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Bailout Of Europe Is RelativelyTitle:
Guessing game begins over next Treasury chief
(Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis.
It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers.
Economists, investors and veterans of past administrations are appraising potential successors to Treasury Secretary Timothy Geithner, either in a new Obama administration, if President Barack Obama is re-elected, or under Mitt Romney.
Geithner has made it clear that he is leaving the post he has held since January 2009 even if Obama, a Democrat, beats Romney, the presumptive Republican presidential nominee, in the November ...
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Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Dollar Approaching 2012 Highs
Dollar Approaching 2012 Highs
USD continues to trade mostly firmer against the major currencies as risk sentiment remains negative. European equities are trading in the red after the ECB paused lending to some Greek banks until they recapitalize and US stock futures are marginally lower at time of writing. The dollar index is nearing the highs of the year around 81.78 which occurred in mid-Jan and we would expect to see this level act as near term resistance as dollar longs may look to take profit. FOMC minutes released yesterday indicated that members expect the recovery to "gradually gain strength" however if it falters, easing may be needed. The UST yield curve is relatively flat today with 10-year yields currently unchanged. Weekly jobless claims were stable at 370k which was the same ...
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Euro slides on Greece, banking sector worries
The euro slid to a four-month low against the dollar on Thursday and was expected to remain under pressure as concerns grow about problems facing some periphery euro zone banks and the prospect of contagion if Greece exits the euro.
Growing aversion to risk drove investors towards the safety of the U.S. dollar, which rose to a four-month high against a basket of currencies, while the euro also dropped to a three-month low versus the yen.
Talk of possible Spanish bank downgrades pushed European equities .FTEU3 sharply lower. Shares in Spanish lender Bankia fell more than 20 percent following a report in the El Mundo newspaper that its customers had withdrawn more than 1 billion euros from their accounts over the past week.
This followed news on Wednesday that the European Central Bank ...
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Global shares sag as Greek turmoil saps risk appetite
Asian shares fell more than 3 percent, the biggest one-day drop in six months, and the dollar rose broadly on Wednesday after efforts to form a new government in Greece collapsed, fuelling fears that a second election in June could precipitate Athens' exit from the euro zone and deepen the bloc's debt crisis.
European shares were expected to extend losses as well, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open down as much as 1 percent. U.S. stock futures were down 0.2 percent. .EU .L .N
Investors continued to reduce positions in riskier assets, leading to a fall of more than $1 in oil prices and a drop to a 4-month low for spot gold, while lifting the dollar which tends to be seen as safe haven in times of heightened uncertainty.
MSCI' ...
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Euro hits 4-months low on Greece jitters; Aussie dips
The euro hit its lowest level in nearly four months on Monday after Greek political leaders failed in their latest efforts to form a ruling coalition, keeping investors on edge over the risk of the country exiting the euro zone.
Coalition talks in Greece hit an impasse on Sunday and Greece's radical leftist leader spurned an invitation from the president for a final round of talks on Monday, all but ensuring a new election.
Adding to the negative tone, German Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, a result which could embolden the left opposition to step up attacks on her European austerity policies.
The euro seems likely to head lower in coming weeks, especially since the European Central Bank may ...
Title:
The Bank of England's Next Move
The Week Ahead
■The Bank of England's next move
■Is this the beginning of the end for the Eurozone?
■Fed officials reluctant to signal more easing
■Broader risk environment outweighs Japanese rhetoric
The Bank of England's next move
The BOE kept rates on hold when it concluded its May meeting last week; it also allowed the asset purchase program to come to an end. Since the UK slipped back into recession in Q1 2012 and the growth figures at the start of the second quarter have continued to look weak, the decision to hold interest rates was mostly down to the sticky outlook for inflation. The attention now turns to Wednesday's Inflation Report.
The focus will be on the Bank's growth and inflation forecasts. The growth forecasts are likely to be revised lower. Even ...
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Political uncertainty leaves euro vulnerable
The euro fell on Tuesday and was vulnerable to more losses as political uncertainty in Greece and a change of French president threatened to derail the austerity plans at the heart of efforts to tackle the euro zone debt crisis.
Greece's two main pro-bailout parties failed to win a majority in weekend elections and attempts to form a coalition government were not expected to succeed, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Meanwhile, Socialist French president-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity.
The euro was down 0.3 percent at $1.3027, off the previous day's three-month low of $1.2955 and hovering just ...
Title:
Political uncertainty leaves euro vulnerable
(Reuters) - The euro fell on Tuesday and was vulnerable to more losses on worries that political uncertainty in Greece and a change of French president could threaten austerity plans seen as key to tackling the euro zone debt crisis.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Meanwhile, Socialist French president-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity.
However, the euro stayed above the previous day's three-month low, hovering just above the $1.30 level, and traders said its losses could be limited as investors take profit on ...
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