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Markets
Correction Tuesday?
China's slew of economic data came in better than expected this coupled with successful bill auctions by Spain, Greece and Belgium and a very strong German ZEW (-21 v -53.8) is rekindling the appetite for risk today. The euro is up over a…
Greece and the IMF appear to be pushing for as much as a 75% haircut
Greece and the IMF appear to be pushing for as much as a 75% loss on NPV basis, while the banks, many of whom have written down 50% of their Greek holdings, appear willing to accept a 60-65% hit on the NPV basis. Participating in the…
Nervous Consolidation, Waiting for Other Shoe to Drop
The US dollar is trading within the ranges that were seen prior to the weekend as the market awaits fresh developments. The market remains apprehensive as additional rating fallout is expected, ahead of a resumption of Greek PSI talks and…
The S&P cuts were expected, a disorderly default by Greece won’t be
With the long-awaited euro zone downgrades by S&P now out of the way, we thought it would be useful to assess just how close current ratings are now to our own sovereign ratings model.
The S&P cuts were expected, a disorderly default by Greece won’t be
With the long-awaited euro zone downgrades by S&P now out of the way, we thought it would be useful to assess just how close current ratings are now to our own sovereign ratings model.
The Swiss Franc is the most overvalued currency in the world, and the Indian Rupee most undervalued
That's what the Economist's Big Mac Index tell us. According to this index, the Swiss Franc and the Norwegian Krone are both more than 60 percent overvalued compared to the US dollar. Much further down are Sweden with over 40% overvaluation…
All S&P sovereign credit ratings in order from Australia to Greece for January 2012
In the wake of today's extraordinary credit ratings action for the euro zone by Standard and Poor's, below are the rating agency's sovereign credit ratings.
The Long Term Refinancing Operation was the hidden bazooka
After the better than expected Spanish bond auction, eurozone sovereign spreads came in significantly yesterday. Even before today's auction, the widely watched Italian 10-year bond yield had fallen to 6.63 percent.
Rumor Bought, Fact Sold, and Other FX Developments
The euro extended its recovery in early Europe but reversed course after the lukewarm Italian bond auction. Italy raised the funds it sought and yields did fall at the shorter term auction, but increase at the longer term and the…
Timing and Magnitude of Euro Bounce
The argument presented here is to underscore the over-stretched condition of the euro and to warn medium term investors of the risk of the euro bounce. The euro has dropped more than 11% since late October against the dollar and we suspect…