bonds

Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009). Problems of state and municipal finance worsen. Governors announce new…

German Chancellor Angela Merkel is feeling pressure to force German banks to take a haircut on Greek debt by both her own party and opposition leaders (like Frank-Walter Steinmeier, the former Vice Chancellor and now head of the opposition…

Highlights The US dollar has recovered from the decline seen in North America yesterday against the major European currencies.   The take away from the price action is not however one of consolidation, but rather that good dollar…

Highlights The US dollar was mostly softer vs. the majors on news that Greece requested that EU/IMF aid be activated.  EUR/USD rose on short-covering rally as a result, and came after it had earlier set a new cycle low at…

The same day that Moody’s cut Greece’s sovereign rating to A3 from A2, Fitch warned that Japan’s credit rating was threatened by its mounting debt.  Yet, ironically, the latter may be a source of funds for the former.  Although…

Highlights The US dollar is narrowly mixed today.  The euro is heavier following news that Greece and Ireland’s budget deficits were even larger than expected by the EU’s calculations and this is seen as much more important that the…

This isn’t about economics anymore, this is now about who does what, when, and how everyone else reacts. Certainly the news that Greek bonds hit another post-EMU record high yesterday can hardly be said to have come as a surprise. 10-year…

Falling commodity prices amid general position adjustment in the foreign exchange market is weighing on the Canadian dollar today. The Loonie is trading at its lowest level since late March.  The near-term risk seems to extend toward…

Highlights The US dollar is consolidating yesterday’s decline and has largely been confined to narrow trading ranges.   With the Greek bill auction behind it, the market may lack a clear focus, but sentiment towards the euro…

Highlights The US dollar is broadly mixed today.  Details of the funding facility for Greece have spurred strong gains in the euro, lifting European currencies in general.  However, the greenback is holding its own against the…