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Market Facing Strong Headwinds
All in all, the negative fallout from the EU sovereign debt crisis and the outlook for the U.S. economy are likely to have a strong downward pull on the stock market. Rather than reflecting fear, the market seems unusually complacent as…
Downgrades, Upgrades and US Inflation
The dollar is broadly weaker as news developments remain mostly positive, boosting sentiment. North American session sees US November inflation; euro likely supported today on short-covering rally. RBI left rates on hold at 8.5%, as…
U.S. Exposure to Europe – Unknowns Unknowns
As Eurocrats dissemble, ratios that quantify U.S. financial system exposure to European insolvency are dated, even as they are published.
The hidden meanings of debt
In Europe, the discussion of fiscal prudence vs. fiscal profligacy seems to have taken on a normative hue. It’s doesn’t seem to be just about economics, it’s also about who’s a saint and who’s a sinner. In the US, strategic default was…
The Euro Rollercoaster Shows No Signs of Letting Up After Two Years
Through all of this hand wrangling, the Euro remains fixed at the same value as it started with in January, roughly $1.30. If open interest information from our futures markets are any valid indication, currency speculators, both commercial…
Dollar Softer On Spain Auction, Firm Euro Zone PMI Readings
The dollar is broadly weaker as Spanish auction goes well, euro zone PMIs better than expected. SNB held policy steady with no change to EUR/CHF floor. China, Singapore data help boost sentiment; Hungary reaches deal with banks on CHF…
The ABCs of Re-hypothecation in Gold and Securities Markets: What You Need to Know
The downfall of MF Global has exposed yet another patch of the underbelly of the brokerage industry. Practices that are routine and legal – and hitherto largely unknown to most investors – can leave a company vulnerable when abused.
Norway Surprises and Ongoing Funding Woes
By cutting 50 bp in one swoop, the Norges Bank hopes to get ahead of the curve. This is part insurance against addition headwinds, but also responds to the recent data indicating an economic slowdown.
The Euro and the S&P 500: Correlation Update
One of the characteristics of the investment climate that we have tracked over the course of the year is the tight relationship between the euro and the S&P 500. The following observations are based correlations conducted on percentage…
Dollar Firm As Italy Yields Rise, Euro Zone IP Falls
The dollar is broadly firmer as Italian yields rise at 5-year bond auction, euro zone IP falls.Swiss data weak ahead of SNB meeting tomorrow; Norges Bank seen cutting rates 25 bp. China data gives cover for more PBOC easing; RBA suggests…