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- ForexLive US Wrap: Sovereign debt, slowing growth undermine risk
- S&P 500 cuts loss in half
- EUR/USD rebounds from 50% fibo
- CNBC: Bank capital requirements may rise on 2-2.5%, not 3-7% as earlier feared
- Fed: $600 bln in Treasury purchaes to end on June 30
- US DATA: May Tsy budget -$57.6b vs -$135.9b in Tsy…
- US deficit contracts to $57.6 billion in May from $136 bln a year ago
- US Budget: Biden Panel To Step Up Talks For Debt Ceiling Deal
- Fresh Lows for EUR/USD
- Hillary Clinton says she has no interest in running World Bank
- Brazil leaning toward Lagarde for IMF head: Reuters
- Greek CDS close at records
- Gold bounces nicely from ahead of trendline support
- Greek PM: Will consider proposals from all sides
- Whaddaya think?
- New York Fed’s Dudley Q&A: Broad Infl Indicators ‘Reversing’
- TEXT: ECB Constancio Clarifies Earlier Greece Statement
- ECB’s Constancio: Up to government to solve Greek crisis
- Fed Seeks Comment on Requiring Cap Plans From Top-Tier Banks
- Fed proposes annual stress tests for large banks
| ForexLive US Wrap: Sovereign debt, slowing growth undermine risk Posted: Saudi Arabia says to unilaterally increase crude production by 1.2 mln bbl/day S&P: France needs additional reform by 2020 or will lose AAA rating US import prices rise 0.2% ECB’s Stark: Very high probability of July rate hike; Risks to leaving rates too low for too long Fed’s Dudley: Economy to rebound from soft patch [...]    |
| Posted: A bit less risk-off in equities after the CNBC report on the potential reduced capital cushion for the big systemically important banks. EUR/USD has recovered about 30 pips from session lows, stalling around the 1.4355 area so far. 1.4375 was as far as we could rally earlier in the afternoon…  |
| EUR/USD rebounds from 50% fibo Posted: Intraday low at 1.4322, a pip below the Fibo…Very minor resistance now at 1.4350/55.  |
| CNBC: Bank capital requirements may rise on 2-2.5%, not 3-7% as earlier feared Posted: The lower additional capital requirement for systemically important banks would add to bank earnings relative to the higher cushion advocated by Fed Governor Tarullo earlier this month. Stocks are off their lows on the report.  |
| Fed: $600 bln in Treasury purchaes to end on June 30 Posted: $62 bln of buying scheduled between June 13 and July 11 $50 bln in Treasuries, $12 bln from maturing MBS  |
| US DATA: May Tsy budget -$57.6b vs -$135.9b in Tsy… Posted: US DATA: May Tsy budget -$57.6b vs -$135.9b in May’10. Tsy says the largest component of the decrease in outlays was a one-time downward adjustment in TARP costs of -$45b as per Admin’s budget, but that excluding this the deficit still would have been -24% on better taxes (+19% YOY). FYTD-11 deficit is -$927.4b vs [...]  |
| US deficit contracts to $57.6 billion in May from $136 bln a year ago Posted: One-time re-estimation of TARP outlays cut May 2011 outlays by $45 bln Cumulative deficit for FY 2011 $924.4 bln  |
| US Budget: Biden Panel To Step Up Talks For Debt Ceiling Deal Posted: –Vice President Biden Schedules Three Rounds of Budget Talks Next Week –White House, Speaker Boehner Seek Budget Deal By Late June, Early July –Senate’s ‘Gang of Six’ Seeks Plan To Cut Deficit By $4.7T Over Decade By John Shaw WASHINGTON (MNI) – With the economy struggling, the stock market plunging, and the debt limit deadline [...]  |
| Posted: No bounces to speak of this afternoon for EUR/USD. Barely 1.4675 before lower again. Risk aversion remains high. Oil’s down $3, the S&P down 1.5% and the CHF is firm against the EUR while holding steady against the Greenback. 1.4335 the low this far. Next support at 1.4323, the 50% retracement of the recent rally [...]  |
| Hillary Clinton says she has no interest in running World Bank Posted: Translation: She starts Monday.  |
| Brazil leaning toward Lagarde for IMF head: Reuters Posted: Well so much for the emerging powers fielding their own candidate, if Brazil sides with Lagarde… Must be some mighty fine IMF perks headed Brasilia’s way in the not to distant future.  |
| Posted: Spreads are widening and CDS are rising in price, sure signs the market remains very concerned over the discord among the Troika on the way forward in Greece. EUR/USD is showing no propensity to bounce, sitting right below 1.4360.  |
| Gold bounces nicely from ahead of trendline support Posted: No clue what makes that thing move at the moment but it did find buyers ahead of support at $1523.50 in spot. Its now at $1535. Risk aversion is ebbing slightly. Oil is off lows, consolidating around $99.50 at the moment. Stocks are still pressured but about 4 S&P points above the 1270 lows…. Small [...]  |
| Greek PM: Will consider proposals from all sides Posted: Medium-term plan contains major changes Plan is the work of systemic talks All parties must cooperate on austerity plan; must we can prove we can overcome party divisions Must put Greece first New difficult talks ahead at the EU level  |
| Posted: Avatars on the site? Yes or no? Personally I’m tired of looking at myself… I assume you must be too… UPDATE: The ayes have it. You bunch of masochists…  |
| New York Fed’s Dudley Q&A: Broad Infl Indicators ‘Reversing’ Posted: By Sheila Mullan NEW YORK (MNI) – New York Federal Reserve Bank President William Dudley Friday said that it is important to watch a broad variety of inflation indications, noting some have “drifted upward” in the first half of 2011 but have come down in recent weeks. “We can allow some volatility … month to [...]  |
| TEXT: ECB Constancio Clarifies Earlier Greece Statement Posted: FRANKFURT (MNI) – Following is the text of the statement issued Friday by European Central Bank Vice President Vitor Constancio to clarify remarks he made earlier in the day at the ECB Watchers’ Conference: “The ECB’s Vice-President Vitor Constancio replaces his earlier statement of today regarding possible private sector involvement in the Greek adjustment programme [...]  |
| ECB’s Constancio: Up to government to solve Greek crisis Posted: Amplifies Trichet comments from Thursday. He repeats the ECB opposes any private sector compulsion to accept a debt rollover. EUR/USD continues to slide as risk aversion washes over the market. Sovereign debt, slower Chinese growth and tumbling oil prices are the focus today. EUR/USD has fallen as low as 1.4453.  |
| Fed Seeks Comment on Requiring Cap Plans From Top-Tier Banks Posted: WASHINGTON (MNI) – The Federal Reserve announced Friday that it will seek input on a proposal to require large finanancial institutions to submit annual capital plans for review, which in some cases, if the plans are rejected, would require Fed approval for capital distribution. The text of the statement follows: The Federal Reserve Board is [...]  |
| Fed proposes annual stress tests for large banks Posted: Would include the 35 largest banks Include banks with assets above $50  |
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