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Markets
ECB Winding Down or Winding Up?
A couple of ECB officials have indicated that when the extraordinary liquidity provisions expire at the end of the end of the year, they will not be renewed. Officials drew comfort in the recent news that the stock of bank loans…
Dollar Firmer on Eurozone Debt Concerns
Highlights The US dollar is enjoying a firmer tone, but has remained confined to its pre-weekend trading ranges. The euro is the hardest hit and although Nobel prize-winning economist Stiglitz pressed his pessimistic outlook for…
Mier: Whitney is wrong on the need for State Government bailout
Christopher Mier, municipal strategist and managing director at Loop Capital Markets LLC, talked to Bloomberg's Betty Liu this past Friday about Meredith Whitney's report stating that the U.S. federal government may have to bail out some…
The US dollar is suffering broad losses
Highlights The US dollar is suffering broad losses. Signs that European growth are moderating or that an Australian rate hike next week is not as easy of a call as it appeared a few days ago has done nothing to dent the persistent…
Market Is Out On A Limb
by Comstock Partners The stock market rally is on shaky ground and severely overextended. It is being propelled by a combination of momentum-oriented trading strategies and dubious fundamental assumptions. The traders have no real…
Final Thoughts On Spain Downgrade
by Win Thin of BBH Here are some final thoughts on the Moody’s downgrade of Spain. In general, Moody’s has been too soft on Europe and the downgrade to Spain was long overdue. We still believe that the downgrade story will…
Nationwide: UK House Prices Up Marginally in September
We are watching house prices in the United Kingdom and the United States to determine whether they have stabilized after the initial descent. This is crucial if these two countries are to avoid a double dip recession. So I am going to start…
Dollar on its Back Foot
Highlights The US dollar remains on its back foot. The main driver remains the contrast between the likely trajectory of Fed policy in contrast to the ECB. Moody’s 1-notch downgrade of Spanish credit rating and news that Anglo-Irish needs…
Chart of the Day: Rolling Bear Market in Various Currencies Since 2007
In yesterday's daily note, David Rosenberg showed us this chart of the wild swings in the foreign exchange markets since the beginning of 2007. His interpretation of the chart is that it demonstrates a "series of rolling currency…
Dollar Soft on Interest Rate Spreads
Highlights The US dollar remains soft, but the downside momentum seen in recent days appears to be ebbing as new catalysts are awaited. The dollar’s slide is not over and bounces are expected to be shallow and short-lived. The main…