Monetary Policy
Default Contagion Possible in Europe
Friday seen one of the worst moments of the 2008 financial crisis played out, part of the European Union defaulted on their debt and with the help of the ECB, World Bank and IMF strong armed bond holders in to accepting massive write offs. European officials insist that Greece is a one-time deal, not meant [...]
Currency Wars, USD, EUR, GBP, JPY and Brazil
Brazil criticizes rich countries over “Currency War” Brazilian President Dilma Rousseff slammed rich nations on Thursday for unleashing a “tsunami” of cheap money that was “cannibalizing” poorer countries such as her own, forcing them to act to protect struggling local industries. Rousseff’s words amounted to some of the highest-profile criticism to date of efforts by [...]
China, The RMB and The Future
International use of Chinese Yuan requires more financial reforms China’s pursuit of making the Yuan an International currency will raise the demand for and may eventually accelerate reforms of the country’s financial system, analysts have said. China has pushed for wider use of the Yuan in cross-border trade settlement and investment as well as the [...]
French Franc Ends
Old Francs expire, France makes a Mint As Greece scrambles for revenue, the French treasury has just banked some 550-M Euros by simply letting the French franc, created in Y 1360, expire. Last Friday was the final day that French francs could be turned into the Bank of France, the central bank, in exchange for [...]
US Fed Ready to Stimulate
More US Fed money printing will flow on any weakness in the US economy or Stock market. The minutes of January’s Federal Open Market Committee released Wednesday leave little doubt IMO that the US Fed is ready, willing, and able to print more money: A few members observed that, in their judgment, current and prospective [...]
Additional Austerity to Slow Greece
Greek leaders agree on bailout conditions Greek Prime Minister Lucas Papademos secured a overall agreement on budget-cutting measures demanded by International creditors needed for the 130-B Euro (US$171-B) rescue package. Leaders of the 3 political parties supporting Papademos’s interim government agreed with him in a 5-hr meeting yesterday to make additional reductions this year equal [...]
The Never Ending Story: Greece Debt
Crucial talks over Greek debt swaps continue in Athens Greek officials continued in Athens over the weekend it the Marathon talks with International creditors looking to reach 2 Key agreements on the Greek debt swap plan, and the terms of the 2nd aid bailout program to avoid a Greek default. “Many issues have been solved, [...]
Deficit US$1.1-T in the 2012 Fiscal Year
US federal government to run US$1.1-T deficit in F-Y 2012 The US Congressional Budget Office (CBO) forecast Tuesday that the federal government would run a budget deficit of around US$1.1-T in the 2012 Fiscal Year. Measured as a share of the nation’s gross domestic product (GDP) , the budget shortfall of 7% in F-Y 2012 [...]
India cuts Reserve Ratio
India cuts Reserve Ratio as BRICS act on growth India’s central bank unexpectedly cut the amount of deposits lenders need to set aside as reserves for the 1st time since Y 2009 and signaled future interest-rate cuts, joining BRICS nations in aiding growth. The Reserve Bank of India reduced the cash reserve ratio to 5.5 [...]
Interest Rates in Brazil
Brazil’s annual basic interest rate down to 10.5% Brazilian Central Bank’s Monetary Policy Committee (Copom) decided Wednesday evening to cut the country’s annual basic interest rate Selic by 0.5 percentage pt to 10.5%. It was the 4th consecutive cut in the Selic rate, which is now at the lowest level since June 2010. The cut [...]
Currency Wars: The RMB
China’s RMB is not the problem US Treasury Secretary Timothy Geithner, during his recent visit to China and Japan, discussed sanctions against Iran and the Global economy. His visit came at a time when the US economy shows signs of a slow recovery, the European debt crisis still needs a solution, and growth in emerging [...]
EU criticizes S&P’s EuroZone countries rating cut
EU criticizes S&P’s EuroZone countries rating cut The European Union (EU) Economic Affairs Commissioner Olli Rehn Friday criticized Standard & Poor’s for its decision to downgrade credit ratings of 9 EuroZone countries. The commissioner said he regretted the S&P’s “inconsistent” decision which came at a time “when the Euro area is taken decisive action in [...]
South Korea Consumer Lending
South Korean banks’ household lending grows in December on strong demand South Korean banks’ lending to households grew at a faster pace in December than a month earlier due to strong demand for mortgage loans ahead of the closure of tax exemption, the central bank said Thursday. Household loans extended by local banks reached 455-T [...]
Lagarde Meets Old Boss Sarkozy
IMF chief meets France’s Sarkozy over Euro debt General Director of the International Monetary Fund, Ms. Christine Lagarde arrived Saturday Noon at the Elysee Palace for a talk with French President Nicolas Sarkozy over the European debt issue. The IMF chief’s visit was on the eve of Mr. Sarkozy’s departure to Berlin where he will [...]
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USD/ZAR South African Rand Outlook
Shayne Heffernan takes a look at the USD/ZAR
USD/ZAR closed above the upper band by 10.6%. Although prices have broken the upper band and an upside breakout is possible, the most likely scenario is for the current …
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