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 5
A huge night in the foreign exchange markets saw a flight to safety, with traders continuing to flee the Euro amid concerns that the sovereign debt issues in Greece may spread further afield, to weaker economies such as Spain and Portugal. Sterling fell to its lowest levels against the US dollar in 4 months, and the Euro hit an eight month low.
Market News
Barclays Capital economists warned that the Greek issue could spread to create a “Lehman-style tsunami spreading across much of the EU”
Yesterdays initial jobless claims in the US came in a lot lower than expected, with claims rising by 8,000 to 480,000, way above analysts’ expectations, who forecast a fall of 10,000
Both the UK and the ECB left rates unchanged at 0.5% and 1% respectively
Following 11 months of support, the Bank of England announced that they would be pausing their quantative easing programme
Please note that the non-farm payroll figures are scheduled for release at 1330 this afternoon
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
posted by Admin on Jan 27
The US Dollar rallied against most of its major rivals ahead of today’s Interest rate decision. It is widely believed that rates will remain unchanged, but focus will be on the accompanying statement that may give clues to the economic outlook and future rate policy. The Dollar Index rose to trade at its best levels since September 2009.
Market News
US consumer confidence jumped in January
UK Q4 GDP came in at 0.1%, lower than analysts expectations (0.4%)
US Interest Rates are widely expected to remain unchanged, but traders will be looking to the statement to eye the potential winding down of the asset purchase programme
Ben Bernanke’s term as FED Chairman ends on Sunday, as the Senate continue to debate whether or not he should be granted a second term
Reports suggest that the Chinese Central Bank have made fresh moves to curb lending. China’s central bank asked several lenders to raise their reserve ratios according to reports, in an attempt to cool down the nation’s loan growth.
Major Economic News
TIME MARKET DATA
1915 US INTEREST RATE DECISION
