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IncreasingTitle:
Expectations modest as debt talks resume
(Reuters) - Talks to avert a potentially catastrophic U.S. debt default resume on Tuesday after signs Republicans might soften their stance over a key obstacle to a deal with Democrats, but hopes for a breakthrough remain slim.
Vice President Joe Biden leads senior lawmakers in their third round of negotiations to lift the $14.3 trillion U.S. debt limit before an August 2 deadline for action.
Top Republicans say Biden's talks are laying vital groundwork for an eventual compromise on measures to reign in growth in the U.S. budget deficit, but President Barack Obama will ultimately be required to seal the deal.
No one expects anything to happen fast and the White House was not bothering to pretend otherwise.
"We have a lot of work ahead of us and quite a few weeks of discussions," Jacob ...
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How Much Government Spending is Costing You Per Day
Look at what happened on Friday. The Dow dropped 93 points. Oil stayed below $100. But gold added $16 to close well above $1,500.
Fluke? Or trend?
Hey, you’re asking the wrong person. What do we know? No one knows.
But what we do know is that the Great Correction is continuing to do its work. All the recent reports tell us that the economy is weak…and weakening. Housing starts, manufacturing output, consumer confidence – all are pointing to a long, hot, sultry, sluggish summer.
So far, the big sell-off has not even begun. But it could start any day. Maybe Friday’s numbers reflected the new trend. Maybe not.
But just so we get to say ‘I told you so’ here is what we expect:
1) Stocks will be weak…maybe a big sell-off in the summer months. Investors will begin to realize that the ...
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ECB monitoring price pressures very closely: B.Smaghi
(Reuters) - The European Central Bank is watching very closely for signs of second-round effects in price moves, ECB policymaker Lorenzo Bini Smaghi said on Monday, adding that markets can be complacent on inflation expectations.
The ECB must look at inflation expectations very closely, he said, highlighting the risk posed by second round effects -- where supply-related cost increases begin to have an impact on wage demands and other prices.
"We are monitoring this very closely," he said, speaking on the sidelines of a conference in Vienna.
"We have to look at inflation expectations very closely, at least the way the markets measure (them), because the markets sometimes are a bit complacent and tend to take for given certain numbers and react in a non-linear way," he added.
Euro zone ...
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Forex - Pressure on Europe Continues
Forex News and Events:
Events in Europe continue to pressure risk appetite at the opening of the week. Asian regional equity indexes were severely underwater, while European stocks are not fairing much better. FX was in pure risk off mode, with EURUSD slipping below the 1.4000 handle and our barometer for risk appetite AUDJPY falling sharply to 85.71 from 87.15. EURCHF dropped to new all time lows hitting 1.2348.
Pressure began to build Friday afternoon when the credit agency Fitch downgraded Greek debt to B+ from BB+, leaving its outlook set to negative watch and bringing its ratings on par with S&P and Moody’s. Greek 10 yr bond yields jumped to a new record high since the launch of the EUR, closing at 16.18%.
While on a Norwegian Foreign Ministry’s website there was a statement ...
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YouTradeFX Daily Market Analysis : 23/05/2011
GBP/USD :
At the start of the trading week, negative sentiments have overtaken the financial markets which are registering a fall in exchange rates after the decision made at the end of last week by the credit rating agency Fitch to reduce Greece's credit rating by three levels and warned against more possible reductions in the future. These actions also have a direct, negative effect on the state of the United Kingdom pound – United States dollar pair which, just a few days ago, finished a technical correction when it reached the final Fibonacci retreat level – 76.4%.
A drop back to this level at around 1.6130 will constitute a buy opportunity as this level succeeded, last time, to stop the negative momentum and it is definitely possible that it will be equal to the task this time as well. ...
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China's manufacturing growth slows during the first months of the year
The Chinese economic boom is started to cool during the first quarter of 2011 after the nation's manufacturing growth retreated with the tightening monetary policy for the fourth time in April since October 2010.
The Chinese PMI manufacturing index reading for the month of May retreated to 51.1, compared with the previous of 51.8.
Meanwhile, inflation rates remain above the Chinese government's target for the fourth consecutive month during April after China's consumer price index (CPI) accelerated near the fastest pace in more than two years, which supported monetary policy makers to hike the rates by 25 basis points to 6.31%.
Moreover, amid the government's efforts to contain inflation, the economy left the Yuan to continue its appreciation against the U.S. dollar, as higher ...
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Dukascopy Morning Forex Overview : 23/05/2011
Previous session overview
The euro remained under pressure in Asia Monday, falling to a record low against the Swiss franc, as investors bet the new week could bring fresh negative news on the euro-zone's sovereign debt problems.
The loss of Spanish Prime Minister Jose Luis Rodriguez Zapatero's Socialist Party in municipal and regional elections Sunday has added to concerns over the common currency by highlighting political instability in the euro-member as it grapples with economic and fiscal problems.
A new volcanic eruption in Iceland has compounded the euro's headache by reviving concerns over broader economic damage to the euro-zone, a year after separate eruptions in Iceland caused chaos for air travel in the region.
At 0450 GMT, the euro was down at USD1.4072 from USD1.4162, ...
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European Woes Boosting US Dollar
Renewed tensions surrounding Europe and the peripheral nations' debt crisis combined with weak US economic data has helped to drive the dollar rally for the third week.
Economic News
USD - Dollar Rally Gains Momentum
Last week's dollar rally gained momentum following Fitch's downgrade of Greece's debt rating by three notches and included a negative outlook. While the resumption of the Greek debt crisis combined with elections in Spain were the main drivers in sending the EUR/USD close to its monthly lows, weak US economic data has drove much of the declines the across the majors.
Last week US data was released below expectations across various sectors. In housing data, US building permits declined from the previous month as did existing home sales. Foreign investors were seen moving ...
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Markets Consolidate Before the End of the World
The Week Ahead
Highlights
Markets consolidate before The End of the World
Greek problems get worse before they get better?
The euro hinges on Spain
Japan's economy still in a 'very severe' state
The Loonie may see weakness ahead
Key data and events to watch next week
Markets consolidate before The End of the World
This past week saw most major asset markets and currencies essentially consolidate around recent lows following the sell-off in the first half of May. Incoming data, however, continues to suggest increasing sluggishness in the major economies. In the US, housing data weakened further, both the Philadelphia and Empire manufacturing indexes declined, industrial production flattened, and the index of leading indicators dropped for the first time in 10 ...
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