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The news out of Greece is good. A coalition has been struck that will pass the EU-mandated reforms in order to receive the upcoming aid tranche. Papandreou will step down, a new PM will be named Monday and an election will be held after the aid is dispersed.
Barring any surprises (and they can’t be [...]
So far USD/JPY has shot to 79.48 from a low of 75.57 and the pair looks like it will push higher after the Ministry of Finance chomps through another set of sell orders around 79.20. Officials may take aim at 80.00 but based on the comments out of Japan, a Swiss-like peg doesn’t sound likely.
What also [...]
I have been on the sidelines and lacking conviction for the past two weeks.
First, I was expecting the US economy to fall harder and faster. More importantly, the Merkozy ‘promise to deliver a plan’ on Oct. 10 generated a 500 pip rally that left me scratching my
The headline risk surrounding this Sunday’s [...]
Not long ago, Geithner was pronouncing the US would never lose its top rating but now the market is in the process of pricing in a downgrade. The S&P 500 fell 2% to 1305 on Wednesday and is the process of putting in its worst weekly performance in almost a year. The consensus is that the [...]
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