News

  • EuroCrisis a Warning to USA

    May 21 2012 3:56 AM

    The Republican US Senate Budget Committee released a chart Wednesday afternoon showing that government in the United States spend more money per person than those in Portugal, Italy, Greece, or Spain.

  • Falling Indian Rupee: Finance Minister Says Government Is Trying to Resolve The Issue

    May 20 2012 9:01 AM

    Indian Finance Minister Pranab Mukherjee Sunday expressed concern over the depreciation of the rupee.

  • European Nations Observe Ascension Day; So Do the USD and JPY

    May 17 2012 7:57 AM

    5/17 - Banks are closed for European nations observing Day of Ascension, a Catholic holiday that commemorates the rise of Jesus into heaven after being crucified. US banks however are open. During the European session, there was certainly a continuing ascension of the safe haven currencies - USD and JPY as the market continues to unwind risk.

  • Euro Hovers Near 2012 Low

    May 16 2012 10:42 PM

    The euro wallowed near a four-month trough versus the dollar Thursday after some banks in Athens faced emergency funding needs, compounding fears that a potential Greek exit from the euro could put more pressure on other struggling euro zone nations.

  • Euro Plunges On Expectations Greece Will Leave Euro Zone

    May 16 2012 9:48 AM

    The euro fell to its lowest levels since January following the news Greece would have to hold a new round of elections, making the prospect of the dissolution of the euro zone economic union significantly more compelling.

  • Global Markets Signal Imminent Greek Departure From Euro Zone

    May 16 2012 9:03 AM

    Signs that a Greek departure from the euro zone has become inevitable proliferated worldwide Wednesday with Hong Kong's main stock index plunging more than 3 percent, bank runs in Athens and Britain's central bank finalizing contingency plans for a euro zone breakup.

  • EUR/USD Has 1.2625 in Sight; Greek Re-Election versus Hollande Merkel Diplomacy

    May 16 2012 3:34 AM

    Traders are on a euro watch this week as political uncertainty is driving financial market tension. Today 5/15, a couple of key events headlines the press. 1) Greek coalition talks break down as President Karolos Papoulias says re-election will be taking place. June 17 is the most likely set date. The uncompromising position of the Syriza party, which is anti-euro and austerity, has been noted to be the reason. 2) Hollande and Merkel seem to be able to put differences aside to agree that renegot...

  • Grexit and Bank Run Prospects Continue to Weigh on the Euro

    May 15 2012 3:35 PM

    Under the spotlight again, Greece is now at the brink of an exit from the European Monetary Union (EMU). Breakdown in coalition talk further puts pressure on the euro. German Finance Minister Wolfgang Schaeuble is calling the vote a referendum on whether the country stays in the euro as noted in Bloomberg.com. If the re-election puts an anti-bailout parilament leader in charge ie. Evangelos Venizelos of the socialist Pasok party, we can expect direction of a Greek Exit (Grexit).

  • Euro Area Barely Avoided Recession in Q1; Economic Sentiment Slides in May

    May 15 2012 9:46 AM

    2012 Q1 GDP estimates France: 0.0%, forecast 0.0%, previous 0.1% (revised from 0.2%) - Flat as expected. Germany: 0.5%, forecast 0.1%, previous -0.2% - Avoided recession Italy: -0.8%, forecast -0.6%, previous -0.7% - In recession Euro Area: 0.0%, forecast -0.2%, previous -0.3%

  • Europe Uneasiness Endures, China Frees Up Cash: Daily Markets Wrap

    May 14 2012 4:15 PM

    Political discord in Greece, voters punishing German Chancellor Angela Merkel's Christian Democrats, lower euro zone manufacturing output and China freeing up cash for lending all contributed to a global stocks slide as investors pursued the safe havens of government debt and the dollar.

  • University of Michigan Consumer Sentiment Continues Uptrend

    May 11 2012 12:18 PM

    The preliminary reading for May's University of Michigan Consumer Sentiment index came in better than expected continuing an uptrend: May: 77.8 Forecast: 76.4 Previous: 76.4 (revised from 75.7)

  • Candian Employment Data Beats Forecast

    May 11 2012 9:58 AM

    Canada's April Employment data: 58.2K Forecast: 10.1K Previous: 82.K

  • EuroCrisis: Goldman Sachs (NYSE:GS) and Greece

    May 10 2012 9:24 AM

    Goldman Sachs (NYSE:GS) is investigated on transactions with Greek government. Goldman Sachs Group Inc. posted 1 day of trading losses in Q-1, according to a Quarterly regulatory filing. The loss was up to $25-M, the firm said. In contrast, Goldman reported 24 days of trading gains of $100-M or more.

  • Worsening Greek Crisis Clouds Euro?s Future

    May 09 2012 7:44 AM

    A Greek sovereign default has always been a talismanic scare for the euro stakeholders. It would put the common currency under the greatest pressure since its creation, and shake the foundations of the currency bloc.

  • Voters in Greece and France reject austerity

    May 07 2012 9:07 AM

    Greek voters dealt a blow to the political consensus that has kept Europe's currency bloc intact through more than 2 yrs of crisis, rejecting the German led austerity-for-aid policies that have shielded the country from bankruptcy and a Euro exit.

  • Dollar slips vs yen, trade volatile, after jobs data

    May 04 2012 10:03 AM

    (Reuters) - The dollar slipped against the yen in volatile trading on Friday after a key U.S. April jobs report painted a mixed picture about the health of the economy. U.S. employers added 115,000 workers last month, well below expectations of 170,000, but the unemployment rate still fell to 8.1 percent and jobs growth data in previous months was revised upwards.

  • EUR/USD Could Break Lower End of 1.30 - 1.35 Range in Short-Term: Analysts

    May 03 2012 10:06 AM

    The euro (EUR) continues to weaken against the U.S. dollar (USD) due to growing concerns over the political and economic situations in the region, with the latest dismal data and elections in France and Greece likely to put further downward pressure on the single currency.

  • EuroCrisis Spain, Banks Made Fatal Error

    May 03 2012 5:42 AM

    Spanish banks, that have little or no access to wholesale debt markets after losing billions as a decade-long property bubble burst in 2008, took in vast amounts of cash the European Central Bank pumped into the euro zone banking system in December and February, in operations totaling more than a trillion euros.

  • Dollar bounces back on U.S. manufacturing surprise

    May 02 2012 3:19 AM

    The dollar bounced back on Wednesday from 2-1/2-month lows against the Japanese yen after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were minimal ahead of the next set of figures including payrolls.

  • Euro erases losses vs dollar to trade flat: Reuters data

    May 01 2012 3:44 PM

    The euro erased losses against the dollar on Tuesday to trade nearly unchanged on the day. The euro last traded flat at $1.3236 after trading between $1.3210 and $1.3228 for most of the afternoon session, according to Reuters data.