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Euro Down Slightly After Weekend On Spain Worry
by admin
1 May 2012 at 4:41am
Yesterday the euro was down slightly compared to the U.S. dollar, 1.321 to 1.325 dollars compared to last Friday, particularly affected by the disturbing news growing on Spain. The Spanish economy has again contracted by 0.3% in real terms in the first quarter 2012 compared to the last of 2011, according to the National Statistics Institu Read more ...
Euro Stability Still A Concern On Forex Markets
by admin
24 Apr 2012 at 8:13am
Parity between the euro / dollar is now almost perfectly balanced on the currency market: at around 13:00 hours, the euro was trading at 1.3156 (- 0.01%). Slightly increased towards the yen to 106.9. Nothing to report in the forex market on the state of the euro / Swiss franc, which is stable at 1.2021. ‘We expect fu Read more ...
Euro Mixed Against All Other Majors
by admin
18 Apr 2012 at 7:53am
The single currency was losing again today, dropping below $1.31 (EUR/USD) on Wednesday afternoon, amid persistent doubts about the sovereign status of Europe. At this time, the euro yield is 0.42% against the greenback at 1.3073 dollars per euro. The IMF reviewed yesterday, downgrading its growth forecast for Spain in 2012, which shows a Read more ...
Fed Keeps Rates Low ? Euro Seems Without Trend
by admin
14 Mar 2012 at 6:40am
The single European currency remained without a major trend against the U.S. dollar in the wake of a highly anticipated meeting of the Monetary Policy Committee of the Fed, whose tone lately has been quite positive for the Dollar. The Euro dropped yesterday afternoon from 0.04% to 0 Read more ...
Bernanke comments causes sell off
by Tom
1 Mar 2012 at 4:55am
Market sentiment received a bit of a boost yesterday when the results of the ECB?s long-awaited second long-term liquidity operation (LTRO) showed strong demand for the cash from European banks. The ECB lent 800 banks ?529.5 billion, somewhat above the ?450 billion that the market had been anticipating and the ?489 billion lent to 523 fi Read more ...
Euro firm however downside risks remain
by Tom
28 Feb 2012 at 8:36am
Today the euro remains firm versus the dollar and sterling, trading in relatively tight ranges despite the announcement from ratings agency Standard & Poor?s that it is cutting Greece?s long term credit trading to selective default. Such a move was already expected and indeed factored in, though yesterday?s comments from EU Commission Read more ...
Euro upside following Greek deal
by Tom
22 Feb 2012 at 9:34am
Having retreated from near two-week highs as optimism over the long-awaited Greek bailout deal faded to be replaced by underlying concerns over growth and implementation risks, the euro has traded in a relatively tight range versus the dollar over the past 24 hours. Parliaments in three countries (Germany, the Netherlands and Finland) must now a Read more ...
Euro upside following Greek Deal
by Tom
21 Feb 2012 at 9:20am
The euro gained some ground in early morning trade briefly breaking through key resistance after eurozone finance ministers finally sealed the details of a second ?130 billion bailout package for Greece. There was also agreement on the details of Greek?s deal with private sector investors, who are now expected to take a haircut in excess of Read more ...
Euro sold as Greek Deal lingers
by Tom
16 Feb 2012 at 4:35am
The euro started yesterday with a firmer tone on the news that China would continue investing in euro debt and pledges from the Greek opposition Conservative Party to commit to tough austerity measures. This was before the latest twist in the on-going Greek debt saga saw renewed pressure on the single currency, which has fallen back to trade at Read more ...
UK on watch for credit downgrade
by Tom
14 Feb 2012 at 4:09am
The Bank of Japan surprised markets overnight, as it decided to expand its asset buying programme by Y10 trillion to Y65 trillion (the entire amount will be used for the purchase of long term government bonds) and set a price stability goal of 1%. In doing so it is abandoning its long used ?understanding of price stability? phrase. The conse Read more ...

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Fitch ratings agency downgrades 5 Greek banks
18 May 2012 at 10:37am

Fitch ratings agency has downgraded five Greek banks, a day after giving the crisis-hit nation the lowest possible grade for a country that is not in default.A Fitch statement Friday says it gave National ...

Fitch ratings agency downgrades 5 Greek banks to CCC
18 May 2012 at 10:22am

Fitch ratings agency downgrades 5 Greek banks to CCC.

Abercrombie & Fitch target lowered to $41 from $49 at BMO Capital
18 May 2012 at 5:40am

After Abercrombie & Fitch reported lower than expected Q1 EPS, BMO Capital believes that investors will be concerned over macro headwinds facing the company's European business. The firm maintains a Market ...

Gold Set for Third Weekly Decline as European Risks Curb Demand
18 May 2012 at 12:50am

Gold dropped, headed for its thirdweekly decline, on signs that Europe's crisis is worsening asconcern grew about the health of Spanish banks and Fitch Ratings downgraded Greece's credit rating, curbing ...

Nervous investors send S&P lower for fifth day
17 May 2012 at 5:37pm

Stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery. Growing ...

S&P lowers rating on J.C. Penney
17 May 2012 at 3:59pm

Standard & Poor's Ratings Services lowered its rating on J.C. Penney Co. Thursday and put the department store operator on watch for further downgrades following its disappointing first-quarter financial ...

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Tokyo, Seoul warn after currency moves - Marketwatch

18 May 2012 at 5:47am ?The currency authorities will watch the foreign-exchange markets with a greater sense of caution and act appropriately when necessary,? Azumi told reporters in Tokyo on Friday. Meanwhile South Korea?s Minister of Strategy and Finance ...

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Myanmar's central bank aims for weaker currency

17 May 2012 at 11:26pm NAYPYITAW, Myanmar (Reuters) - Myanmar's central bank wants to weaken its newly floated currency and prevent further rises that could derail reforms to its economy, a deputy central bank governor said. Nay Aye, one of two deputy governors, added that foreign banks will be able to form joint ventures in Myanmar by 2014, a year earlier than expected, as foreign investors begin to size up one of ...

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RBI stall at Govt. exhibition - The Hindu

17 May 2012 at 10:52pm The public can exchange soiled currency notes at the Reserve Bank of India (RBI) stall at the Government exhibition here. The RBI had a stall at the exhibition last year too. Every day, currency was exchanged for about Rs. 25,000 and nearly 200 people walked in.

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Moody?s downgrades Spanish banks
by alex
18 May 2012 at 1:41am
The potential ?Grexit? is killing the markets as they run for safety in the last day of the week. Uncertainty is all over, and regardless of the new elections being held in June 17, investors still don?t want to risk it. Not only Greece is in trouble. 16 Spanish banks have been downgraded by Moody?s last [...]
Lower inflation expectations not good for GBP
by alex
17 May 2012 at 12:53am
The UK inflation report released yesterday showed that the MPC now expect two-year�inflation to be lower despite raising the near term projection. Their central inflation�projection for two years ahead is 1.6%, about 0.2% lower than in February. The growth�forecasts were also lowered in the near term reflecting a poor Q1 2012 and on-going�concerns regarding the [...]
Focus on Eurozone Politics continues
by alex
16 May 2012 at 1:25am
Greece continues to capture the headlines with agreement expected today on formation of�an interim Government and likely announcement of new elections as soon as 10 June.�Meanwhile the first meeting between Merkel and Hollande resulted in a joint statement�pledging commitment from both to keep Greece in the euro with introduction of ?growth�measures? subject to adherence to [...]
Currencies do not like political uncertainty
by alex
15 May 2012 at 1:27am
Political risk events continue to dominate in Europe. The political deadlock continues in Greece although a Greek exit was not discussed at the Euro group meeting held yesterday, nonetheless, suggestions that Greece will leave the euro gained momentum leading to the EU Commission issuing a statement hoping that Greece would remain part of the euro [...]
What if Greece Exits?
by admin
14 May 2012 at 12:16am
From The Economist Online May 11th 2012, 0:22 by A.P. See original article As the Economist argues in our briefing�this week, a Greek exit from the euro zone would not just be chaotic for Greece itself but would also invite questions about the status of Portugal, Ireland and others. So what would policymakers have to [...]
BoE decision today
by alex
10 May 2012 at 1:08am
An event laden day lies ahead, kick started with the overnight releases of NZ Business PMI, Japanese Current Account, Trade Balance, China Trade Balance and Australian Employment data.�Markets continue to be steered by the European political and sovereign debt crises and in the wake of this bond yield?s continue to remain elevated, notably Spain where [...]
Political Pressure on EUR
by alex
9 May 2012 at 1:12am
EUR/USD broke below the 1.30 level yesterday as the Greek political crisis rolls on and in this context we expect the EUR to remain under pressure; with�French presidential election winner Hollande awaiting inauguration, his pledges to increase state spending and renegotiate the ECB?s independence is unlikely to instil confidence in the market and the longer [...]
Euro weakens further
by alex
8 May 2012 at 1:05am
There are 3 main reasons why we�begin�this short week with a weaker Euro; 1.Data suggests that the Eurozone could be heading for its third quarter of negative growth. 2.A change of government in France, one that is likely to be less Berlin friendly than its predecessor. 3.The Greek political parties who supported ongoing austerity�measures lost their majority rule, [...]
Focus on US jobs
by alex
4 May 2012 at 12:52am
As expected, ECB policy makers kept their benchmark interest rate at the record low of�1%. In the associated press conference, ECB President, Mario Draghi, said they still expect a gradual recovery this year but downside risks prevail and the outlook has�become ?more uncertain?. Spanish and French government debt sold well at auctions yesterday BUT�Spain?s yield on [...]
Confidence�in GBP and the UK
by alex
3 May 2012 at 12:38am
Overnight, Bank of England Governor King noted that rates would need to stay low for some time while suggesting that it would eventually return to normal levels. UK saw the release of PMI Construction which came in slightly above expectations at 55.8 while Credit lending and mortgage approvals were a welcome relief from disappointing data yesterday. [...]

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