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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 …
BP Downgraded All the Way to BBB By Fitch and Other Links
I will probably be out all morning so posts will be light. But, in the meantime for you double-dip recovery fans I have an old link from last year for you to remind you this has not been a real recovery but a statistical one. …
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. …
Moody’s Downgrades Greece–Euro Already Coming Off
News that Moody's cut Greece's credit rating to Ba1 from A3 is encouraging the market to do what it was already doing and that is paring the euro's earlier sharp gains. This was a four notch downgrade, which reflects the…
Hussman: Four Things To Look For As A Harbinger of Recession
John Hussman is out with his latest weekly and he discusses... the ECRI Leading Indicators of course. Everyone is talking about these numbers. He is bearish, but as I have also noted the ECRI data are not yet predicting…
Ludwig Erhard on the German Economic Miracle and Other Links
Must-read The German Miracle vs. the Welfare State - Ludwig Erhard - Mises Daily English-language links US/China Rhetoric Escalates Over Rise in Chinese Exports « naked capitalism The Essence of Pleasure : The Frontal Cortex…
Euro Up but Spain Under Pressure
For the fifth day, the euro is recording higher highs and higher lows. It has advanced by roughly 3.25% since last Monday's lows. While we recognize an improved news stream, the main circumstances of the European debt crisis have not…
David Rosenberg on the Economy
David Rosenberg is out with a good post that takes on the double dip theme that everyone is talking about. As you would expect, he has a bearish spin. To the degree you want counterfactuals, I really like what Morgan Stanley has to…