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Euro Bounces; Like a Dead Cat?

April 29, 2010
The US dollar is somewhat softer today as the market takes a pause to consider recent developments. News that Fitch reaffirmed its AAA rating for Spain, despite S&P’s move yesterday, and heightened speculation that European officials are working on a larger multi-year fund for Greece, and a relatively smooth Italian bond auction, are helping t…
Euro Bounces; Like a Dead Cat? Euro Bounces; Like a Dead Cat? Reviewed by Marc Chandler on April 29, 2010 Rating: 5
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FX Price Action

April 28, 2010
The euro traded down to about $1.3143, which has not been seen in nearly a year. Although it found a bid there as news wires announce a number of official press conferences in Europe as officials try to calm market anxiety that the EU/IMF negotiations with Greece may include a debt restructuring. Recall that when S&P slashed Greek’s ratings ye…
FX Price Action FX Price Action Reviewed by Marc Chandler on April 28, 2010 Rating: 5
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Europe Dominates

April 28, 2010
The US dollar is generally firmer as the European debt crisis escalates and dominates the global capital markets. As was the case in the post-Lehman environment, the demand for dollars is just as much a function of securing funding as it is a safe haven.
Ironically, sterling has been sold-off harder than the euro today. Investors continue to try t…
Europe Dominates Europe Dominates Reviewed by Marc Chandler on April 28, 2010 Rating: 5
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Two Additional Points About Greece

April 27, 2010
First, note that Moody's rating for Greece is A3, which is the same as A-. As long as one rating agency has Greece BBB- or above, the ECB will still allow its use as collateral. Of course the S&P aggressive move is significant and cannot be for European banks, who hold Greek bond, including Greek banks themselves, but Greece is thus far no…
Two Additional Points About Greece Two Additional Points About Greece Reviewed by Marc Chandler on April 27, 2010 Rating: 5
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Kiwi is More than a Fruit; Approaching a Low Risk Buy

April 27, 2010
The Reserve Bank of New Zealand meets tomorrow. There is little chance of a hike in the 2.5% official cash rate. The market continues to expect the RBNZ to begin raising rates in Q3. There is unlikely to be a shift in these expectations.
This should not stand in the way of a continued gradual appreciation of the New Zealand dollar. Earlier this mo…
Kiwi is More than a Fruit; Approaching a Low Risk Buy Kiwi is More than a Fruit; Approaching a Low Risk Buy Reviewed by Marc Chandler on April 27, 2010 Rating: 5
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