May 17, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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EU President Von Rompuy: Spain, Portugal austerity packages strong, credible

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EU authorities determined to ensure eurozone stability

UK’s Osbourne: Situation on Continental Europe is concerning

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Principal concern is solvency concern around the world on budget deficits

UK Treasury Minister Laws: Con/Lib Dem coalition wouldn’t last without agreement on deficit reduction

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Agrees main burden of deficit reduction should be lower spending Will not commit to rigid formula on deficit reduction BOE advice helped change LIbDems mind on 2010 budget cuts Risk of financial market contagion to UK also justifies 2010 cuts

UK’s Osbourne: There are certain tax rises Labour has planned which we will find hard to avoid

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For "hard" read "impossible" UK borrowing unsustainable amounts of money 80/20 ratio of budget cuts and tax rises is good rule of thumb Spending review will be informed on work on defence, other areas

Update: ECB Tumpel: To Preserve Price Stab In Future: Press

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--Adds Comment on Euro, Respecting Stability and Growth Pact FRANKFURT (MNI) - Despite the recent fall of the euro, price stability still prevails in the Eurozone and that will remain so in the future, European Central Bank Executive Board member Gertrude Tumpel-Gugerell said Monday. ...

Osborne: Sets Out Plans For Independent UK Budget Forecasts

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--First Independent Forecasts To Be Published Before Emergency Budget ...

UK Treasury Minister Laws: Will reject any spending cuts that will affect key services, the poor

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David Laws is George Osbourne's deputy at the Treasury and is a Lib Dem.  It's nice to know the cuts won't be affecting me, being poor like what I am.

ECB Tumpel-Gugerell: To Preserve Price Stab In Future: Press

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FRANKFURT (MNI) - Despite the recent fall of the euro, price stability still prevails in the Eurozone and that will remain so in the future, European Central Bank Executive Board member Gertrude Tumpel-Gugerell said Monday. "Price stability is given and ...

UK FinMin Osbourne: Deficit reduction most urgent issue for Britain, need to get moving

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By George I think he's got it. Scale of Government debt poses threat to UK economic recovery Greece is a reminder of what happens when governments lack will to cut debt Public and markets have completely lost confidence in UK government economic forecasts Office of budget responsibility will publish first forecasts before emergency budget Majority ...

Greek/German 10 year government bond yield spread 566 bps vs 539 bps Friday

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Greek bank stocks off 4% on concerns over recession impact.  EUR/USD back below 1.2300, presently at 1.2295.

Analysts: Japan Q1 GDP Surged 5.6% on Exports, Consumer Spend

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TOKYO (MNI) - Japan's economy expanded strongly in the January-March period from the previous quarter, the second consecutive quarterly gain, thanks to healthy gains in net exports and private consumption, economists and analysts said. Net exports rose on the back ...

German Govt Eyeing ECB’s Stark As Next Bundesbank Head: Press

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FRANKFURT (MNI) - The German government is eyeing European Central Bank chief economist Juergen Stark to take over the reins at the Bundesbank should current Bundesbank head Axel Weber succeed ECB President Jean-Claude Trichet when the latter's term expires in November of next year, according ...

BoF: France’s April Retail Sales Dampened By Drop In Autos

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PARIS (MNI) - French retail sales fell in April, with declines in nearly all categories, especially new car sales, the Bank of France estimated Monday on the basis of its monthly business survey. The central bank said seasonally adjusted retail ...

European stocks improving, oil erasing losses

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European stocks improving, oil erasing some of it's recent losses. Against this backdrop EUR/USD up at 1.2315.  Sell orders now at 1.2330/50 and more up around 1.2400.

Update: Germany To Push For Eurozone Balanced Budget Rule: FT

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--Adds detail on the German plan from weekly Wirtschaftswoche FRANKFURT (MNI) - Germany will push other Eurozone countries to adopt laws requiring that budgets be at or near balance, the Financial Times reported Monday, citing a government source. Something similar to ...

ECB: E52.401 Bln Covered Bond Purchases Settled May 16

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FRANKFURT (MNI) - The European Central Bank said Monday that a total of E52.401 billion Eurosystem covered bond purchases had settled as of May 16. As of May 13, settled acquisitions had totaled E52.312 billion, the ECB said Friday. The ...

Cable extends rally

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After a bit of a battle in the 1.4415/25 area cable has extended rally to 1.4436 at writing amid talk of good demand from an Eastern European name in recent trade.

Bernanke: Need Solid, Independent Cbank For Strong Econ: IHT

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FRANKFURT (MNI) - A solid and independent central bank is needed for a strong economy, U.S. Federal Reserve Chairman Ben Bernanke told the International Herald Tribune in an interview published Monday. Bernanke noted that the 1,000-point collapse in the Dow ...

Greek PM Papandreou: Austerity programme sustainable only if investment and growth stimulated

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I believe we can implement programme but must protect weakest in society Have written with Merkel, Sarkozy, Juncker to Obama on whether to close market in cds

France Finmin Maintains Government 1.4% 2010 Growth Forecast

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--Says 2.5% Growth Target for 2011-2012 "Ambitious" But "Plausible" PARIS (MNI) - France's Finance Minister Christine Lagarde said in a newspaper interview published Monday that she was sticking to the government's forecast of 1.4% economic growth this year despite a feeble 0.1% growth rate in the ...
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