Moodyâ€™s announced overnight that they were downgrading Portugalâ€™s debt rating by two levels to A1… I donâ€™t want to get started on these ratings agencies again; they have become as useless as a pay toilet in a diarrhea ward! OK… That probably wasnâ€™t too good, to start off todayâ€™s letter with a saying like that, but… Itâ€™s what my fat fingers typed, so it stays![Read more...]
Well… Here we are this morning, the currencies have basically remained stalled, with only the “higher yielders” making any headway, albeit small headway.
The non-dollar currencies saw a bit of selling yesterday morning, after I signed off, but have rebounded a bit in the overnight markets. There’s a feeling among us here on the trading desk that we’re about to break out here… It’s either going to be a break out to the high side or the low side… But I doubt that we’re going to remain in these tight ranges for too much longer. But, that’s just my opinion, of course. I could be wrong![Read more...]
Front and center this morning, we have the dollar back in the catbird’s seat, as the risk aversion campers were out again late yesterday and overnight. The euro (EUR) is one whole figure lower than yesterday morning, as it goes back and forth around the 1.41 figure. The risk aversion campers came out of the woodwork again late yesterday when S&P cut Japan’s outlook to negative, citing diminishing flexibility to cope with the nation’s “swelling debt load.” Hmmm… HEY! S&P! HAVE YOU LOOKED UNDER THE HOOD OVER HERE IN THE US? I DIDN’T THINK SO![Read more...]