Dec 10, 2011

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

Link to ForexLive

ECB’s Nowothy: Rumors of stepped-up ECB bond buying not true

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Bond buying is limited

ForexLive US wrap: EU deal less than meets the eye but risk rallies

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US trade deficit falls to $43.5 bln, lowest of 2011 University of Michigan consumer sentiment index rises to 64.7 in prelim December from 64.1 in November Merkel: Fiscal union to develop over next few years; not a lousy deal; new deficit rules tougher than old stability pact Van Rompuy: Intergovernmental treaty has some handicaps; will [...]

Stress tests showed banks dumped debt: FT

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But cheap ECB funding may put them back in the market, European officials hope. What could possibly go wrong?

Good luck with that, Mario

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WSJ: ECB’s Draghi wants to distance ECB from politics… Wants to keep pressure on politicians to implement new budget rules by not buying unlimited amounts of sovereign debt but will buy debt if market pressures intensify

Market less long dollars than a last week’s data: CFTC

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Futures markets are long a net $14.3 bln, down 19% from the prior Tuesday Looks like last Wednesday’s short-squeeze in EUR/USD after the rate on the Fed dollar-swap facility was lowered shook out some of the shorts in EUR/USD. Mr. Market is mega-short Swiss francs, anticipating a move in the SNB peg next week. The [...]

Have quibble with the fiscal compact? Alphaville points out many

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Can-kicking? Yes, but with a veneer of fiscal prudence. Details here.

White House: Modest CNY progress but not enough

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IMF has substantial resources; American taxpayers should not make new commitments

Can you believe the price of lords a leaping these days?

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The annual PNC Christmas Price Index.

S&P: We’ll letcha ya know in a few…

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Says Reuters.

US OUTLOOK: Trade Data Prompts Upward Revisions of Q4 GDP

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–Analysts Now Peg GDP Tracking Growth Between 3% and 4% By Suzanne Cosgrove CHICAGO (MNI ) – Many analysts Friday raised their estimates for U.S. fourth-quarter gross domestic product, citing factors that contributed to the narrowing of the U.S. trade gap in October. Barclays Capital said its estimate for Q4 real growth is now tracking [...]

US Hill Still Seeks Way To Extend Payroll Tax Cut,UI Benefits

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–Senate Democrats, Republicans Block Rival Plans –House GOP Calls On Obama To ‘Accept’ Their End of Year Tax Package –House, Senate Appropriatiors Try To Craft $900 Billion FY’12 Package By John Shaw WASHINGTON (MNI) – Another week of testy tactical skirmishing on Capitol Hill has left Congress no closer to an agreement on extending the [...]

Greece PM: Commission,Eurogroup To Draft Eurobond Plan In Mar

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BRUSSELS (MNI) – The European Commission and the Eurogroup will produce a plan in March of next year for jointly-issued “Eurobonds,” Greece’s Prime Minister Lucas Papademos revealed Friday afternoon. Briefing reporters following the two-day EU leaders’ summit here, Papademos said the plan for such a bond would be within the framework of new fiscal rules [...]

A handy breakdown of the EU summit from Dow Jones

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Is available here.

Nikkei: Japan seen cutting FY 2012 forecast below 2.5%

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USD/JPY takes the news in stride though it is not clear if it still has a pulse…

The Austerity that Stole Christmas

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Athens slashes holiday festivities budget…

EU Summit Clarifies Fiscal Union But Leaves ECB Role Blurry

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By Jack Duffy and Peter Koh BRUSSELS (MNI) — European leaders offered a clearer blueprint for a tighter fiscal union at this week’s summit, but efforts to assemble greater firepower to confront the Eurozone debt crisis fell short of the European Central Bank bazooka that many had hoped for. The plan that emerged on early [...]

BdF’s Noyer: ECB liquidity measures amount to a big bazooka

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Liquidity measures will encourage banks to buy sovereign debt Moody’s downgrade of French banks totally mistaken and bizarre No sign of credit crunch in France I got your bazooka right here:

Canada Research Indust Invest Seen +5.0%;Sep Oil Prod -6.2%

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–Retransmitting 11:54 ET Story, Fixing Headline By Akhil Shah OTTAWA (MNI) – Data released by Statistics Canada on Friday showed Canadian businesses are expected to spend C$15.646 billion on industrial research and development in 2011, a 5.0% increase compared to a year ago. After three straight years of declines, research and development spending intentions for [...]

BOE’s Haldane: Reasons to be cheerful

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Central bank swap deal shows markets are looking for reasons to be cheerful Political environment makes risk environment worse than even 2-3 years ago Markets suffering from chronic risk aversion

ECB Praet:EMU Fiscal Pact A Good Start; Now Need Bold Reforms

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VIENNA (MNI) – The new fiscal rules agreed by Eurozone member states is an important step toward restoring confidence in sovereign debt markets, European Central Bank Executive Board member Peter Praet said Friday. “To accompany fiscal consolidation, bold and ambitious structural reforms are essential,” Praet said in a text for delivery to the Fourth World [...]
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