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Markets
Possible Shift in Germany’s Position on Greece Supports Dollar
Highlights The US dollar is firmer against most major currencies. The euro, together with the Swiss franc and Swedish krona are the worst performers. The euro failed to make a clear break above $1.38 yesterday and news reports…
Mortgage fraud indictments result from media investigation
Mortgage fraud was rampant during the housing boom. Regulators were asleep at the wheel during all of this. But now we are getting some indictments as WFAA News 8 in Dallas reports (hat tip Housing Wire). This television station did the…
Sterling, Antipodeans Lead Foreign Currencies Higher vs. US Dollar
Highlights The US dollar is softer against most major currencies. The still expansionary FOMC statement, the BoJ’s extension of Q/E overnight and the conclusion of the EU finance ministers’ meeting yesterday may have helped ease…
Stat of the Day: Home loan delinquencies going bad faster than fixes
I see Diana Olick’s recent comments about government mortgage modification programs as proof that these props will not work. She says: Despite extraordinary loss mitigation efforts that have resulted in the execution of approximately…
Whitney: The housing market surely will double dip
Meredith Whitney was on CNBC in London this morning. She concentrates her comments on mortgages and banking. She sees the winter lull as a harbinger of renewed softness in the housing market. Note: the FOMC statement today reiterated the…
Strategic default: In come the waves again
John Hussman notes that the very large non-subprime Alt-A and Option ARM cohort interest-rate resets lie ahead of us and not behind us in his latest weekly market commentary. In my view, this is a very big problem for the US banking sector…
Chart of the Day: US Financial Conditions Index at 32-month high
The US Financial Conditions Index (BFCIUS) is a composite measure of the condition of U.S. financial markets, using yield spreads, indices from bond, equity and money markets. Right now, it is at a 32-month high. But, while this is…
US Dollar Tone Improves as Market Awaits Results from EU Fin Min, FOMC Tomorrow
Highlights The US dollar is firmer against most currencies. The euro failed to extend Friday’s break up out of the $1.3436-$1.3788 range in which it has been trading since Mar 17th while against the Swiss franc, the euro is trading at its…
Dollar Declines Amidst More Speculation of a Greek Bailout
Highlights The US dollar is lower against most currencies with the European currencies leading. Talk of an EU rescue package for Greece on the order of 55 bln euros has contributed to the moves helping to trigger stops. The…
You Like the Greenback, You Might Like Canada More
Canada reported a larger than expected trade surplus earlier today. At C$0.8 bln, it was four times larger than expected and the December figures were revised to show a C$0.1 bln surplus instead of a C$0.2 bln deficit. Canada…