"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Friday, July 29, 2011

FOREX-Euro shaken by contagion risks, yen edges higher

FOREX-Euro shaken by contagion risks, yen edges higher
Reuters
By Masayuki Kitano and Antoni Slodkowski SINGAPORE/TOKYO, July 28 (Reuters) - The eurostruggled to find fans in Asia on Thursday, due to renewed fears of contagion in Europe, while the US dollar remained on the defensive as Washington showed no signs ...
CEE MONEY-Shields up, emerging Europe braces for contagion
Reuters
By Michael Winfrey PRAGUE, July 28 (Reuters) - The European Union's eastern members are bolstering the economic defences they have set up over the last two years to guard against growingcontagion risks from the United States and the euro zone. ...
IMF To France: Cut Spending Or Risk Downgrade
Business Insider
A new report from the IMF found that France's growth and tax revenues are unlikely to meet French expectations. In order to make up the shortfall, the country should cut spending or face a downgrade, the fund recommended. "France cannot risk missing ...
Italy Borrowing Costs Rise at Sales Amid Concern About Contagion, Tremonti
Bloomberg
Investor concern that Europe's rescue fund may not prevent debt-crisis contagion is also contributing to higher Italian and Spanish bond yields. European Union leaders on July 21 declined to increase the size of the 440 billion-euro fund as part of an ...
Eurozone Debt & US Default Risks Global Contagion
Resource Investor
One-year CDS (credit default swap) prices on US debt have moved above five-year CDS prices, signaling that the risk of financial contagion remains real. Europe's STOXX bank index has lost about 25 percent since mid-February suggesting jitters regarding ...
Euro shaken by contagion risks, dollar no safer
Reuters
By Cecile Lefort SYDNEY (Reuters) - The euro struggled to find any friends in Asia on Thursday, on renewed fears of contagion in Europe, while the US dollar remained on the defensive as Washington showed no signs of progress in debt agreement. ...
GLOBAL MARKETS-Global equities slip, euro falters
Reuters
"The euro seems to be the flavor du jour at the moment as the market is trading on euro zonecontagion issues and the dollar is appreciating by default," said Dean Popplewell, chief currency strategist at OANDA in Toronto. European shares fell for a ...
Our plan will rescue Greece and protect Europe
Financial Times
By François Baroin and Wolfgang Schäuble Europe and the euro are at a crossroads. Dealing with Greece's debt and lack of competitiveness is crucial for containing the risks of contagion to the rest of the eurozone. The recent summit approved a road map ...
Italy borrowing costs soar in volatile euro markets
Reuters
Italy's Treasury Director-General Vittorio Grilli said on Thursday he hoped the EFSF would gain its new powers by the end of 2011; in the meantime, euro zone states will remain vulnerable in bond markets. An IMF source said there was growing concern ...
The Debt Ceiling Debacle Is Only The Beginning Of A Major Fiscal Crisis
Business Insider
Cutting spending— by firing federal employees or canceling procurement, for example—removes demand from the economy dollar-for-dollar. A dollar tax hike, on the other hand, especially one aimed at upper incomes, cuts demand by less than a dollar...
New Household Charge of 100 Euro to Come Into Being
The Epoch Times
By Martin Murphy Speaking to the media this week in relation to issues surrounding the government's proposed household charge Environment Minister Phil Hogan said that as part of the EU/IMF agreement, a household charge of 100 euro is to be introduced ...
CORRECT: IMF Spokeswoman Atkinson Tapped To Be Obama's International Economics ...
Wall Street Journal
During her previous tenure at the IMF, Atkinson worked on a number of projects, including the Latin American debt crisis and development of Europe's Exchange Rate Mechanism, which laid the foundation for the European Union and the euro...
Noonan publishes Irish Central Bank reform bill
FinFacts Ireland
The bill responds to the regulatory failures of the financial crisis. It enhances the Central Bank's regulatory powers, drawing on the lessons of the recent past in Ireland and abroad. The bill strengthens the ability of the Central Bank to impose and ...
Sterling rises versus weaker euro but lags dollar
Reuters UK
By Neal Armstrong LONDON, July 28 (Reuters) - Sterling rose against a broadly weaker euro on Thursday as the single currency slipped on lingering concerns about contagion from euro zone debt, although weak UK data and declining risk sentiment cast a ...
IMF: Debt Deal Failure Would Have "Far Reaching" Consequences
Democracy Now
Christine Lagarde: "Frankly to have a default or to have a significant downgrading of the United States signature would be a very, very, very serious event. Not for the United States alone, but for the global economy at large, because the consequences ...
Euro Hit Following Italian Auction
Briefing.com
Despite the market reaction last week this deal still needs to pass parliaments; 4) Concerns that theIMF will not be allowed to issue as much money as previously anticipated. Major emerging market players, Brazil and India, are saying that the IMF is ...
America's Current Fiscal Crisis In Perspective
Intellectual Conservative
By default, the Windows programs microsoft word 2003 download that will save the settings that determines the amount of search engine optimization firm. In 006, cheapest microsoft office 2007 standard the top of the congregation if you are indeed ...
Financial crisis
Lawrence Journal World
After spending so so many decades in Washington DC on tax dollar payrolls republicans are sure they learned all they needed to know about OUR money and founding reckless economies. Republicans have much experience under their belts and they never quit ...
Mid-Day Report: Euro Slips on Rising Italian Bond Yields Due to Concerns Over ...
Action Forex
The single currency extended yesterday's fall on renewed worries over eurozone debt crisiscontagion after Italian debt auction resulted at highest borrowing cost in 11 years, falling Italian bond due to high yields in the secondary market put extra ...
Way of tackling potential financial crisis in S. Korea
Xinhua
The central bank has no authority to prohibit non-financial companies from issuing Kimchi bonds, so it decided to ban financial firms from investing in the dollar-denominated bonds. Kimchi bonds refer to foreign currency-denominated bonds sold by ...
Planning can help consumers prepare for US debt default
Boston Globe
Why shouldn't I? Gold prices are at stratospheric levels again, as buyers believe it will hold value much better than similar investments - specifically the US dollar, which is being weakened by thefinancial crisis surrounding the US debt. ...
Former IMF Chief's Accuser Meets With Prosecutors
NY1
The hotel maid accusing former International Monetary Fund chief Dominique Strauss-Kahn of sexual assault met with prosecutors for eight hours Wednesday in Lower Manhattan, and her attorney continued to stand by his client's credibility. ...
Second thoughts on the euro rescue
Financial Times
Emerging market representatives grumble about the new plan for Greece, which they do not see as advancing an endgame that keeps IMF funds safe. The IMF's need for assurance that any programme is fully funded could lead to a new standoff like the one ...
Advisers deluge investors with advice over debt crisis
Reuters
Many of their clients, with the horrors of the financial crisis so fresh, are getting scared by the possibility of a United States' debt default. But while Americans may blame sleepless nights on their lawmakers, they can't complain too much about the ...
Forex - EUR/USD hits 4-day low as contagion fears weigh
Forex Pros
Forexpros – The euro was lower against the US dollar on Thursday, falling to a four-day low amid renewed fears over sovereign debt contagion in the euro zone, while the dollar remained under pressure amid uncertainty over debt ceiling negotiations. ...
METALS-LME copper nudged down by debt woes in US and Europe
Reuters Africa
SHANGHAI, July 28 (Reuters) - Copper edged down on Thursday as concerns over the deadlock in US debt ceiling talks and euro debt contagion overshadowed supply worries following a declaration of force majeure by the world's biggest copper mine, ...
S&P Stays Mum On Rating for U.S.
Wall Street Journal
A US panel concluded the financial crisis "could not have happened without the rating agencies." Now, though, the same firms are wielding immense power as the deadline for raising the federal debt limit looms. According to emails and other memos ...
Volkswagen Joins BASF, Siemens in Suggesting Germany's Export Boom Fading
Bloomberg
Siemens ended a program in 2010 that placed as many as 19000 workers on shorter shifts as factories grappled with lower demand during the financial crisis. BASF said customers have become more cautious about ordering and the company already observed an ...
Gold's Ascent Mirrors Declining of Confidence in the Global Monetary System
PanOrient News
... to reduce dollar exposure. Central banks around the world, meanwhile, became net buyers of gold against last year, after two decades as a steady source of supply to the market. The IMF sold 200 tonnes of gold to the Reserve Bank of India last year, ...
ECB's Mersch Says Fears of 'Premature End' to Euro 'Unfounded'
San Francisco Chronicle
July 28 (Bloomberg) -- European Central Bank Governing Council member Yves Mersch said the "widespread belief" in a "premature" end of the single European currency project as a result of Greece's fiscal crisis is "unfounded." "Although the talks of a ...
European July Economic Confidence Falls More Than Forecast
San Francisco Chronicle
European leaders last week agreed on a second bailout package for Greece in a bid to restore investor confidence and stop the fiscal crisis from spreading. With governments from Spain to Italy cutting spending to plug budget gaps, the euro- area ..
The Storm after the Calm
Project Syndicate
PARIS – Could the financial crisis of 2007-2008 happen again? Since the crisis erupted, there has been no shortage of opportunities – in the form of inadequate conclusions and decisions by officials – to nurture one's anxiety about that prospect. ...
Inflexible GOP should listen to Reagan on debt
CNN
In the face of this political crisis masquerading as a fiscal crisis, it seems that no one can unite the Republican Party, let alone the nation. If far-right conservatives can't listen to reason, maybe they will listen to Ronald Reagan. ...
Analysis - Dollar on front line in U.S. debt ceiling battle
Reuters
Foreign distrust of the dollar is nothing new. Record low US interest rates have shaved 9 percent off its value since 2010, and economists expect a high debt burden and the strain of recovering from the financial crisis to keep unemployment high and ...
Indonesia Loan Growth to Exceed Central Bank Forecast, BCA Says
San Francisco Chronicle
Gross domestic product will probably expand 6.3 percent to 6.8 percent this year, Governor Darmin Nasution said on July 12, the highest level since the Asian financial crisis that started in 1997, according to government data. ...
US Credit Swap Trading Surges 80% as Debt-Ceiling Deadline Gets Closer
Bloomberg
... the highest level since March 2009, and signal a 5 percent chance of default within that time, according to CMA. That compares with 37 basis points in April and a record 100 basis points at the peak of the financial crisis in 2009. ...
Italy Faces a Long List of Barriers to Growth
New York Times
Then came the global financial crisis in 2007, which shrank Italy's economy by more than 6 percent. Growth has resumed, but the International Monetary Fund predicts “another decade of stagnation,” with Italy's gross domestic product expanding by only...
ECB Says Banks May Tighten Credit Standards in Third Quarter
Bloomberg
The ECB lifted its benchmark interest rate to 1.5 percent this month even as economies from Greece to Portugal struggle to grow amid a fiscal crisis that's threatening to engulf Italy and Spain. The ECB predicts the euro-region economy will grow 1.9 ...
Long-Term Swiss Franc Strength: Remnants of the Last U.S. Default
Seeking Alpha
Like many currencies, the supply of Swiss francs grew rapidly in reaction to the financial crisis, but that supply has been contracting over the past year or so – and that seems to be at least one reason why the Swiss franc has become stronger. ...
Fitch gives Portugal more time, warns on economy
Economic Times
LISBON:Fitch Ratings has postponed its decision on Portuguese credit standing to the fourth quarter from the end of July, giving the new centre-right government more time to implement austerity under an EU/IMF bailout plan. But it warned in a report on ...

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