currencies

The challenge that the Irish economy faces can best be described in the context of flows and stocks of assets and liabilities. Under the Memorandum of Understanding (MoU) with the IMF/EU/ECB Troika, Ireland must implement a severe fiscal…

FX markets are consolidating recent gains with most majors and EM weaker ahead of the open. After the EU Summit what is next for FX markets; today markets likely to focus on US income/spending report. Swiss KOF leading index fell to 0.8…

Global stocks and risk sensitive currencies are up significantly after the 14th emergency summit. Outcome satisfied downbeat expectations, details remain short; price action reflects positioning. BoJ left rates on hold but expanded asset…

Let’s not get bogged down in numbers. The EFSF could have 440 billion euros behind, 1 trillion, 2 trillion, even 10 trillion euros, but it all comes back to the funding sources. The French are right: it makes no sense to implement this…

Dollar largely softer vs. majors as markets await outcome of the European summit today. Signs point to a “bare minimum” response from European policy-makers; euro upside seems limited. EM currencies mixed; TRY outperforming on apparent…

Tomorrow's EU Summit is the markets main focus. The key issue is whether European officials can finally provide closure to the two year old debt crisis and deliver the "comprehensive" and "decisive" package they have repeatedly promised. We…

European stocks edge to a two-month high ahead of tomorrow’s summit; USD mostly softer ahead of open. There is still room for the EZ policy makers to disappoint tomorrow; S&P 500 approaching 200dma. BoC likely to remain on hold but…

Fernandez will try to maintain the unorthodox mix of policies for as long as she can, and has shown little willingness to more towards orthodoxy during her first term. Troubles will come both internally and externally, with the growing fear…

The quantity of debt grows as the quality recedes. The problem of bad loans is no longer just the pre-2008 mortgages, CDOs, and LBOs. Debt issued after the bust is defaulting, such as Greek sovereign bonds, issued in June 2010. Some…

Euro zone summit ends with no line drawn in the sand; European PMI surprises to the downside. Markets look for euro zone to present comprehensive three-pong approach to finalize crisis this week. US Q3 GDP expected at 2.5%’; Private sector…