EFSF
European Worries Return
November 14, 2011
Risk aversion picked up anew. The dollar is 0.2% softer against the yen but has advanced 0.6% against the euro, 0.8% versus sterling, 0.7% relative to the loonie, 0.4% against the Australian dollar and 0.3% versus the kiwi, Swissie, and yuan. The Paris Cac, German Dax, and British Ftse have traded down 1.0%, 0.7%, and […] More
Ezone Crisis Resolution Remains in Doubt
October 25, 2011
Overnight currency movement has been constrained outside of a 0.6% drop in the kiwi. The U.S. dollar dipped 0.3% against the loonie, 0.2% relative to the Swissie and sterling, and 0.1% versus the euro, and it is unchanged against the yuan and Australian dollar. In the Pacific Rim, equities were mixed. Advances were recorded of […] More
Risk Trade Turned Off
September 30, 2011
New concerns have arisen about Greece and the EFSF enlargement scheme. Some believe Greece has only enough cash for the first half of October, and German officials continue to threaten no additional financial support without the imposition of more fiscal austerity in Greece. Germany’s Bundestag, the lower parliamentary body, approved greater EFSF powers by a […] More
Revived Appetite for Risk, or a Dead Cat Bounce?
September 27, 2011
Markets rallied overnight, relieved at indications that progress is being made by European debt crisis negotiators to bulk up EFSF resources in ways that will not need the approval of national parliaments or continuing heavy participation of the ECB. Warning: the European debt saga is full of prior instances of dashed hopes. This week’s better […] More
