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Note on Private BOJ Briefing

July 21, 2011
The Bank of Japan held a private briefing with a small group of analysts from leading financial institutions in their NY rep office. The Director-General of the Research and Statistics Department led the presentation. Must of the discussion was a summary of what has happened. There was little new or fresh here, but more interesting was some forwar…
Note on Private BOJ Briefing Note on Private BOJ Briefing Reviewed by Marc Chandler on July 21, 2011 Rating: 5
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Fears of Default Send Euro Reeling

July 21, 2011
The optimism of a resolution of the European crisis, especially after Merkel and Sarkozy presented a united front were squashed by Eurogroup head Juncker who first seem to let it slip that a selective default in Greece might take place. 
On Monday, in this space, I suggested the euro would head to $1.4300, sterling $1.42 and the dollar toward JPY7…
Fears of Default Send Euro Reeling Fears of Default Send Euro Reeling Reviewed by Marc Chandler on July 21, 2011 Rating: 5
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Swiss Franc to Parity with the Euro? What are the Odds?

July 20, 2011
While there has been some talk of a Swiss sovereign wealth fund, it might raise more problems than it solves. Companies facing an adverse currency shock typically have two strategies. The first is boosting productivity which helps blunt the loss of competitiveness induced by the over-valued currency. The second is to increase foreign direct invest…
Swiss Franc to Parity with the Euro? What are the Odds? Swiss Franc to Parity with the Euro?  What are the Odds? Reviewed by Marc Chandler on July 20, 2011 Rating: 5
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Europe: Don't Forget the Sixth Man

July 20, 2011
In basketball, with 5-person teams, the crowd is often referred to as their "sixth man". (My webmaster, an Ann Arbor Native, would like us all to take a moment and realize this year marks the 20th anniversary of the Fab Five) Ahead of tomorrow's summit, there are numerous proposals being floated that involve modifications to the EFSF…
Europe: Don't Forget the Sixth Man Europe: Don't Forget the Sixth Man Reviewed by Marc Chandler on July 20, 2011 Rating: 5
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Right Noises, Logjams Weaken?

July 20, 2011
Embattled officials in both the US and Europe appear to be making the right noises and this has served to spark a further recovery in most major and emerging market currencies.  The dollar has traded on both sides of yesterday's range against the yen.  Although it has recovered the JPY79 area is now offering resistance.  Elsewhere the Canadian…
Right Noises, Logjams Weaken? Right Noises, Logjams Weaken? Reviewed by Marc Chandler on July 20, 2011 Rating: 5
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