The currencies are still in rut versus the dollar this morning. They haven’t lost more ground, just stuck in a rut. The euro (EUR) should have gained on the news that Spain was able to auction bonds this morning and meet their target, while France sold bonds and saw their yields drop. These two auction results should have eased the minds of those fearing the eurozone countries will struggle to finance their borrowings — at least for now.
[Read more...]US Retail Sales Send Risk Assets Higher
April 17, 2012 By Leave a Comment
Good day. In keeping with the tradition I set many years ago on Tax Day:
“If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat.
If you get too cold, I’ll tax the heat,
If you take a walk, I’ll tax your feet…
Cause I’m the taxman, yeah, I’m the taxman…”
China Widens Trading Band
April 16, 2012 By Leave a Comment
Well… Friday quickly turned around regarding the currencies and metals rally, and sent them to the woodshed… Stocks also retreated, thus making it a triumvirate of risk assets getting sold… That makes it a Risk Off day… Apparently, the slower-than-expected (but still 8.1%) GDP in China really scared the bejeebers out of the stock jockeys, and once the selling began there it carried over to the currencies and metals.
[Read more...]Chinese Imports Remain Robust
April 11, 2012 By Leave a Comment
Good day. Another well-pitched game, and a couple more home runs for my beloved Cardinals last night. I must say, it’s been a very good start to the season, but we all know it’s a marathon season, and getting too lathered up early can lead to disappointment later, so I’ll just say I’m pleased they have started so well.
[Read more...]German Factory Orders Drop
March 7, 2012 By Leave a Comment
The “fear factor” has been reduced in the eurozone, as it appears that private investors are accepting their medicine, and taking their dose of the Greek bond swap. Societe Generale, France’s second-largest bank, and UniCredit have announced that they will accept the terms of the bond swap, along with a long list of other companies that too have announced acceptance of the terms. This flood of private investors announcing that they would accept the terms has lifted the fear factor for the euro (EUR) this morning. But by all means, that doesn’t mean the euro is out of the woods, folks.
[Read more...]Euro Is Yanked From the Slippery Slope!
February 17, 2012 By Leave a Comment
Yesterday, the euro (EUR) sure looked as if it were headed for a ride on the slippery slope, but about one-third down the slide, the single unit was yanked back to the top by a newspaper (Die Welt) report that the ECB is exchanging Greek bonds for new securities, easing concern that Greece will get its second bailout. And that news was followed up by an announcement that German officials will approve the next bailout payment for Greece.
[Read more...]
Central Banks Get Weaker Currencies
The currencies are still in rut versus the dollar this morning. They haven’t lost more ground, just stuck in a rut. The euro (EUR) should have gained on the news that Spain was able to auction bonds this morning and meet their target, while France sold bonds and saw their yields drop. These two auction results should have eased the minds of those fearing the eurozone countries will struggle to finance their borrowings — at least for now.
[Read more...]