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- House Approves $125 Billion Spending Bill for USDA, FDA and CFTC
- ForexLive US wrap: German climbdown boosts euro
- Well thar’s yur problem…
- Moody’s puts Italy on review for downgrade
- Oil rebounds $1.10 from lows; euro follows
- House Bill Keeps SEC Budget Flat in 2012
- Potrugal forms government
- US Budget Recap: Key Questions Remain As Biden Talks Intensify
- Finnish Social Democrat leader: Will require guarantees against joining EU bailouts
- Greek FinMin: Will convince Eurogroup on Sunday…
- New Greek FinMin: Plan must be approved to ensure payment of IMF tranche
- Oil continues slide, euro following
- Finland forms six party coalition government; What could go wrong?
- US DATA: more from OCC derivs report- Notional held..
- Go oil, go!
- Papandreou Dodges Political Bullet With Reshuffle — For Now
- More Bonello
- Realy? I had no idea…
- EUR/USD retraces 61.8% of fall from near 1.45
- USD/JPY wandering lower into the weekend
| House Approves $125 Billion Spending Bill for USDA, FDA and CFTC Posted: According to various news sources, the U.S. House of Representatives approved a $125 billion spending bill for the Department of Agriculture, the Food and Drug Administration and the Commodity Futures Trading Commission. However, the appropriations bills are being constrained by concerns over the federal budget deficit. The newly approved budget is $7 billion less than [...]    |
| ForexLive US wrap: German climbdown boosts euro Posted: IMF: US, Japan, PIGS must make difficult budget decisions US GDP seen at 2.5% this year from 2.8% April forecast; EZ 2.0% from 1.6% University of Michigan consumer sentiment survey 71.8 from 74.3 US leading indicators rise 0.8% in May from -.03 in April New Greek FinMin: Plan must be approved before IMF cash paid; [...]  |
| Posted: Why’s we dive from 1.4500 on Tuesday to to 1.4075 on Thursday? Here’s your answer…  |
| Moody’s puts Italy on review for downgrade Posted: Italy is rated at Aa2 at the moment. Italy has macroeconomic structural weaknesses; likely interest rates will rise over time Implementation risk surrounding fiscal consolidation plans needed to reduce debt Changing funding conditions for European sovereigns with high debt levels Rising rates, weak economy make it difficult to grow enough to shrink debt to GDP [...]  |
| Oil rebounds $1.10 from lows; euro follows Posted: It’s all oil this afternoon. We’ve bounced more than a dollar from the lows and EUR/USD has bounced right along with it, back up to 1.4325 on this last run. As noted earlier, fresh position-taking is limited this afternoon with most engaged in book squaring and the odd customer order here and there…  |
| House Bill Keeps SEC Budget Flat in 2012 Posted: On Wednesday, June 15th, 2011, the House Appropriations Committee released a bill that would freeze the SEC’s budget for 2012 at its current level of $1.185 billion, thus rejecting the SEC’s budget request for 2012 of $1.407 billion. In May 2011, SEC Chairman Mary Schapiro testified that through Dodd-Frank, Congress had handed the SEC a [...]  |
| Posted: New finance minister is Vitor Gaspar.  |
| US Budget Recap: Key Questions Remain As Biden Talks Intensify Posted: –Vice President Holds 3 Rounds of Talks This Week, Maybe 4 Next Week –Biden Group Pushes For Agreement By End of June, But Deadline Not Hard –Senate Budget Committee Chair Concerned Biden Deal Won’t Do Enough –Senate’s Gang of Six Continues To Work For Broader Plan By John Shaw WASHINGTON (MNI) – As the budget [...]  |
| Finnish Social Democrat leader: Will require guarantees against joining EU bailouts Posted: Wasn’t that issue solved already? Finnish domestic politics still a stumbling block to more bailouts. If they get an opt-out, others will want it too. If a camel is a horse designed by a committee, the euro zone is a currency union designed by masochist…  |
| Greek FinMin: Will convince Eurogroup on Sunday… Posted: … of changes to Greece’s mid-term plan. Changes or not, they are going to get the cash to tide them over. It is the next payment in September that will be come the focus in the not-to-distant future…  |
| New Greek FinMin: Plan must be approved to ensure payment of IMF tranche Posted: Mid-term plan is a passport to credibility (this guy is skilled in the art of political BS…) Plan will be voted on with the improvements that have already been made Plan is to fulfill targets; specific ways will be spelled out later Details, details…we’ll leave those until later. After the money is in the Treasury…  |
| Oil continues slide, euro following Posted: EUR/USD has pulled back to the 1.4280 area as oil has extended its sharp decline. WTI is below $92 at the moment. Equities have shed most of their earlier gains and are now up less than 2 points… 1.4265/70 is modest support near-term.  |
| Finland forms six party coalition government; What could go wrong? Posted: What are the odds of a six party coalition lasting until the ink is dry on the agreement? Not really good, if history is any guide. Not like Finland is likely to run off the rails like some of its southern euro zone brethren…  |
| US DATA: more from OCC derivs report- Notional held.. Posted: US DATA: more from OCC derivs report- Notional derivatives held by U.S. commercial banks increased by $12.8T or +5.5% in Q1 to $244T. Interest rate contracts increased $6T (3%) to $200T while FX contracts increased 27% to $26.7T. “Banks hold collateral to cover 72 percent of their NCCE. The quality of the collateral is very [...]  |
| Posted: Below $93.00, down to $92.80. Lower oil prices are dollar supportive on several fronts. It helps revive consumer demand as less cash goes to paying for fuel and can be spent on other items. It means less dollar-income to OPEC nations that is often then diversified into euros and other currencies. EUR/USD is edging lower [...]  |
| Papandreou Dodges Political Bullet With Reshuffle — For Now Posted: –Promoting Political Rival Helps Overcome Dangerous Intra-Party Rift ATHENS (MNI) – By promoting his leading political rival to the post of finance minister, Greece’s Prime Minister George Papandreou has made the best possible move — and perhaps the only one — to heal a rift within the ruling Socialist party that was threatening to topple [...]  |
| Posted: VALLETTA (MNI) – There is no risk of an immediate Greek default, but a solution must be found urgently to avert severe contagion risks that could spread well beyond the Eurozone, European Central Bank Governing Council member Michael Bonello told Market News International on Thursday. Bonello expressed confidence that the Eurogroup would come up with [...]  |
| Posted: ECB’s Bonello says they might raise rates next month. Monetary policy stance remains accommodative Comments come in an interview with Market News International.  |
| EUR/USD retraces 61.8% of fall from near 1.45 Posted: EUR/USD has retraced 61.8% of the fall from ear 1.4500 earlier this week on the latest rally to 1.4336. Traders note very little interest to establish fresh positions ahead of a weekend in which a Greek confidence vote and a Eurogroup meeting are set to take place. Looks like short-covering will dominate. More stops are [...]  |
| USD/JPY wandering lower into the weekend Posted: USD/JPY held up quite impressively yesterday despite a steep drop in US yields yesterday. Today, US yields are slightly firmer but USD/JPY is soft…Go figure. Perhaps its the rumors of a potential widening of CNY trading bands by the PBOC over the weekend helping lift all boats in Asian currencies. Such a move (allowing a [...]  |
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