Dec 17, 2011

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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US Senate To Vote Sat On FY’12 Omnibus, 2-Month Payroll Extend

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–Senate Set To Follow House, Pass $915B Omnibus Spending Bill –Senate Leaders Agree To 2 Month Payroll Extend: Battle Resumes In Feb By John Shaw WASHINGTON (MNI) – The Senate will convene for a rare Saturday session and is expected to vote on a $915 billion fiscal year 2012 omnibus spending bill and a two-month [...]

Moody’s cuts Belgium ratings by 2 notches

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After market closes for week.   Reuters.

That’s all folks……

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Adam and Jamie have disappeared into the ether and I’ve got to go have my tea. So that’s the conclusion of this weeks’  coverage. They’ll be no North American Wrap today. Pleasant weekend to y’all.   We’ll probably have some press coverage Sunday, most likely little or nothing tomorrow.

Euro Zone Breakup: The Day After – WSJ

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Great headline

Next Wk/US: Hsing Starts, Durables,Existing Home Sales,U/Mich

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By Theresa Sheehan PRINCETON (MNI) – The week ahead leads up to the Christmas holiday and the bond market will close early on Friday, December 23, and will be closed on Monday, December 26. The proximity to the holiday means that the second-tier data releases will get scant attention, and markets will concentrate on the [...]

US House Approves $915 Billion Omnibus FY’12 Spending Bill

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–House Passes FY’12 Omnibus Spending Bill; Senate Vote Expected Sat –House, Senate Still Negotiating On Payroll Tax Cut Extension By John Shaw WASHINGTON (MNI) – In a key step to end the weeks-long impasse in Congress, the House voted Friday to approve a $915 billion fiscal year 2012 omnibus spending bill. The omnibus spending bill [...]

Right there’s only one thing for it, let’s have a poll!!

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That’s if there’s anyone left out there. What will we see first in EUR/USD,  1.2800 or 1.3200.   Reasoning behind choice would be really good too  :)

Italy PM Monti: Has no doubt that Italy “will be saved” if all Italians contribute to debt reduction efforts

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Well being accumulated over generations is at risk without austerity Strongly hopes austerity package will be “last sacrifice” for Italians Italy needs more measures to free up economy and reform labour market Process of liberalisation in Italy cannot be stopped without serious consequences Reuters reporting.   EUR/USD sits at 1.3015 in slow trade.  

U.S House passes $915 bln spending bill to keep government operating

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Phew, don’t want the government grinding to a halt do we…….

Fed’s Fisher: QE3 has not been put on the table at the FOMC

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Would argue against it if it was. What’s that phrase Nobby uses “We don’t need no stinkin QE” Something like that.    

French FinMin: Fitch the best ratings agency EVAH

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Not really, but they did “take note” of the rating and said they were taking steps to reinforce credibility of budget steps

Fed’s Fisher:More Monetary Accommodatn ‘Wrong Path To Follow’

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By Steven K. Beckner (MNI) – Dallas Federal Reserve Bank President Richard Fisher said Friday that the Fed has done all it can with monetary policy to stimulate economic growth and job creation and warned it would be “the wrong path” to ease policy further. In fact, he suggested the Fed has already pushed too [...]

Fed’s Dudley:Dlr Swap Lines To EU Banks Was To Help US Econ

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By Ian McKendry WASHINGTON (MNI) – New York Federal Reserve Bank President William Dudley said Friday the Fed’s decision to open dollar swap lines to foreign central banks was made to help support the U.S. economy, adding the sovereign debt problems in Europe are manageable. “This is not about helping Europe, this is about helping [...]

Fitch affirms France at AAA; lowers outlook to negative

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AAA supported by wealthy and diversified economy France most exposed to European crisis of AAAs Slightly greater than 50% chance downgrade by end of 2013

Fitch places Spain, Belgium, Italy, Ireland, slovenia and Cyprus omn Watch negative

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Expects to complete review by end of January. Euro testing 1.3000. Comprehensive solution for euro zone crisis technically and politically beyond reach Europe lacks credible financial backstop; ECB must give more active and explicit commitment to mitigate risk of self-fulfilling funding crisis I couldn’t agree more.

French PM calls UK’s Clegg over downgrade comments

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Sorry. old chap… Clegg calls for calm rhetoric amid market turmoil…Comments were unacceptable.

Oil under $93, stocks lose gains

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And EUR/USD sinks slowly in the west, now just above 1.3020. A weekly close below 1.30 would be one more psychological negative for the single currency.

Fed’s Evans: More accomodation would be a good thing…

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The dateline on the Evans comments if “Florence”. Better be Florence, Kentucky, not Florence, Italy…We’re broke, ya know… Evans is the lone dissenter on the FOMC, calling for more QE while Bennie and the Jets keep their dwindling stores of powder dry…

Spiegel savages the Merkozy pact

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Points out myriad conflicts with EU law, and raises the serious question as to who will arbitrate disputes: Such a conflict touches on a problem that has dogged the EU for years: Which is more powerful, EU law or international law? Can agreements between individual countries, such as a 17-plus treaty, change EU law? If [...]

EUR/CHF extends sell-off

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Presently at 1.2208. 200 DMA is at 1.2194.   Could be some sell stops parked just below there, although I have no confirmation of such.
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