ForexLive US wrap


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Fed: To Hold Public Hearings On Cap One/ING Merge Proposal

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WASHINGTON (MNI) – The following was issued late Friday by the Federal Reserve: The Federal Reserve Board on Friday announced that it will hold three public meetings on the notice by Capital One Financial Corporation, McLean, Virginia, to acquire ING Bank, Wilmington, Delaware, and indirectly to acquire shares of Sharebuilder Advisors, LLC, and ING Direct [...]

ForexLive US wrap: Bernanke kicks the can to September FOMC

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US Q2 GDP revised to 1.0% annual rate from 1.3% previously University of Michigan consumer sentiment index slides 55.7 from 63.7 in July Bernankedoes not make the case for immediate further monetary stimulus; Fed has tools and will explore more tools at September FOMC meeting UBS warns clients it may charge excess balance fees on [...]

The QE will come out tomorrow, bet your bottom dollar

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That seems to be Mr. Market’s take on today’s Bernanke speech. He may not have tipped a move at Jackson Hole but he didn’t slam the door either, merely turning the focus to the now-two day FOMC meeting in September. This market won’t believe QE is well and truly dead until they see a corpse [...]

NYC issues evacuation order for low-lying area

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No fooling around as Irene nears the US coast…

China slowdown calls proliferate

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Business Insider picks up a report from the Shanghai Daily…

Blinky Blinder gets it right

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Alan Blinder, the former Fed governor, now back at Princeton, says that Bernanke tried and succeeded at not being newsworthy today. That’s the best summation I’ve heard thus far. Blinder, a hard core dove, does not see the FOMC announcing QE3 in September, he says in a Bloomberg interview.

Jackson Hole: BIS Econs Urge Decisive Action to Cut Govt Debt

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By Steven K. Beckner JACKSON HOLE, Wyo. (MNI) – The United States and other industrialized countries cannot afford to delay “decisive” action to reduce deficit spending and mounting goverment debts, the top economist for the Bank for International Settlements warned Friday. Mounting debt-to-GDP ratios threaten to harm growth and in turn worsen debt problems in [...]

Musta been a 1.4500 barrier

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They got it up to 1.4502 before seemingly calling it a day. We consolidate now around 1.4475.

Portfolios:FI Fund Mgrs See US 10Y Yld Under 3% Until Yr End

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–’No Clues’ in Bernanke Speech Amid Hurricane Anxiety By Yali N’Diaye WASHINGTON (MNI) – While fiscal challenges remain significant in the U.S., fixed income portfolio managers see the 10-year U.S. reference yield trade below 3% until the end of this year as economic growth and EMU sovereign debt issues continue to remain center stage. “Short-term, [...]

Don’t forget tht Fibo

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Last week we tested the 61.8% retracement of the 1.4940/1.3837 decline at 1.4519. That’s the next key techincal hurdle for EUR/USD which is chipping away at resistance toward the top of recent ranges. On a thin Friday with a hurricane bearing down on the Big Apple, I’d be reluctant to stand in the way of [...]

Stocks feeling frisky after Bernanke

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Kinda the best of all world for markets today. Bernanke did not rock the boat by launching QE3 but he kept the door open to unleashing that policy or other variants. Were have a bit less than a month to wait to find out if they will do anything quickly. The S&P is near session [...]

It wasn’t Ben that caused the USD/CHF rally…

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It was UBS. UBS sent a message to clearing clients via Swift, the interbank payments system, saying: “Should we see a continuation of the net inflow of CHF in cash clearing accounts of our banking clients, we might have to take corrective action, within the next few days, by means of a temporary excess balance [...]

Can’t keep a good euro down…

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EUR/USD makes fresh session highs and retests top of recent ranges. I’ve seen everything….

Bernanke Signals More Consideration;Doesn’t Rule Out Action-2

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By Steven K. Beckner Bernanke said fiscal policymakers can help promote stronger growth by adopting tax policies and spending programs that “increase incentives to work and to save, encourage investments in the skills of our workforce, stimulate private capital formation, promote research and development, and provide necessary public infrastructure.” But to accomplish this, Bernanke suggested [...]

Bernanke Signals More Consideration; Doesn’t Rule Out Action

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By Steven K. Beckner JACKSON HOLE, Wyo. (MNI) – Those who had hoped that Federal Reserve Chairman Ben Bernanke might signal some new monetary stimulus Friday had to have been a bit disappointed. The Fed chief did not foreclose further monetary stimulus. Indeed he said the FOMC will be taking another look at its “range [...]

UBS: May take corrective action on CHF balances– Bloomberg

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Hmm. Sounds like UBS may have gotten a memo… Why in the world would the SNB deny a story when it was working in their favor? I want a job at a central bank…Any dope can work there, apparently.

SNB denies sending letter to banks

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Earlier rumors had the SNB sending a latter to Swiss banks calling for a change on franc deposits. The franc is strengthening on the denial.

EUR/CHF takes the baton from USD/CHF

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USD/CHF is holding the bulk of its gains but now it is the turn of EUR/CHF to rally. That pair has rallied from 1.1420 to almost 1.1700 before stalling. Expect bids in the 0.8050/70 area on pullbacks in USD/CHF.

Sheesh…EUR/USD bounces hard from 1.4325/30

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Blink and you missed it. EUR/USD blipped down to the 1.4320s for a second and here we sit at 1.4410 30 minutes later. 1.4325/1.4475. Rinse and repeat.

Thanks, Julia

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Thanks to Julia Kollewe at the Guardian for a mention in their Bernanke coverage.
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