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The Danish Dilemma: What the Euro Crisis has Wrought

May 31, 2012
Denmark, like Switzerland, offers negative interest rates.  This is not just bills either, but in Denmark's case, rates are negative through the 2-year tenor.  Swiss rates are negative through the 4-5 year sector.  The Danish situation is similar to Switzerland's.  
As money seeks refuge from the uncertainty in the euro zone, especially w…
The Danish Dilemma: What the Euro Crisis has Wrought The Danish Dilemma: What the Euro Crisis has Wrought Reviewed by Marc Chandler on May 31, 2012 Rating: 5
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Concrete Example of Potential Compromise in EMU

May 31, 2012
I have characterized my understanding of the euro zone investment climate as three no's:  No ECB backstop for sovereigns.  No joint bond.  No euro zone break-up.  That implies a prolonged period of slow growth.  It risks chronic political instability.
It also follows from this that I don't expect Greece to leave or be ejected from monetar…
Concrete Example of Potential Compromise in EMU Concrete Example of Potential Compromise in EMU Reviewed by Marc Chandler on May 31, 2012 Rating: 5
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Redenomination Risk: Is the Genie Out of the Bottle?

May 31, 2012
We have argued that the German effort to make the Greek election into a referendum on the euro was misguided. Greece made its decision to join more than a decade ago. Opinion polls indicate that this is still the case: Greek people, by an overwhelming majority, want to stay in EMU.
The memorandum of understanding has…
Redenomination Risk: Is the Genie Out of the Bottle? Redenomination Risk: Is the Genie Out of the Bottle? Reviewed by Marc Chandler on May 31, 2012 Rating: 5
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The SNB is Preventing Needed Adjustment

May 31, 2012
The Swiss National Bank does not miss an opportunity to remind market participants that it is determined to cap the Swiss franc's appreciation. The cost of imposing its will appears to be rising. The Financial Times today reports estimates of the magnitude of its intervention range from CHF20 bln to CHF100 bln in recent weeks. Such a wide r…
The SNB is Preventing Needed Adjustment The SNB is Preventing Needed Adjustment Reviewed by Marc Chandler on May 31, 2012 Rating: 5
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Month-End Adjustment Gives Brief Reprieve

May 31, 2012
The US dollar is mostly softer against major and emerging market currencies today.  Many observers will talk about the string of better than expected data from Europe and the polls that suggest the ND are ahead in Greece and that the Irish will easily support the fiscal pact in today's referendum.  Yet the risk is that the firmer tone in the …
Month-End Adjustment Gives Brief Reprieve Month-End Adjustment Gives Brief Reprieve Reviewed by Marc Chandler on May 31, 2012 Rating: 5
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