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Portuguese Politics Morphs into Technocrat Choice

June 03, 2011
The debt crisis in Europe is having political ramifications. Ireland elected a new government earlier this year and Portugal will do so this weekend. The latest polls suggest the most likely outcome is a coalition government between the Social Democrats and the People's Party.
The crisis renders party platforms nearly irrelevant. The terms of …
Portuguese Politics Morphs into Technocrat Choice Portuguese Politics Morphs into Technocrat Choice Reviewed by Marc Chandler on June 03, 2011 Rating: 5
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Consolidative Tone, Except for Sterling and Yen

June 03, 2011
The US dollar is largely in a consolidative mode ahead of the US jobs data, service ISM and more developments from Greece, where as noted previously in this space, European officials drove the situation to the edge of the abyss and now are pulling back.
The euro zone service PMI came in a t 56.0, which represents an improvement over the 55.4 flash …
Consolidative Tone, Except for Sterling and Yen Consolidative Tone, Except for Sterling and Yen Reviewed by Marc Chandler on June 03, 2011 Rating: 5
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Dollar Yields to Euro, Sterling Recovers

June 02, 2011
The main development today has been the full recovery of the euro from yesterday's North American slide, which was in part fueled by Moody's rating slash of Greece.  The euro recovered through Asia and then accelerated in a holiday-thin (Ascension Day) European session.  A relatively healthy reception at a Spanish bond auction and reports …
Dollar Yields to Euro, Sterling Recovers Dollar Yields to Euro, Sterling Recovers Reviewed by Marc Chandler on June 02, 2011 Rating: 5
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Kan Can Survive Vote of Confidence, but...

June 01, 2011
Japan Prime Minister Kan faces a vote of confidence as early as tomorrow. It will not cause a split in the Democrat Party of Japan (DPJ). It is a reflection of that split, begun over the ousting of former power broker Ozawa from the DPJ over financing scandal. The DPJ have been divided since this has undermined the government's ability to resp…
Kan Can Survive Vote of Confidence, but... Kan Can Survive Vote of Confidence, but... Reviewed by Marc Chandler on June 01, 2011 Rating: 5
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Data Theme: Economic Moderation

June 01, 2011
The US dollar is mixed.  The euro is consolidating its recent gains, despite softer PMI data.  
The UK reported a much weaker than expected PMI data and sterling dropped a cent after earlier testing $1.65.  Switzerland reported stronger PMI and retail sales data and this offset the impact of yesterday's somewhat soft Q1 GDP report. 
Data Theme: Economic Moderation Data Theme:  Economic Moderation Reviewed by Marc Chandler on June 01, 2011 Rating: 5
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