and central bankers Friday, but reiterated his call for a reduction in global trade imbalances. ... |
| Posted: Literally, as government buildings are set afire by protesters. I'm sure another Jeffersonian democracy will flourish in that strategic plot of land along the Arabian Sea.... Bahrain is in turmoil as well, squeezing Saudi Arabia in a vice of instability.... Despite the news, oil prices have reversed earlier gains, dropping nearly $2 ... |
| Posted: Bloomberg says the Swiss government has confirmed reports that Switzerland has found assets owned by deposed Egyptian president Mubarak. A bout of Swiss weakness during the crisis led some to believe Mubarak was moving large amounts cash out of Switzerland during his final days in office... UPDATE: A Swiss official says "tens ... |
| Bernanke Urges More Mon/Fisc Policy Coordination Ahead of G20 Posted: By Steven K. Beckner PARIS (MNI) - Federal Reserve Chairman Ben Bernanke called Friday for more international "coordination" of monetary and fiscal policy to achieve a more "balanced" world economy. Bernanke did not elaborate on just how that coordination would work ... |
| EUR/USD eyes Fibo just shy of 1.3700 Posted: The EUR/USD chart looks especially bullish after breaking downtrend resistance following Bini-Smaghi's rate hike talk and taking out the 50% retracement of the 1.3863/1.3428 decline a 1.3645. The next Fibo, the 61.8% comes in at 1.3697, just a few pips below a rumored 1.3700 barrier. We're consolidating gains now, at 1.3675. |
| Why is Bini-Smaghi so hawkish all of a sudden? Posted: Because he's Italian. He's trying to show that Italians can out-hawk the Germans so his compatriot Mario Draghi gets the top job in Frankfurt at the ECB when Trichet's term ends. The consolation prize for Bini-Snaghi? Draghi's old job at the Bank of Italy... These guys are so freakin' transparent... |
| What have you done to my dollar? Posted: I take the morning off and I come back to this chaos? Last time I leave Gerry in charge of you lot... EUR/USD, the new safe-haven, has pushed to fresh session highs in the low 1.3680s, supported by fresh hawkish rumblings from the ECB's Bini-Smaghi. Also the news that Iranian warships ... |
| US House Moves Toward Final Vote on $61B Cuts to FY11 Stop-Gap Posted: --House Tries to Plow Through Dozens of Amendments Before Final Vote --House Republicans Push Amendment to Defund Health Care Law --House GOP,Senate Democrats Sharpen Threats on Funding Gov Post-March 4 By John Shaw WASHINGTON (MNI) - The House resumed consideration Friday of a stop-gap spending bill for the 2011 ... |
| Egypt approves passing of two Iranian warships through Suez canal – Security source Posted: EUR/USD ticks up about 15 pips, presently at 1.3655. How does that work then? Don't tell anyone, but I haven't really been paying any attention to the saga of the Iranian warships. Whole story kinda left me cold to be honest. |
| Posted: G20 consensus on private savings rate/private debt and fiscal debt/deficit indicators Earlier China said it firmly opposes real exchange rate and fx reserves in the indicators. Shock horror!!!!, who would have thunk it. They also called for trade surplus to be included in indicator list instead of current account. The expression "herding cats" ... |
| Japan FinMin says will continue to buy EFSF bonds, is a stable investor Posted: I think EUR/USD moved up 5 pips on the headline. Yipeeeee!!! |
| Dutch PM: Budget deficit for 2010 was 5.2% of GDP Posted: No change to cuts in spending of 18 bln euros by 2015 Reminds me, must get round to that trip to Amsterdam soon. EUR/USD sits at 1.3630. All gone a little quiet after the Bini Smaghi-induced fun and games. |
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