posted by Admin on Feb 9
The Euro’s dramatic slump slowed down last night, with some commentators fearing that the currency may be oversold, however data suggests that we could be in for a rocky period. The Chicago Mercantile Exchange showed that net short positions against the Euro rose from 39,500 contracts to 43,700. The Greek Prime Minister has denounced speculators.
Market News
Jean Claude Trichet is reportedly leaving a Sydney meeting of central bankers early to attend the European Council meeting on Thursday
Greek civil servants threatened to strike on Monday in response to the government cutbacks
Global stock markets have pulled back in reaction to the Greek fiscal crisis, with the Dow now trading below the 10,000 level for the first time since November 4th
Goldman Sachs have cut their view on Greek and Italian banks to Sell
In the UK, traders await the Bank of England’s Inflation report, scheduled for release on Wednesday.
Major Economic News
TIME MARKET DATA
1500 US Wholesale Inventories
posted by Admin on Feb 8
Attention remains focused on the weakness of the Euro, with traders remaining skeptical about G7’s reassurances over Greek sovereign debt. The Euro is trading near 9 month lows against the US Dollar, with fears that the issues may not just be contained within Greece, but spread in to other weaker economies such as Spain and Portugal. The cost for insuring against default by Greece, Spain or Portugal has hit record highs.
Market News
Treasury Secretary Timothy Geithner stated that it was his belief that the US government “will never” lose its triple A credit rating.
In his interview with ABC News, Geithner also stated that he felt the threat of a double dip recession was less than before, albeit the recovery would be slow
UBS have lifted their 2010 GDP predictions for Switzerland to 2%
Japanese bank lending posted its biggest annual fall in more than 4 years as demand remained weak
posted by Admin on Feb 4
The euro continues to trade at circa 1.385 against the dollar as comments emanating from the IMF states that they would be prepared to help Greece if necessary, but they are confident that the Greeks will be able to deal with their financial crisis without intervention. The Greek government has put together a three-year plan to repair their economy.
Market News
Both the UK and Eurozone had rates left unchanged at 0.5% and 1% respectively
The Bank of England have halted their quantative easing programme after 11 months of asset buying
The Dollar Index rallied against a basket of other major currencies
Please note that we are scheduled to see non-farm payroll figures released tomorrow ahead of the opening bell
Major Economic News
TIME MARKET DATA
1330 Initial Claims
