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Parts Of Europe Is BackTitle:
Gold dips, investors cautious before euro zone summit
(Reuters) - Gold prices dipped on Monday, after posting their sharpest weekly rise in more than a month, in cautious trading ahead of a meeting of European Union leaders to come up with a firm plan to tackle the euro zone debt crisis.
The two-year-old debt crisis has not only pushed a few euro zone nations to the brink of bankruptcy, but also threatened to split the single currency bloc and shake the global economy.
French President Nicholas Sarkozy and German Chancellor Angela Merkel will meet to align their positions on closer fiscal integration of the region, before a European Central Bank meeting and a European Union summit later in the week.
"I think politicians across the board recognize there is a huge issue here that needs sorting out. Whether Europe can deliver is still an open ...
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Gold steadies as euro zone plan looms
(Reuters) - Gold prices were steady on Monday, after posting their sharpest weekly rise in more than a month, as the dollar weakened and on prospects that European Union leaders will finally come up with a firm plan to tackle the euro zone debt crisis.
The two-year-old debt crisis has not only pushed a few euro zone nations to the brink of bankruptcy, but also threatened to split the single currency bloc and shake the global economy.
French President Nicholas Sarkozy and German Chancellor Angela Merkel will meet to align their positions on closer fiscal integration of the region, before a European Central Bank meeting and a European Union summit later in the week.
"I think politicians across the board recognize there is a huge issue here that needs sorting out. Whether Europe can ...
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Make or Break Week for EU Debt Crisis
The Week Ahead
Highlights
Make or break week for EU debt crisis
Outlook for central bank decisions: RBA, BOC, RBNZ, BOE and ECB
US political wrangling clouds the outlook
Make or break week for EU debt crisis
Next week will likely see either an agreement to bind Eurozone nations' fiscal policies together with irrevocable, enforceable institutions or the beginning of the end for the single currency. We have been here before and so far EU leaders have never failed to disappoint, but they must surely recognize by now that markets have run out of patience and a global financial crisis awaits if they don't make concrete commitments to credible fiscal governance. I am actually optimistic for the first time in this never-ending saga since ECB Pres. Draghi on Thursday indicated the ...
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FX Pairs Consolidating after Central Bank Liquidity Rally
Successful bond auctions in Spain and France have kept the markets buoyant with Asian equities rallying, though this may be just be markets playing catch up with their American counterparts after yesterday's rally. European stocks are mixed while the major currencies appear to be consolidating. This is not surprising as we approach some important US data both this afternoon and tomorrow.
European bonds are up for the day with French 10-year bonds the best performers following decent bond auctions in both Spain and France. The move to increase USD liquidity has carried over into today but market players may be overlooking European data that was released this morning. Euro zone final manufacturing PMI was in-line with market expectations at 46.4 but is down for the sixth straight month ...
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U.S., UK investors slash euro zone debt: Reuters poll
LONDON (Reuters)- U.S. and British institutional investors walked away from euro zone bonds during November as fears for the future of the currency bloc grew, Reuters asset allocation polls showed on Wednesday.
The surveys of 59 leading investment houses in the United States, Europe ex UK, Britain and Japan also showed an increase in exposure to stocks, mainly as a result of demand for emerging market equities.
Suggesting caution still reigns, however, cash holdings rose to 6.4 percent from 5.9 percent and were at their highest for the year.
Overall, the polls showed a model mixed-asset portfolio held an average of 50.6 percent of assets in equities, up from 49.5 percent in October. Bonds fell to 35.3 percent from 35.9 percent.
One key move in the allocations was the withdrawal of U.S. ...
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Kocherlakota: Fed has easing tools, but needs plan
The U.S. Federal Reserve has the tools to fight "disturbingly high" unemployment but should provide clear guidance on what economic conditions would prompt their use, a top Fed official said on Tuesday.
The remarks, from Minneapolis Fed President Narayana Kocherlakota, add to a chorus of calls from U.S. central bankers in recent weeks for better Fed communications on policy goals and responses.
Most policy makers support providing the public with more detail on the likely path of monetary policy, minutes from the Fed's most recent meeting show, but they rejected the idea of tying actions to targets for growth or the level of prices.
The Fed has kept short-term interest rates near zero for three years and has signaled it will leave them there through at least mid-2013; it has also bought ...
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Weekly Economic and Financial Commentary : 18/11/2011
Weekly Economic and Financial Commentary : 18/11/2011
U.S. Review
Some Economic News to Be Thankful For
Economic growth in the fourth quarter appears to be off to a good start. Retail sales rose 0.5 percent in October with nearly broad-based gains. Core retail sales, which exclude autos, food, gasoline and building materials, rose 0.6 percent and are up 5.7 percent on a three-month annualized basis.
Inflation data provided a glimmer of hope for the economy with consumer and producer prices both pulling back. We expect prices to decelerate further throughout next year, which would continue to give the Fed the green light for additional quantitative easing.
Modest Recovery Is Still Under Way
This week's full plate of economic indicators came in largely better than expected and ...
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Center Can’t Hold
Italy seems to have gone too far. Its 10-year bonds yields are back over 7%. It is “the beginning of the end” say analysts.
But the end of what?
When the going is good people have little patience for questions. They are too busy, earning and spending, buying and selling, and getting where they are going. But then comes a major turnaround, all of a sudden, and they develop the deep torments of a retarded poet in an unhappy marriage.
‘What really matters?’ they ask themselves. ‘And what the hell am I doing here?’
In the US, the “War Between the States” settled the matter. “We will agree to have a single, centralized state,” said Abraham Lincoln, or words to that effect, “or we will kill you.” Later, the federal income tax, the direct election of senators (which ended individual states’ ...
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Forex - Sovereign Bond Markets Continue To Attract Attention
Forex News and Events:
Fx markets remain hostage to shifting headlines and persistent evidence of contagion in european debt markets. Deeply concerning to traders is the aggressively rising funding costs across europe. Yesterday's spanish 10yr bond auction came in at 6.975 (out pacing the recent Italian auction), while bid to cover was an uninspired 1.54. In Italy, the new technocratic government, lead by Prime Minister Monti, took a big step forward by passing his first confidence vote. In his prepared remarks to the senate, Monti would look to reinforcing fiscal discipline, assist potential growth, and move forward a more populist agenda by setting taxes. Italian government yield spreads vs. German counterparts, rallied somewhat in reaction to Monti’s statements, but still remain ...
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