Tag Archives: EFSF
Greece talks
Talks between Greece and its private creditors over a planned debt exchange program have advanced, a local newspaper reports Monday, after the two sides reached a deal to apply U.K. law to new bonds issued by the Greek government.
Rumour mill keeps spinning: now ESM to get ECB funding
Despite it being another light day data wise we can anticipate more action today ahead of the highly anticipated December 9 EU Summit on Friday. In other Eurozone news Greek Prime Minister Papademos’ 2012 budget got parliamentary approval; a budget which aims to cut the deficit in half to 5.4 percent of GDP.
FX Daily Strategist: Europe London – 05 December 2011
EURUSD defies an okay US payrolls report… Taking revisions into account, Friday’s US payrolls report was on the strong side of expectations, but markets chose to focus on the fact that much of the fall in the unemployment rate was the result of of a 0.2% drop in the labour participation rate rather than from […]
Behavioral Finance: Daily Forex Outlook: Desperate Optimism?
EUR/USD (1.3335) Even as banks, lawyers, brokers and big businesses prepare contingency plans for a possible eurozone breakup, the markets nevertheless seem to be pinning their hopes on the outcome of the ongoing EU Finance Ministers meeting.
Behavioral Finance: Daily Forex Outlook: The ECB cannot be taken out of the loop
EUR/USD (1.3600) Friday’s relief rally induced by the formation of Italy’s technocratic government proved short-lived. As the 6.29% yield on Monday’s auction of Italian five year bonds shows, investors perceive that even with a new government, the political playing field might not have changed enough to push through austerity reforms and contain near-term contagion.
FX Daily Strategist: Europe London: 14 November 2011
Did Happy Friday pre-empt a Happy Monday? On Thursday we noted the risk of a series of fortunate evidence in Italy that could conspire to produce a decent risk rally on Monday – the Senate and lower house passage of the austerity/reform bill, the resignation of Silvio Berlusconi, an announcement that Mario Monti has been […]
Behavioral Finance: Daily Forex Outlook: Will US be another headwind for global growth?
EUR/USD (1.3760) The formation of technocratic governments in Italy and Greece, and the improved prospect of the financial stability law being passed in Italy have more or less given the impression to the market that near-term the European crisis may still be contained.
Behavioral Finance: Daily Forex Outlook: Contrasting views on the eurozone
EUR/USD (1.3825) The Italian PM Berlusconi has agreed to resign as soon as the Parliament passes the austerity measures pledged to the EU.
Behavioral Finance: Daily Forex Outlook: EU secures some ‘breathing space’
EUR/USD (1.3970) Nearly 11 hours of brinkmanship during the Wednesday’s EU summit saw a nervous market react to sketchy details in EU summit headlines and pull the euro down in the European session.
Behavioral Finance: Daily Forex Outlook: UK: Low rates and QE for a long time
EUR/USD (1.3920) The euro slid yesterday on the news that today’s planned meeting of the EU finance ministers had been cancelled and that EU leaders played down prospects of a final plan emerging anytime soon.
Behavioral Finance: Daily Forex Outlook: ‘Standby’ euro simply reflects dollar weakness
EUR/USD (1.3905) The German Chancellor Merkel has been forcedto put the controversial issue of leveraging the EFSF to one trillioneuros under a full vote in German Bundestag. While the planned Wednesday vote does not really allow time for any serious debate, itdoes serve the markets with a reference point as far as the firepowerof EFSF […]
Behavioral Finance: Daily Forex Outlook: US Policy response is more pressing than crisis
EUR/USD (1.3885) The latest eurozone headlines suggest that the German model of a revamped EFSF which includes the insurance and guarantee functions may emerge as the eventual solution to the EU debt crisis.