Euro Leaves Week Highs as Dollar Corrects. Greece Default To Exceed EUR 1T, Troika Prepares For Involuntary Restructuring. Searches For Support After Carving Top Below 1. Greece Bond Swap Immediate Concern, Ireland and Portugal Gaining Prominence. Germany To Review Firewalls In March, ECB Deposits Hit Record-High. Recovery to Gather Pace. Market Review - 1: The Canadian dollar bucked the trend thanks to oil. This week will be a busy one with central bank decisions, employment and inflation reports scheduled for release along GDP numbers from China. Of Michigan Confidence OCT P Of Michigan Current Conditions OCT P Of Michigan Expectations OCT P Americans are spending more and inflation is up but the greenback was trading strongly ahead of these reports so the rally fizzled after the data. It was still a good day for the dollar especially versus the euro, British pound, Japanese Yen and Swiss Franc. Retail sales rose 0. Excluding auto and gas purchases spending rose by 0. Producer prices increased 0. Consumer sentiment pulled back in October according to University of Michigan after strong gains in September. The sentiment index dropped to its lowest level since September while the expectations component of the report dropped to the lowest since September Despite the uptick in retail sales, the drop in sentiment encouraged investors to take profits on long dollar positions ahead of the weekend. Also, the contribution to GDP growth will be less in Q3 than in Q2 because spending July and August were weak. She indicated that maintaining accommodation too long could have its costs which reaffirms her hawkish bias. Looking ahead to the coming week the U. This includes the European Central Bank monetary policy announcement, Bank of Canada Rate Decision, Australian and U. These are the most important releases amongst a long list of other market moving events. CPI is an important input into Fed policy but with inflation so low, it has become less market moving than the jobs and spending reports. With that in mind, unless there is a huge one way move in U. We are still bullish U. Manufacturing also sees significant increase. Courtesy of an exceptionally busy economic calendar, sterling will also be in focus this week. Not only will the British pound be responding to the outcome of the British High Court who has a hearing on Parliamentary approval of Brexit, but retail market, inflation and employment numbers are also scheduled for release. Hearings before the British High Court began on Thursday and will continue until Monday. May argues that she has the sole right to determine when Article 50 is invoked but if the court finds that Parliamentary approval is needed, it would delay the process beyond the first quarter of It would also suggest that there would be a softer exit. Either way, the decision will be appealed and sent to the Supreme Court who may hear the case before year-end. A weaker sterling goes a long way in boosting inflation, supporting trade and tourism — 3 areas of the economy that need help. These 3 areas of the economy received another in shot in the arm from the plunge in the currency so if Prime Minister May plays her cards right and limits Brexit headlines for the this week, we could see a relief rally. The last time the ECB met, President Draghi expressed more confidence about the outlook for the Eurozone economy, using the word resilience on numerous occasions. However they also lowered their growth forecasts and announced Eurosystem committees to further evaluate stimulus options. Interest rates will be left unchanged but if Mario Draghi reinforces his concerns about the economy and puts greater emphasis on the need for more stimulus, further losses are likely. The recent weakness of the euro goes a long way in boosting the economy and inflation so positive comments could make 1. London - Sterling was 0. Cable surged from its lows since Andrea Leadsom moved aside in the Conservative Party leadership race on Monday to leave Theresa May as the sole candidate to succeed Prime Minster David Cameron. This new found stability may also have tempered some of the prospect of an imminent rate cut at tomorrow's Bank of England rate meeting, given that credit conditions are significantly easier than they were three weeks ago,"Michael Hewson, chief market analyst at CMC Markets UK, said on Wednesday. Yet the official market consensus is for the Bank of England BoE to cut the rate by 25 basis points to 25 bps and some form of additional easing seems likely as well. These steps should undermine the pound in the near term. The reason for the divergence are yields as U. There are 2 major monetary policy announcements, Chinese trade and GDP on the calendar along with Australian employment and U. Judging from the performance of the dollar post payrolls, most forex traders share our views. However the pullback to was short-lived with the currency pair bouncing back to its pre-NFP levels within minutes. Part of this was due to the rise in U. Market job growth rebounded strongly in the month of June, the unemployment rate rose more than expected and average hourly earnings growth slowed. Job growth was incredibly weak in May but instead of an upward revision, the report was revised down by another 27k. This leaves the 2-month average forex less than k. Jon Hilsenrath of the Wall Street Journal argues that this may be enough for the Fed to raise interest in September — a view we completely disagree with. Forex most important piece of U. Six Federal Reserve Presidents are scheduled to speak but only two George and Bullard are FOMC voters. Both have hawkish leanings but given the deterioration in U. The Bank of England has a monetary policy announcement and we know how Governor Carney feels about the consequences of Brexit. This week after 3 major property funds halted redemptions, the BoE cut capital requirements for banks freeing up billion pounds to encourage lending. The currency traded as low as 1. Not only was the latest round of Eurozone data weaker than expected with Germany reporting a smaller trade surplus and France reporting a drop in industrial production but the regions problems continue to grow. Euro has been a major beneficiary of anti-U. The Eurozone is not sheltered from the U. In order to avoid this scenario or shore up the economy when it happens, the Italian government will either have to inject money into the financial system or the ECB will need to ease monetary conditions. They now expect the economy to grow by 1. There are no major Eurozone economic reports scheduled for release in the coming week leaving the focus on the Eurozone area Finance Ministers meeting in Brussels, Italian bank stocks and risk appetite. The Federal Reserve will hold a two-day meeting of its monetary policy committee on September 16 and 17, and markets have largely discounted a rate hike. So what are policymakers thinking these days? Washington - Recent economic data out of the US have been encouraging, especially the second quarter GDP at 3. The Kansas City Federal Reserve Fed sponsored economic symposium in Jackson Hole offered a chance to hear from the Fed before the meeting and to assess their thinking ahead of the coming meeting in light of recent events, including the China-induced turmoil. Yellen and Daniel Tarullo did not attend the Wyoming huddle, but three other Fed governors, Lael Brainard, Jerome Powell and the Fed Vice Chair Stanley Fischer were in attendance. Stanley Fischer gave a speech that was anything but committal. He said that while declining energy prices should be a one-off phenomenon, still there hadn't been straightforward evidence of increasing core inflation for the past few years. He said that a large effect was the result of the dollar exchange rate, and also prices of non-energy commodities. He argued that since inflation expectations are apparently stable, there was reason to believe that inflation would move higher as those forces holding inflation back dissipate. Yet, he left as an open question how much confidence the Fed could have in those expectations, and suggested that inflation expectations would carry more weight than data that has been seen. That is why we need to consider the overall state of the US economy as well as the influence of foreign economies on the U. When summing up, he recognized that the Fed's actions will pakistan an effect on the global economy, but felt that it would be favorable for the rest of the world for the Fed to act to best serve the interests of the US economy. Regional FOMC voting members. William Dudley, Charles Evans, and John Williams were not in Jackson Hole. James Bullard, Esther George, Loretta Mester, Eric Rosengren and Narayana Kocherlakota were all present at the symposium and all had something to say. Bullard, who will become a voter next year, gave an interview to Bloomberg TV in which he said that the US outlook still looked very good. He downplayed events in China, saying that the US economy has much more happening than its trade with China, but admitted that the Fed would have to look through the effect on inflation from low oil prices - which took yet another trip downward last week before rebounding later in the week and this Monday. Athens - The Greek economy unexpectedly escaped technical recession during the second quarter of the year, final GDP data for the second quarter showed on Friday as falling business morale, staggering unemployment, deep deflation and political uncertainty were expected to take a toll on the troubled country's economy. At the very end of the second quarter, on June 28, the government was forced to close banks and impose capital controls as the cash outflows were unsustainable. In a sign of the desperate conditions, Athens also missed a payment to the International Monetary Fund, becoming the first developed economy to do so. The Greek economy expanded both on an annual and quarterly basis, the country's national forex office ELSTAT showed in the final reading. One reason why GDP figures surprised was a sharp fall in imports which boosted the numbers, as imports are the production of another country, bought with the importer's money, so they weigh against GDP. High retail sales figures and stronger household spending were also behind the surprise bounce in GDP growth as consumers forwarded purchases of big ticket items and durable goods, especially cars, before the introduction of capital controls. The Greek economy is expected to shrink 2. Officials expect a 1. Only in is the country is forecast to return to growth, adding 2. Greece is heading towards fresh elections as former Prime Minister Tsipras resigned last week after his coalition government lost its parliamentary majority and the new bailout program was approved with forex from opposition parties. She will guide the country to snap elections on September FXStreet New York - The British Pound is currently falling against the US Dollar as the Greenback is trading higher following the latest set of economic indicators in the US. After falling 35 pips from 1. The US retail sales rose 0. Ex-autos reported an increase of 0. Jobless claims reported initial claims were requested in the August 7 week. Previous week was revised 1K down to K. The US Dollar index is trading higher today for the first time in seven days as the DXY is extending its recovery from As for the short term, if the pair breaks down the 1. To the upside, resistances are at 1. Greece has reached a deal. Even so, many European officials remain cautious, and Germany and some smaller euro zone countries are not satisfied. Brussels - One fact is certain at the moment: But what kind of bailout program? History shows that the previous two bailouts may have done more harm than good. The reasons are definitely not simple and point back to times before Greece joined the single European currency. Despite optimism in Greece and cautious optimism elsewhere, Germany prefers offering another bridge loan to Greece to cover upcoming dues, in order to give Athens and its creditors enough time needed for completing talks on a third bailout for the debt-ridden country. On the other hand, it was a small group of states led by Germany which forced the harsh terms of the new bailout plan during the July summit of euro area member countries. It is now well known that Greece was helped by Goldman Sachs in fudging the data with the help of complicated swap schemes. Some of the reasons for Greece's failure -- and similar troubles that occurred in other euro zone member countries in Europe's periphery, including Italy, Spain, Portugal and Ireland -- are the result of a flawed design of the euro area, which has perfectly benefitted export oriented economies like Germany and some other euro area peers, but which has caused serious or even tragic problems for others. Also, the euro design has left budget and tax policies in the hands of individual countries, something that many experts believe was sure to fail. Actually, everything looked wonderful at the beginning. During the initial years of the euro zone, Greece's economy seemingly flourished: However, cheap money is not so cheap when there is a time to pay or when the the borrowing goes through the roof. As there is oversight within the currency zone, at least in theory, and Greece had to deliver the numbers, successive governments used some dodgy economic statistics and figures. Greece's persistent deficits have been definitely caused also by rampant tax avoidance by - perhaps almost everybody - but mainly businesses and middle-class professionals. Inat the height of the euro zone's sovereign debt crisis, it was discovered once again that Greece's figures had been cooked: Upon the discovery of truth, or at least partial truth, bond yields and therefore borrowing rates surged, and the country was unable to cover its debt obligations. The country was shut out of financial markets. Some argue, that the bailout actually saved Greek lenders, especially German and French banks, which would otherwise have faced massive losses. Therefore, through the bailouts, private debts became public. The troika of creditors - the European Commission ECECB and International Monetary Fund IMF - insisted on a program of harsh austerity, including severe budget cuts, steep tax increases, and profound economic reforms. Since then, the Greek economy has virtually forex. Former IMF chief Dominique Strauss Kahn has already admitted that the Fund should have insisted that other euro zone member countries do more to help Greece and should also have fought against the harsh austerity. Moreover, he said that the IMF also miscalculated the impact of such "pro-cyclical adjustment. The IMF now also insists that any rescue program for Greece will not work without some form of debt relief. International creditors will have to accept some sort of "significant" easing of the terms for Greece, IMF Managing Director Christine Lagarde has warned. However, while Germany appears willing to consider some relief measures, like extending maturities or lowering the interest, it is staunchly against any nominal haircut. Also, the bailout funds, as many people mistakenly believe, don't benefit Greece directly. The dollar, however, remains under pressure as the chances of a Fed rate hike have been pushed back due to CNY devaluations. Frankfurt - The US dollar has taken a 2. The euro declined 0. The People's Bank of China PBoC intervened again and officially fixed the yuan 1. China's currency has depreciated some 3. The general market view is that the logic behind the PBoC's action is about boosting exports and stimulating the slowing economy. Nicholson further says that this is the beginning of a major deflationary impulse that will be felt worldwide, possibly pushing back the Fed and Bank of England rate hikes and leading to stepped up easing by the European Central Bank and the Bank of Japan. Following the US non-farm payrolls for July, expectations for a Federal Reserve Fed September rate hike surged. Things changed after China begun to "export its deflation". Will the ECB act now or just hint of QE in the future? Will the event allow the pair to recover or further push it down? Here is a preview:. The Fed is set to tighten within less than a year and the ECB is expected to leave low rates or even announce pakistan monetary stimulus soon. And finally, this monetary divergence is having an impact, with the pair falling steadily. Euro-zone growth was flat in Q2. The German economy contracted by 0. And while Spain managed to grow nicely, Italy entered a recession. The European stagnation comes in contrast to strong US growth. The tensions around Ukraine have intensified since the downing of MH The EZ and especially Germany, depend on Russian gas and have significant trade with the country. The Russian ban on food imports from the EU could push prices even lower. The tensions have an impact on German business confidence. Europe has more to lose from the worsening relations with Russia. Headline inflation fell to 0. Despite the fall of the euro, price developments are weak. A dream level would be 1. His more recent words are more important: In Jackson Hole, not only did Draghi call on governments to do more, but he pakistan admitted that low inflation is not only due to temporary factorsbut also that inflation expectations are changing. This is a big change from Draghi. All this leads to higher expectations for the ECB. The current lending rate is at 0. There is speculation that the ECB will cut the rate to 0. In addition, the real impact on the economies would be minimal and the impact of the message is also problematic: Pakistan is it a substitute for QE? In this case, it is euro positive. We will know about the rates already at The ECB publishes inflation and growth forecasts every three months, and this is the time to lower forecasts. It has a very high probability as it would reflect the Jackson Hole speech. It would also enhance the message that QE is coming — pakistan battle this low inflation. This is basically priced in, and impact depends on the forecasts. Stronger rhetoric on QE: Draghi can still raise the rhetoric before markets will stop listening. QE in the euro-zone is complicated: If you buy Asset Backed Securities ABSwhat is the size? What assets and from what banks? The ECB recently hired Blackrock and Draghi could certainly argue that more time is needed. While this is expected, it would still put pressure on the euro. The message needs to be strong. Without a strong determined message, the euro could rise. This has a small chance, but if it happens, the effect will likely be negative on the euro. Here is why it will probably not happen now. Bank lending is already changing in the euro-zone, with banks more willing to lend out money. As aforementioned, markets probably give Draghi more time and perhaps most importantly, the Germans are probably not behind such a movenot yet. Will we see another cut? Or only the same rhetoric? Further levels in both directions:. See the full preview: For more events and lines, see the Euro to dollar forecast. What will the ECB do?: Some expect the central bank to cut rates even further, while others expect him to announce outright QE, although that might wait. There is also a high probability of seeing lower forecasts. The reaction depends on not only on the action but on the message. The breaking news about a permanent ceasefire came out of Kiev and were followed by a denial from Moscow. While the presidents talked, nothing is really changing on the ground. However, pakistan on Forex president Vladimir Putin laid out a 7 point peace plan, that will be on the table in a meeting between him and Ukrainian president Poroshenko on Friday. Big hints towards the NFP: While the US events are currently on the back-burner, the first hint was positive: Join the webinar for a preparation for the NFP and the ECB. Today we get the ADP, jobless claims and perhaps most importantly, the employment component of the ISM Non-Manufacturing PMI. Many are saying this time is different now as Eurozone inflation teeters on the brink of deflation, but investors have to be prepared for disappointment. This is important as at some point, as projections get lower and lower, Draghi will have to start to walk the walk as he continually talks about having all available instruments at his disposal to ensure euro stability. The reason markets could be disappointed is because the ECB is about to undertake its TLTRO program in a couple of weeks, with the second round in December and the effects of that have not been felt yet. Regardless of what is done and said, come the decision today and proceeding press conference there is likely to be considerable volatility in the euro. GBPUSD is holding the 1. Bank of England Governor Mark Carney said policy makers must make sure the housing market recovers in a sustainable way as the government accelerates its program to aid homebuyers. Data today showed house prices climbed to their highest level in five years last month. House values increased 0. That takes the average house price to its highest level since Septemberit said. The Halifax data follows a report from Hometrack Ltd. Carney is pushing the message to consumers and executives and his tour of East Anglia follows a similar visit to the north of England last week. The pound is becoming more important as a gauge of the U. Those bets have since diminished, with the premium investors get to hold year U. Federal Reserve refrained from paring monetary stimulus. A basis point is 0. A drop in real earnings, or wages adjusted for inflation, will weigh on the U. Consumer-price inflation slowed to 2. He was responding to a Sept. Both leaders have encouraged the idea that the two main parties have the biggest policy differences in a generation. When the jobless rate slid to 7. Futures traders are betting the pound will keep rising for the first time since February, reversing earlier wagers on a decline, figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on a gain in the pound compared with those on a decline, or net longs, totaled 1, contracts on Sept. Ahmedabad, India-based Vadilal Forex and Consultancy Services Ltd. Having predicted a recovery at every European Central Bank policy meeting since Decemberthe month after he took office, the ECB president has finally seen the nation euro area exit recession. The central bank will today present new growth and inflation forecasts for the currency bloc, reflecting an expansion in the three months through June that beat forecasts and snapped six quarters of contraction. Higher borrowing costs risk undermining what has so far proved to be a jobless recovery. It fell as low as 0. The central bank will announce its interest-rate decision at 1: That decision is due at noon in London. The euro-area economy expanded 0. Recent economic indicators point to a further recovery in the second half as an index of services and factory output climbed to the highest level since June and economic confidence soared to a two-year high. That had sparked a global sell-off in bonds, driving yields higher in stressed economies including Spain GSPG10YR and Portugal. The bank will start to slow its bond purchases at its Sept. The survey also indicated policy makers will end the program, known as quantitative easing, by June Draghi has so far fought rising market rates with words. His pledge to keep rates low has been accompanied by his outlook for subdued inflation extending into the medium term and broad-based weakness in the euro-area economy. The bank predicted in June that the economy will shrink 0. It forecast inflation at 1. The return to growth has led to investors getting mixed messages from some ECB Governing Council members on whether scope remains for further interest-rate cuts. Other data on Thursday showed prices for U. Initial claims for state unemployment benefits increased by 16, to a seasonally adjusted , the Labor Department said. Analysts had expected a small decline in new claims. The reading, however, was likely clouded by seasonal factors. The Labor Department can have a tough time seasonally adjusting claims in early July because many factories shut down during the summer for retooling, but the scheduling for the shutdowns varies from year to year. The four-week moving average of new claims, which smooths out some seasonal volatility, increased by a more modest 6, toEven with the increase, the number of layoffs remains in the range of levels seen over the last year and is consistent with a continued drop in the unemployment rate, which has fallen more than half a percentage point since June At the same time, measures of economic output are pointing to much more lackluster growth. The economy expanded at a 1. If jobless claims keep rising in July, that might signal a slowdown in hiring during the month, said Joshua Dennerlein, an economist at Bank of America Merrill Lynch in New York. The Labor Department said last week the U. Investors appeared largely unmoved by the data. Federal Reserve Chairman Ben Bernanke indicated the central bank was unlikely to scale back its stimulus measures earlier than expected. The Labor Department said in a separate report that export prices fell 0. The drop probably reflects weakness in global demand, which has been hit by Europe's debt crisis and slowing growth in China. Import prices slipped 0. Petroleum prices rose 0. Economists polled by Reuters had expected overall import prices to be unchanged last month. Prices for both imports and exports have fallen every month since March, the longest such streak since when the world was mired in a financial crisis. The drop in prices last month for imported cars and other consumer goods could help some U. However, some economists are worried that weak demand could raise the risk of deflation, which entails a spiral of falling prices and wages that is difficult for central banks to fight. Gennadiy Goldberg, an interest rate strategist at TD Securities in New York, said a low rate of inflation will be a factor pushing the Fed to keep interest rates low. Financial markets have largely converged on September as the probable start of a reduction in the pace of the U. But they added that "many members indicated that further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of asset purchases. Wall Street welcomed the Fed's reticence about the end of asset buys, with stock prices briefly moving into positive territory after the minutes were released. Treasury bond prices also moved higher. I think it's maybe more uncertain than before. Most had expected September might be a good starting point. This throws a lot more doubt on that timeframe," said Kim Rupert, managing director of fixed income analysis at Action Economics in San Francisco. Global investors have recently recovered from a mild bout of panic sparked when Fed Chairman Ben Bernanke laid out a roadmap after the June meeting for an end to so-called quantitative easing. He said the central bank would likely curtail bond purchases later this year and bring them to a halt by the middle of next year. Financial market fears have been allayed in part by a chorus of Fed officials who have sought to reassure traders that the end of asset buys will not lead to imminent interest rate hikes. Whether the markets have fully gotten the message is not entirely clear; the yield on the year U. Treasury note has risen a full percentage point in just two months and stands close to its highest levels since This has already slowed activity in the mortgage market, which had been key to the recent economic rebound. The Fed's June meeting came before the latest government report on U. The jobless rate was steady at 7. At the meeting, some Fed officials worried not only about the outlook for employment, but the pace of economic growth as well, the minutes showed. Many economists believe the economy grew at less than a 1 percent annual rate in the second quarter, although most look for a pick-up in the second half of the year. Of the Fed policymakers who argued it would be wise to curtail bond purchases soon, two thought it should be done "to prevent the potential negative consequences of the program from exceeding its anticipated benefits. The minutes indicated Bernanke was tasked with providing a roadmap on monetary policy at his post-meeting news conference, but they provided few of the details that the chairman offered. A summary of economic projections provided alongside the minutes said about half of the Fed's 19 policymakers wanted to bring the bond-buying program to a halt by the end of this year. But many others thought it would be appropriate to continue the purchases into next year. The summary did not distinguish between the view of the 12 voting members of the Fed's policy panel and the other seven officials. Reuters - World shares hit their highest level in a week on Friday and bonds and oil rose, as a volatile quarter drew to a close with fears of an early withdrawal of U. Better economic data from Japan and efforts by China's central bank to ease credit concerns added to the positive tone, lifting MSCI's world equity index 0. Market moves were likely to be limited, however, as investors avoid any large bets on the final trading day of the second quarter, and ponder the impact of an end to the era of cheap money which drove returns in the first half of Global stock, bond and commodity markets have been highly volatile since Federal Reserve Chairman Ben Bernanke signaled last week that the U. Two Fed policymakers came out on Thursday to reassure investors that any winding down of stimulus was still some way off, though its ultimate course was set. A survey of 53 investors across the United States, Europe and Japan by Reuters, released on Friday, found that funds had already cut their average equity holdings in June to a nine-month low due to the recent volatility, and had held more cash. Meanwhile, gold, which had soared in value as a hedge against higher inflation from all the cheap Fed money, has suffered heavily. The broad FTSE Eurofirst index, which had opened higher in line with other world markets, pared its gains as end of quarter positioning took hold. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1. It was still down around 7 percent for the year. Asia's rise followed Wall Street's rally on the Fed comments and Japanese data showing consumer prices stopped falling in May and labor demand reached a five-year high. China's stock markets had also seen their biggest gains in two months after its central bank, which had let short-term borrowing costs spike to record highs, said it would ensure its policy supported a slowing economy. European bonds shared in the more positive tone, with yields falling on core German debt and riskier Spanish and Italian paper. But Patrick Jacq, European rate strategist at BNP Paribas, said investors would require higher yields in future in light of the Fed's policy shift. Copper was flat but facing its biggest quarterly loss in almost two years, reflecting global growth concerns. There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week. The price drop led to a rush of buyers for Dubai gold from market Middle East, South East Asia, the Balkans, Turkey and parts of Europe according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai. We are really squeezed. Physical gold from Dubai has been selling strongly since the price of the yellow metal first plunged in April. But this week it has taken another historic tumble, creating a buying opportunity for small- time investors looking for gold bars, coins and bullion. Yesterday the price edged up a little with the spot price rising 0. Some parts of the Dubai market are not so buoyant as those in which Kaloti operates, however. Gerhard Schubert, the head of precious metals trading at Emirates NBD said that grades of gold known aswhich would ordinarily be sold into the Indian market, are currently stuck in Dubai. The Indian government has implemented import restrictions that have been backed up by the All India Gems and Jewellery Trade Federation in an effort to shore up the tumbling rupee. Mr El Mdaka, who does not sell into the Indian market, agreed. Luckily though, there is a lot of demand coming from the rest of the world to soak it up," he said. Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports. Eighteen analysts surveyed by Bloomberg expect prices to fall next week, with 14 bullish and four neutral, the largest proportion of bears since May Bullion is on track for the first annual drop since as some investors lose faith in it as a store of value. While the slump into a bear market in Pakistan hurt billionaire hedge fund manager John Paulson and producer Newcrest Mining Ltd. NCMit spurred purchases of coins and jewelry worldwide. That demand may be threatened in India after the nation raised gold import taxes to contain a record current-account deficit. Investors are basically on the sidelines. India raised the import duty to 8 percent from 6 percent on June 5 and the central bank also further restricted shipments. The move to slow demand comes amid the worst drop in ETP holdings since the first product was listed in Assets fell for 17 weeks through June 7 and are down Paulson, the largest investor in the SPDR Gold Trust, the biggest ETP, had a 13 percent loss in his Gold Fund last month. That takes the decline since the start of the year to 54 percent, according to a copy of a letter to investors obtained by Bloomberg News. The member Philadelphia Stock Exchange Gold and Silver Index slid 37 percent this year. Data released last week showed U. The World Bank raised its U. Bullion rose 57 percent since as the Fed led a global surge in money printing to boost growth. The surge in equities over the past three quarters, which also damped demand for gold, is now partially reversing. The MSCI All-Country World Index reached a seven-week low yesterday. Dollar Index, a measure against six currencies, slipped to the weakest in almost four months. Hedge funds and other large speculators got more positive in the past two weeks after reducing bullish bets to the lowest in almost six years, U. Commodity Futures Trading Commission data show. They increased their net-long position by 60 percent to 57, contracts in the two weeks to June 4. There are still signs that lower prices are boosting physical buying. That compares with an average of Jen and Joana Freire of London-based hedge fund SLJ Macro Partners LLP wrote in a June 10 report. This decoupling would particularly strike emerging markets, which previously served as magnets for capital as the Fed kept monetary policy looser than their central banks did. The MSCI Emerging Markets Index MXEF has declined 6. The SLJ report is one of a spate of studies in recent days from Deutsche Bank AG DBK to Citigroup Inc. C aimed at examining the potential international impact of any decision by the Fed to pull back its bond-buying. The Washington-based World Bank said in a report released yesterday that the withdrawal of accommodative policies may have longer-run consequences as rates in developing nations rise more than in their industrial counterparts, slowing investment and growth. Countries with high debt levels such as Egypt and Pakistan could be in particular jeopardy. Global stocks tumbled today following the release of the report. Emerging markets from Brazil to India and Indonesia have already acted this week to stem outflows of capital. Not all are worried. It would not be the first time such money flows have been thrown into reverse by changes in U. A combination of a rising dollar and higher U. The risk is of a ripple effect as investors decide even a slowing of monetary aid paves the way to an eventual increase in the benchmark U. That is already prompting investors to re-price risk and adjust their portfolios. The effect may be greater outside the U. A report published yesterday by Citigroup currency strategist Steven Englander showed year bond yields have gained about 83 basis points on average in emerging markets since May 1 and 29 basis points in developed economies. The interest rate on the year Treasury note has risen about 30 basis points, he said. That suggests to him that while improvements in the U. Still, Jim Reid, head of fundamental strategy at Deutsche Bank in London, told clients yesterday that the Fed may be more of a global citizen than it was in the past. Credit Suisse Group AG CSGN equity strategists led by Andrew Garthwaite in London also say there is too much pessimism over tapering. They predict it will climb to 1, by the end of next year. Even if the Fed slows its support, central banks globally will have expanded their balance sheets by 27 percent from the end of March through The so-called Aussie also pushed through the lower limit of what traders call the Bollinger band, implying an imminent reversal. When it becomes too weak, central banks love to buy. The following month, it jumped 5. The Aussie weakened to an month low of That was less than the lower Bollinger band of When the currency fell below the lower Bollinger band in March, it strengthened more than 4 percent over the following five weeks. The lower limit of the band represents two standard deviations from the day moving average and typically implies that the likelihood of the currency dropping below the band is about 2. The premium for one-month options granting the right to sell the Aussie against the U. A so-called Z-score of 2. In these and other forms of technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a currency, security or index. That was a day after he said the government is willing to run budget deficits to avoid job cuts. While growth in gross domestic product will probably slow to 2. The average over the past decade is The currency is held by as many as 34 central banks, including those in China, Russia and Singapore, the Reserve Bank said in documents released in February under a Freedom of Information Act request. China reported April 15 that gross domestic product expanded 7. Reserve Bank of Australia Governor Glenn Stevens responded by lowering the target for overnight loans from 3 percent. The odds of a reduction to 2. The commodity complex has been broadly led lower thanks to sharp falls in the price of both gold and oil. Oil has followed suit and dropped equally dramatically. Chinese data over the weekend did little to improve this overall pakistan as the GDP print was softer than anticipated and weighed heavily on the overall commodity space. Making a poor situation for commodity bulls even worse. This week is predominantly market rather economic in terms of data, with the G20 and IMF summits beginning on Thursday and dragging us headline watchers into the weekend. Tier 1 data comes mainly from the US as does the reporting season, which kicks into full tilt this week. Overall, the whipsaw price action in FX markets continues and seems unlikely to rescind in the near term. As far as levels are concerned, a very short one today given the developing picture, I will be taking a closer look at things in the coming day or so. Stops have built up nicely under this level and bids of any real note will begin to appear sub the 1. On the topside, offers line up into 1. All in all, giving us a relatively tight day. A big week inflation report and BoE minutes on tap in the coming days will give the Cable a negative slant to start the week, but the forest of wood to chop between 1. The topside has first offers into 1. A solid fall from grace thanks to the above stories on commodities and China, the little battler has run into some bids around the 1. But even these for now have failed to hold and we trade back into the 1. Thanks in large part to bits of rhetoric from Jack Lew and the upcoming G20 meeting, it would almost be rude of the JPY not to consolidate recent moves and for now reclaims some strength. However, bids do come into play around the The Swiss National Bank SNBN maintained the currency ceiling at 1. While the franc has weakened 0. We cannot exclude the possibility that we will have to intervene substantially again. In Spain, Prime Minister Mariano Rajoy is resisting a request for a bailout, while Italy is facing an election early next year after Prime Minister Mario Monti announced his resignation. The SNB today maintained its growth estimate for this year of about 1 percent, while forecasting gross domestic product to increase between 1 percent and 1. Consumer prices may drop 0. In September, the central bank forecast prices would fall 0. The rate of unemployment is likely to rise further. The SNB introduced the franc ceiling on Sept. While the franc breached the ceiling just once in April, consumer prices prices in November extended the longest slump in at least four decades. Credit Suisse Group AG and UBS AG UBSN said separately that they will charge financial institutional clients for cash balances held in francs. He declined to comment when asked whether the SNB had encouraged the move. While the Swiss central bank has focused on controlling the franc, it has also raised concerns about risks in the property market. Switzerland introduced rules in July to cut mortgage- lending risks, including measures that will give the government the discretion to raise capital requirements for banks to target specific parts of the credit market. The SNB would have to request activation of the countercyclical capital buffer. He called the current state of the labor market, with unemployment at 7. The yield on the year note was little changed today, and traded at 1. The yield on the year Treasury bond rose one basis point to 2. They will not stop too soon. He pakistan willing to take the risk of unintended consequences. A Case of Self-Induced Paralysis? The Fed has more than tripled the size of its balance sheet with three rounds of large-scale asset purchases intended to bring down long-term borrowing costs and stimulate purchases of homes and cars. Bernanke broke new ground with the latest round of so-called quantitative easing by setting no limit on the size or duration of the program. NTRS in Chicago, where he worked at the central bank until July this year. FOMC participants yesterday lowered their forecasts for growth next year. They now see the economy expanding 2. The average pace of growth for the decade through was 3 percent. More than three years into the recovery, the 7. Employers addedworkers to payrolls in November, less than the monthly average ofthis year and thein The break-even rate for five-year Treasury Inflation Protected Securities -- a yield differential between the inflation-linked debt and Treasuries -- rose to 2. Reuters - Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed forex a package of measures to reduce Greek debt by 40 billion euros, cutting it to percent of gross domestic product by In a significant new pledge, ministers committed to taking further steps to lower Greece's debt to "significantly below percent" in -- the most explicit recognition so far that some write-off of loans may be necessary fromthe point when Greece is forecast to reach a primary budget surplus. To reduce the debt pile, they agreed to cut the interest rate on official loans, extend their maturity by 15 years to 30 years, and grant Athens a year interest repayment deferral. Eurogroup Chairman Jean-Claude Juncker said ministers would formally approve the release of a major aid installment needed to recapitalize Greece's teetering banks and enable the government to pay wages, pensions and suppliers on December Greece will receive up to The December installment will comprise The IMF's share, less than a third of the total, will only be paid out once a buy-back of Greek debt has occurred in the coming weeks, but IMF Managing Director Christine Lagarde said the Fund had no intention of pulling out of the program. They promised to hand back 11 billion euros in profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market. They also agreed to finance Greece to buy back its own bonds from private investors at what officials said was a target cost of around market cents in the euro. European Central Bank President Mario Draghi said on leaving the talks: They will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece. However, the biggest opposition party, Syriza, dismissed the deal and said it fell short of what was needed to make the country's debt sustainable. The euro strengthened against the dollar after news of the deal and commodities and Asian shares also rose. Greece, where the euro zone's debt crisis erupted in lateis the currency area's most heavily indebted country, despite a big "haircut" this year on privately-held bonds. Its economy has shrunk by nearly 25 percent in five years. Negotiations had been stalled over how Greece's debt, forecast to peak at percent of GDP in the coming two years, could be cut to a more sustainable percent by The agreed figure fell slightly short of that goal, and the IMF was still insisting that euro zone ministers should make a firm commitment to further steps to reduce the debt stock if Athens implements its adjustment program faithfully. The key question remains whether Greek debt can become sustainable without euro zone governments having to write off some of the loans they have made to Athens. Germany and its northern European allies have hitherto rejected any idea of forgiving official forex to Athens, but EU officials believe that line may soften after next year's German general election. Schaeuble told reporters earlier that debt forgiveness was legally impossible, not just for Germany but for other euro zone countries, if it was linked to a new guarantee of loans. That did not preclude possible debt relief at a later stage if Greece completed its adjustment program and no longer needs new loans. At Germany's insistence, earmarked revenue and aid payments will go into a strengthened "segregated account" to ensure that Greece services its debts. A source familiar with IMF thinking said a loan write-off once Greece has fulfilled its adjustment program would be the simplest way to make its debt viable, but other methods such as forgoing interest payments, or lending at below market rates and extending maturities could all help. The German banking association BDB said a fresh "haircut" or market reduction in the value of Greek sovereign debt, must only happen as a last resort. The ministers agreed to reduce interest on already extended bilateral loans from the current basis points above financing costs to forex bps. No figures were announced for the debt buy-back in an effort to avoid triggering a rise in market prices in anticipation of a buyer. But before the meetings, officials had spoken of a 10 billion euro buy-back, that would achieve a net reduction of about 20 billion euros in the debt stock. German central bank governor Jens Weidmann has suggested that Greece could "earn" a reduction in debt it owes to euro zone governments in a few years if it diligently implements all the agreed reforms. The European Commission backs that view. An opinion poll published on Monday showed the Syriza party with a four-percent lead over the Conservatives who won election in June, adding to uncertainty over the future of reforms. The agreement was done on 15 October Swiss franc funding needs of banks with no direct access to Swiss National Bank operations was increased, notably in the euro area. Therefore, the Swiss National Bank SNB and the European Central Bank ECB jointly announced measures to improve liquidity in short-term Swiss franc money markets. The fixed price and the maximum amounts allotted by ECB and SNB will be announced before the operation. If the total amount of bids exceeds the maximum amounts, the allocation is carried out on a pro rata basis. The ECB and SNB have entered into a temporary swap arrangement through which the ECB can access Swiss franc liquidity to provide the Swiss franc funding that is allotted to banks in its authority. This measure will be in place as long as needed, at least until January The foreign exchange swap transaction is conducted as pakistan The price will be calculated by using the rate applied in main refinancing operations of the ECB currently 3. This corresponds to an interest rate for the additional Swiss franc funding of 25 basis points above the SNB's 1-week repo rate. On AugustSwiss national bank and European central bank has done pegging over 1. Bernanke warned that a U. Monti predicted a continued rally in Italian bonds. The country sold 3. Since then, Portugal and Ireland needed bailouts. The MSCI Asia Pacific Index MXAP gained 12 percent from the start market the year through yesterday, and is headed for the biggest quarterly gain since the three months through September Equities surrendered some of the advance today, with the measure dropping 0. German Finance Minister Wolfgang Pakistan said yesterday that he sees no scenario under which the current euro-area rescue fund, the European Financial Stability Facility, will have to issue new bailouts in the next three months. Schaeuble and Merkel spoke to lawmakers from their Christian Democratic Union, according to officials who spoke on condition of anonymity because the briefing was private. Policy makers including Boston Fed President Eric Rosengren and Chicago Fed President Charles Evans have argued for more monetary accommodation if unemployment remains high. In contrast, James Bullard, president of the St. Euro-area finance ministers are weighing options on the EFSF, which manages rescue programs for Ireland, Portugal and Greece, and its successor, the European Stability Mechanism. They may decide to increase the fund to a total capacity of billion euros from a current limit of billion euros when they meet March 30, a euro-area official said. Chop between and defines indecision over whether the commodity will take guidance from investor sentiment, stimulus expectations, the dollar, etc when a definable trend returns. In the meantime, we know that net long speculative gold futures holdings forex dropped 20 percent over the past two weeks. The Euro tumbled to an overnight low of 1. At the same time, a report from Finance Times Deutschland said the Troika — the European Union, European Central Bank and the International Monetary Fund — is preparing for an involuntary debt restructuring, and we will be closely watching the headlines coming out of the euro-area as the Greek PSI talks take center stage. As the ECB is schedule to announce their interest rate decision later this week, we may see central bank President Mario Draghi try to talk down the risks surrounding the region, but the Governing Council may look to expand monetary policy further in the coming months in order to dampen the risks surrounding ailing economy. As the EURUSD comes up against the The British Pound came up against the However, the downward trend in the relative strength index instills a bearish outlook for the GBPUSD, and the reversal from 1. In turn, we may see the pair threaten the range carried over from the previous month, and the exchange rate may make another run at the Day SMA 1. Against the high-yield, investment currencies, the greenback gained traction; while its European counterparts were slightly higher on balance. The fundamental interpretation in this mix is relatively straightforward: But will it last? Pairs like EURAUD, EURNZD and EURCAD are excellent fundamental barometers at the moment as they help us to gauge which is the more influential theme: There are a market critical deadlines this week for the Euro and the financial system that it represents. The drama continues for Greece as we find both the IIF the group that represents the private bond holders and Greek Finance Minister Venizelos splashing headlines with individual warnings about how bad things can go — of course if their respective plans are not pursued. In the meantime, we take note of two developments that leapfrog us past Greece. Still spinning from the massive sell off last week, the precious metal found itself in another consolidating range this past session. Without the dollar on the move or the European financial situation driving capital away from fiat promissory assetsthere is little active impetus for the metal. That said, we have plenty of scheduled event risk ahead of us. The best bet for a bullish move is renewed fret surrounding Greece, while bears should keep a close eye on the dollar possibly gaining traction. The Euro bounced back from an overnight low 1. DSW, an investor protection group in Germany, spoke out against the debt deal and argued that investors should reject the agreement, and the heightening risk of a Greek default could spark another selloff in the exchange rate as the fundamental outlook for the region turns increasingly bleak. As the euro-area slips back into recession, the European Central Bank is likely to maintain a dovish outlook for monetary policy, but we may see President Mario Draghi strike a more balanced tone for the region following the second Long Term Refinancing Operation. However, it seems as though the LTRO may not be having the desired effect as overnight deposits to the ECB surged to a record-high of EUR Nevertheless, as the EURUSD holds above the The British Pound pared the decline to 1. Indeed, currency traders may turn a blind eye to the Bank of England rate decision as the central bank is widely anticipated to revert back to a wait-and-see approach, but the slew of even risk on tap for market this week may push the GBPUSD as the data is expected to highlight a more robust recovery for the U. In turn, a round of positive developments could push the British Pound back towards 1. The European economy may be winning some respite from its sovereign debt crisis. With the euro area teetering on the brink of a second recession in three years, data this week showed rebounds in German exports and French business confidence, suggesting the slowdown may be limited. The signs of resilience hand European Central Bank President Mario Draghi room to keep the benchmark interest rate at 1 percent today after cutting it twice in the past two months and flooding the banking system with a record amount of cash. The pause may be brief if looming budget cuts and a credit shortage prove too powerful for the economy to withstand. Officials meeting in Frankfurt will announce their decision at 1: A report last week also showed that euro-area services and manufacturing output contracted less than initially estimated last month, led by Germany. In France, the second-largest economy in the nation euro region, business sentiment climbed from a two-year low in December and industrial output increased in November. The economy is far from out of the woods. German gross domestic product forex dropped 0. Some economists predict another contraction this quarter, putting Germany into a technical recession. Italian unemployment rose to 8. Greece is entering a fifth year of recession. Concerned its ability to deliver price stability is under threat, the ECB has cut its key rate twice since Draghi took office on Nov. It continues to buy the bonds of stressed sovereigns such as Italy. The provision of liquidity may be helping, handing governments breathing space to restore fiscal order and complete an overhaul of budget rules. The Bloomberg Euro-Area Financial Conditions Index has risen to minus 4 percent from a low of minus 5. Borrowing costs have also eased. Italy sold 9 billion euros of bills on Dec. The economy may also receive a fillip from a weaker euro. The single currency has fallen almost 5 percent against nine developed-nation currencies in the past three months, according to Bloomberg Correlation-Weighted Currency Indices. ECB research shows a decline in trade-weighted terms of 10 percent adds 0. Rival Porsche SE anticipates U. Risks remain as governments impose a fiscal squeeze that JPMorgan estimates could reach 2 percent of GDP. Greece has yet to seal a deal with bondholders over a proposed debt write-off on which fresh aid is contingent, and politicians are still wrangling over a revamp of budget limits. Banks are instead hoarding the money and parking it back at the ECB. Overnight deposits at the central bank jumped to a record billion euros this week. The ECB should step up its government bond purchases to combat the debt turmoil, David Riley, head of the sovereign-debt unit at Fitch Ratings, said yesterday. The ratings company said Jan. The extra yield investors demand to hold Irish rather than German year bonds has narrowed to basis points from basis points since central bank Governor Patrick Honohan detailed the capital needs of the banks on March Finance Minister Michael Noonan said last month Ireland can sustain mounting debt levels if it fixes its lenders and maintains economic growth. The nine-member Monetary Policy Committee voted to keep its benchmark interest rate at a record low of 0. He said the MPC may have underestimated the role of the weak pound as a conduit of monetary policy. The British currency has lost about a quarter of its value on a trade-weighted basis since the start ofand Sentance said a boost from an interest-rate increase may help contain price growth. It was at While the Bank of England and the Federal Reserve remain reluctant to increase interest rates, other central banks have started tightening policy to fight inflation. The European Central Bank on April 7 raised its key rate by market quarter percentage point to 1. Sentance, who steps down at the end of May, has upped his call to a 50 basis-point increase from 25 basis points previously. Spencer Dale and Martin Weale voted for a quarter percentage point move last month, Adam Posen wanted more bond purchases, while the majority voted for no change. Sentance said the benchmark rate may not increase in the current cycle to as high a level as it was before the credit crisis, when they peaked at 5. We have to take into account all the dislocation in the financial sector. Unemployment measured by International Labour Organization methods declined to 7. Sentance, who will be replaced on the MPC by Goldman Sachs Group Inc. Senior European Economist Ben Broadbent, said policy makers now faces a more difficult environment than when he joined the committee in Rate-setters must remain focused on the inflation target, he said. Now, Japanese and Swiss moves to weaken the yen and the franc show reviving tension in foreign-exchange markets as the deteriorating U. Japan sold yen today, causing the currency to weaken as much as 3. Yesterday, the Swiss National Bank cut interest rates to rein in the franc after a gain of about 36 percent in the past 12 months. The risk of a U. Harvard University economics professor Martin Feldstein, a member of the Business Cycle Dating Committee of the National Bureau of Economic Research, sees a 50 percent chance of another recession. A government report tomorrow may show the unemployment rate held at 9. The euro has tumbled more than 3 percent against the greenback. Market yen fell 3. The Swiss franc fell 1. Since then, the real has gained about 10 percent against the dollar, and Mantega said last month that the so-called war was still on. Brazil buys dollars to limit gains in the real and has also introduced rules aimed at discouraging bets on dollar weakness. The South American nation said on Aug. Latin American finance officials plan to gather this month in Buenos Aires to discuss ways to protect their currencies and economies from the turmoil in the U. It also boosted a program aimed at encouraging banks to lend by 5 trillion yen, bringing it to 35 trillion yen. The Bank of Canada has been pushing out its tightening campaign, the Reserve Bank of Australia is taking on a protracted pause in its tightening cycle and there are question marks on how aggressively the Reserve Bank of New Zealand is able to hike as well. The won fell 0. The Philippines is prepared to impose controls to cap volatility after the peso rose to a three-year high this week, central bank Governor Amando Tetangco said in an e-mail late yesterday. The peso fell 0. In Japan, Mazda Motor Corp. Reuters - A downgrade to the U. Already reeling from low interest rates, slow economic growth, and foreign investors eager to diversify away from U. That it took so much drama to produce such a limited round of cuts has disappointed investors who had grown weary of fiscal weakness during budget crises in the euro zone countries. For years, the dollar has acted as the world's reserve currency, an international store of value for central banks. However, the fact the other safe-haven currencies are gaining at the expense of the dollar suggests investors' views may already be changing, perhaps in anticipation of a downgrade or at least a tough fight to hang on to AAA. Over the last month, the dollar plummeted 6 percent against the Swiss franc and about 4 percent against the yen. The only consolation, perhaps, is that the dollar has risen more than 1 percent over the past market against the euro, though only because the euro zone itself is under the gun over fiscal problems of Greece and Italy. The yen is not the world's primary reserve currency, representing just under 4 percent of global reserves. The dollar is, with its share of global reserves at In addition, the bulk of Japanese government debt is held locally in Japan, which cushioned the country's bonds and yen from foreign selling. By contrast, roughly half of U. Treasuries are held overseas, leaving the dollar far more exposed to selling by foreign investors. But the dollar's fall from grace -- which some argue has been underway for several years already -- may come in fits and starts. The immediate outlook is a volatile one. Indeed, if investors were suddenly faced with a downgrade to the U. The dollar rallied sharply at the height of the global financial crisis in the second half of as global investors dumped their own currencies and sought refuge in the greenback. A top concern about a downgrade is a possible liquidity squeeze that produces turmoil in money markets because lenders suddenly demand more collateral. As a result, they could be forced to post more, creating a sudden demand for U. Whether it's about fears of a ratings cut or concerns about global growth, investors are already witnessing some stress in the money market. The Treasury market also remains the deepest and most liquid fixed income market in the world," said HSBC's Lynch. This may be the one factor that could help limit the dollar's fall, although probably not for long. The challenges facing the dollar are far too formidable and investors who have long supported the currency are fast running out of reasons to own it. What Fed Members Conveyed, In and Around Jackson Hole. The Federal Reserve will hold a two-day meeting of its monetary policy committee on September 16 and 17, and markets have largely discounted Athens - The Greek economy unexpectedly escaped technical recession during the second quarter of the year, final GDP data FXStreet New York - The British Pound is currently falling against the US Dollar as the Greenback is trading higher following Highway to Hell or Stairway to Heaven? Even so, many European officials The dollar, however, remains ECB meeting takes center stage. It seems that in the run up every ECB meeting Carney Says BOE Aims to Avoid Boom-Bust Property Market. Bank of England Governor Mark Carney said policy makers must make sure the housing market recovers in a sustainable way as the government accelerates its program to aid homebuyers Having predicted a recovery at every European Central Bank policy meeting since December There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week The world economy should brace itself for a slowing of stimulus by the Federal Reserve if history is any guide. Australia's growing economy will put a floor under the nation's currency, sparking a rebound from its steepest decline in a year, trading patterns suggest It's all about commodities and China as we walk in this morning. The commodity complex has been broadly led lower thanks to sharp falls in the price of both gold and oil Swiss central bank pledged to uphold its month defense of the franc to protect the economy, with President Thomas Jordan signaling the possibility of further Bernanke moved the Federal Reserve further into uncharted policy territory in combating joblessness Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed Research on the agreement between Swiss national bank SNB and European central bank ECB. Swiss franc funding needs of banks with no direct access to Swiss National Bank operations was increased, notably in the euro area Stocks rose slightly on Tuesday, but with the outcome of discussions on a bailout Group of 20 finance chiefs overcame Chinese opposition to start crafting an early warning system to detect when economic fault lines are opening that may imperil global growth. GBP and USD are eyeing the timing for interest rate hikes. Greece issue might keep Euro under pressure but ultimately can take correction upto and Ticker updated April 01, Consultancy for Interest-Free FOREX TRADING. What Fed Members Conveyed, In and Around Jackson Hole By Karen Ochotnicka Tue, Sep 01, - 1: However, William Dudley, who is the committee's vice chairman impacted markets last Wednesday before the meeting when he said that the argument for a rate hike was less compelling than it had been a few weeks earlier, but also said it was important not to overreact to short-term market developments Jeffrey Lacker was in the house at Jackson Hole, and will potentially affect markets this Friday when he gives a speech entitled "The Case Against Further Delay". Dennis Lockhart told Bloomberg TV that the Fed is eager to begin tightening its monetary policy, but acknowledged that new risks have emerged. Lockhart said in the interview. And I think the answer to that is going to be not very much," Bullard claimed. Yet, after the interview, when cameras where no longer rolling, Bullard said that the committee does not like to move when there is volatility, according to a tweet from Matthew Boes of Bloomberg. Esther George, who will also start voting insaid that she thought a rate increase could have been considered earlier, and as of last Thursday, had not seen anything that would change her own view of the US economy. Eric Rosengren will join the voting committee next year as well and was also in Jackson Hole. Market will have the opportunity to hear his stance when he speaks at the Forecasters Club of New York on Tuesday. He said that not only should the Fed not be thinking of raising rates, but instead should think about cutting them, since he does not expect the US to reach the inflation target until late in the decade, in He also emphasized that market participants are sophisticated enough to know that he was not speaking for the Fed as a body, but individually. Q2 GDP By Lubica Schulczova Fri, Aug 28, - 2: The GDP added 1. The caretaker government is due to be sworn in at noon on Friday. Greace Deal By lubica schulczova Thu, Aug 13 Euro Leaves Week Highs as Dollar Corrects By michal darila Thu, Aug 13 Here is a preview: To sum it up: Further pakistan in both directions: ECB meeting takes center stage By FXPRO - Sep 4, 7: Currencies By Joseph Ciolli - Oct 3, Fed wants more job gains before slowing bond buys: Global shares, bonds gain as Fed fears fade; gold sinks By Richard Hubbard - Fri Jun 28, 9: Gold Bears Return as ETP Rout Extends to 17th Week: Commodities Forex Nicholas Larkin - Jun 14, 4: Fed Taper Fear Stalks World Financial Markets: Cutting Research By Simon Kennedy - Jun 13, 2: Market Reversal By Wes Goodman - May 16, 4: Gold overtakes JPY as the lead story in FX, but for how long?
Exness partner event, Gujranwala, Pakistan - Feb 2016
Exness partner event, Gujranwala, Pakistan - Feb 2016
The Indian mobile and smartphone industry is one of the fastest growing markets in the world.1 The market for mobile handsets, which include feature-phones and smartphones, are expected to grow at a CAGR (compounded annual growth rate) of 15.8% over the years from.
President franklin d. roosevelt and the New Deal plan he implemented created many new administrative agencies.
The Indian mobile and smartphone industry is one of the fastest growing markets in the world.1 The market for mobile handsets, which include feature-phones and smartphones, are expected to grow at a CAGR (compounded annual growth rate) of 15.8% over the years from.
The existing and the oldest mainland settlement is the town of Lumut, an attractive, laid-back place about 7 km away.