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Markets
Euro Races Higher
The euro is racing higher after initially gapping lower in Asia on indications that the private sector involvement in Greece had hit another stumbling block ahead of today's EU finance minister summit. It has moved above the $1.30 area in…
Grokking the Canadian Dollar in Three Correlations
The brief study presented here shows that over the past 60 days, the Canadian dollar has been more correlated with the S&P 500 than most currencies we looked at, and is also highly correlated with the euro, though in line with most of…
Marginalization of Western Europe
US money markets have dramatically cut their exposure to European bank paper. This has been widely reported and has intensified the dollar funding needs of some European, especially French and Italian banks.
When we talk about European…
Market Tone Remains Upbeat after Euro Zone Auctions
Dollar continues to trade on the back foot as markets maintain upbeat tone; strong EZ auction results. Soft Australian December employment reports supports Feb rate cut; BoC likely to remain on hold in H1. SELIC rates likely to fall but the…
Here’s how much Austrian banks are on the sovereign debt hook for
According to Austrian newspaper Der Standard, Austrian banks had 18.1 billion euros of exposure to foreign sovereign debt at the end of October. The debt to which the banks were most exposed were Polish, Italian, German and Hungarian…
Fitch planning to downgrade six European sovereign credits
Swiss daily newspaper Tagesanzeiger is reporting that Fitch, the ratings agency, is about to downgrade six European countries because of the sovereign debt crisis. The paper says that six euro countries were put on ratings review in…
Dollar Softer on Better Risk Backdrop
Dollar is trading on its back foot following solid EZ debt auctions; IMF seeks to increase lending capacity. The key issue today is whether North American players will sell into euro bounce; 20dma seen at $1.2875. UK Claimant count better…
Robert Shiller: “Sweden has a bubble”
Sweden may have a bubble in its housing market. But now that housing prices have begun to fall, it is too late to deploy countermeasures.
Euro and S&P 500 Correlations Revisited
As of yesterday the 60-day correlation stands near 0.78 and the 30-day correlation has fallen from 0.81 in the middle of last month to 0.65. This gives additional evidence of some fracturing of the risk-on/risk-off rubric that has been such…
Euro and S&P 500 Correlations Revisited
As of yesterday the 60-day correlation stands near 0.78 and the 30-day correlation has fallen from 0.81 in the middle of last month to 0.65. This gives additional evidence of some fracturing of the risk-on/risk-off rubric that has been such…