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Markets
More on European Stress Tests
Stress tests on European banks have emerged as a key talking point. The criteria is not clear, though European officials are apparently telling anyone who is interested that the these tests are more robust than the previous tests conducted…
Dollar Correction Likely To Continue
Highlights The US dollar is generally consolidating this week’s losses in quiet and largely uneventful turnover. The shallowness of dollar bounces warns that the downside correction is not complete. Given the…
Euro Boosted By Spanish Debt Sale; More on Swiss, British and US
Highlights US dollar was softer vs. the majors, with EUR/USD making a new high for this bounce just above 1.24 (highest since May 28) on relief that Spain bond sale went OK. We think the current euro rally could go as high as 1.25,…
Dollar’s Downside Correction Extends After Successful Spanish Auction
Highlights The US dollar is broadly lower, following a successful Spanish bond auctions and indications that the Swiss National Bank is not prepared to continue the heavy intervention that was reported last month. After a slow start…
Chile Upgrade By Moody’s Highlights Divergence Within Emerging Markets
Moody’s upgraded Chile to Aa3 (equivalent to AA-), citing its “financial resilience” after the Feb earthquake. Moody’s also praised years of solid macro policies, the fiscal surplus rule, and low debt as other factors behind the…
Spain in the Cross Hairs
There have been several press reports in recent days, all vehemently denied, that a multilateral effort is underway to put together a special aid package for Spain. Often times, one hears "where there is smoke, there is…
Dollar Firmer, Euro Remains Resilient As Officials Deny Bailout Rumors
Highlights The US dollar is consolidating its recent losses and is enjoying a somewhat firmer tone today. Although the initial advance in the euro was helped by a favorable news stream, macro-developments do not appear to be driving…
Brazil Real is Rich, Might Get Richer
Brazil is getting ready to play its first World Cup game and the real is trading firmly. For the last three days, the dollar has been flirting with its 100-day moving average, just above BRL1.80. Today's break below that …
Euro Resilient In Face of Weak European Data
Highlights The US dollar is mixed in choppy trading. The euro has shrugged off a weaker than expected ZEW survey (28.7 vs. 42.0 consensus after finding a bid near $1.2170. The BOJ unveiled a new JPY3 trillion loan…
PIMCO on British National Solvency
PIMCO is out with its secular outlook for the UK. PIMCO Portfolio Manager and EVP Michael Amey comments on growth and inflation and their effect on UK assets in the new normal of deleveraging, greater regulation and de-globalisation. …