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The Squeaky Wheel Gets the Grease

February 26, 2010
Pessimism pervades discussions of Europe today. Optimists are not to be found. Many warn that the entire economic and monetary union project is likely to falter over the large deficit and debt burden of the Mediterranean members.
We have written much about the sticky wicket Europe finds itself in today: moral hazard and lack of political will on o…
The Squeaky Wheel Gets the Grease The Squeaky Wheel Gets the Grease Reviewed by Marc Chandler on February 26, 2010 Rating: 5
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What I am Going to Worry About This Weekend

February 26, 2010
Perhaps it is because of the snow storm here on the East Coast of the US today; perhaps it is because of the weather may have played in a role in depressing some recent economic data, including consumer confidence, weekly initial jobless claims and some chain store sales, but it strikes me that the market has yet to take aboard the impact this on …
What I am Going to Worry About This Weekend What I am Going to Worry About This Weekend Reviewed by Marc Chandler on February 26, 2010 Rating: 5
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Greek Woes

February 25, 2010
One of the key drags on the euro remains the Greek situation. Greek 2-year yields are up roughly 75 bp on the day (US 2-year yield is near 82 bp and Germany's 2 year yield is near 93 bp). A key driver today appears to be a Market News International story revealing that a draft of a joint report by the EC, ECB and IMF find that the Greek budget…
Greek Woes Greek Woes Reviewed by Marc Chandler on February 25, 2010 Rating: 5
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G20 Deputies Meeting This Weekend in Korea

February 25, 2010
The G20 meet this weekend and it has drawn little attention thus far. South Korea heads up the G20 this year and this meeting of deputy finance ministers and deputy central bankers will be held in Incheon, South Korea Feb 27-28. This is the first G20 meeting of the year. The IMF and World Bank will also be represented. The foreign exchange market …
G20 Deputies Meeting This Weekend in Korea G20 Deputies Meeting This Weekend in Korea Reviewed by Marc Chandler on February 25, 2010 Rating: 5
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Swedish Risks

February 23, 2010
Many investments houses have been extremely bullish on the Swedish krona. Swedish shares have generally outperformed most European bourses thus far this year, with the exception of Switzerland. Swedish bonds have also fared fine, with 10-year yields falling 7 bp this year and at 3.21% is between the two pillars of the euro zone--Germany (3.16%) an…
Swedish Risks Swedish Risks Reviewed by Marc Chandler on February 23, 2010 Rating: 5
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Yen, Deflation, and Labor

February 23, 2010
Three month LIBOR fixings, if they are still meaningful, are poised to cross in the yen and dollar, with latter set to rise above the former. Recall that on August 24th US 3 month LIBOR was fixed below 3-month yen rates. Today the spread stands at less than 1 bp.
Even though other parts of the dollar LIBOR fixing term structure was above LIBOR yen…
Yen, Deflation, and Labor Yen, Deflation, and Labor Reviewed by Marc Chandler on February 23, 2010 Rating: 5
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United Kingdom

February 22, 2010
There appear to be only two factors that are weighing on sterling: politics and economics. The weekend polls show the risks of a hung parliament continue and the market sees this as sterling negative. Despite last week’s poor retail sales data and speculation that Q4 GDP may be revised lower when it is reported at the end of the week, gilts contin…
United Kingdom United Kingdom Reviewed by Marc Chandler on February 22, 2010 Rating: 5
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Chinese Markets Open Once More

February 22, 2010
Chinese markets have re-opened from the week long New Year's celebration. Chinese officials have reiterated their message that their desired goal of monetary policy is "appropriately loose" and the 7-day repo rate, eased 2 basis points to 1.48%. This suggests there is plenty of inter-bank liquidity. Participants will be watching to s…
Chinese Markets Open Once More Chinese Markets Open Once More Reviewed by Marc Chandler on February 22, 2010 Rating: 5
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Japan

February 22, 2010
The LDP beat the government's candidate for governor of Nagasaki over the weekend. Public support for the DPJ government appears to have fallen below 50. Prime Minister Hatoyama blames the recent scandals for the poor showing and this is likely to increase pressure on DPJ-kingpin Ozawa to resign. It is among his aides that the recent scandal h…
Japan Japan Reviewed by Marc Chandler on February 22, 2010 Rating: 5
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