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Preview FOMC

July 31, 2012
The FOMC's 2-day meeting begins today, with a decision tomorrow around 2:15 pm EST. While the disappointing data in recent weeks raise the prospect of action by the Federal Reserve, most investors appear to be expecting a tweak in the statement to recognize the down shift in the economy and the forward looking guidance, with a action more li…
Preview FOMC Preview FOMC Reviewed by Marc Chandler on July 31, 2012 Rating: 5
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Great Graphic: Regional Debt Spain (and Italy)

July 31, 2012
Here is a Great Graphic posted on FT Alphaville.  It illustrates the magnitude of Spain's regional debt challenge.  The regional debt is one of  three separate but related debt problems Spain face.  The other two being bank debt and sovereign deficit/debt.   
There are interesting parallels between Spain and its regions on one hand and the cr…
Great Graphic: Regional Debt Spain (and Italy) Great Graphic: Regional Debt Spain (and Italy) Reviewed by Marc Chandler on July 31, 2012 Rating: 5
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FX: Hurry Up and Wait

July 31, 2012
The US dollar is mixed. Against the dollar-bloc, it is soft, but against the other major currencies, it is consolidating in narrow ranges near the middle of yesterday’s ranges. Of the capital markets, the foreign exchange market seems the more wary of being disappointed this week. Risk assets, like equities, commodities and peripheral European …
FX: Hurry Up and Wait FX: Hurry Up and Wait Reviewed by Marc Chandler on July 31, 2012 Rating: 5
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Europe: Urgent or Not?

July 30, 2012
The ECB's Draghi expressed an appreciation for the urgency facing the euro area, but he seems more isolated than he did last week when Merkel and Hollande reiterated their willingness to do what was necessary.
Even though the euro fell more than a 1.5 cents from its pre-weekend high just below $1.24, Spanish bond yields have continued to retrea…
Europe: Urgent or Not? Europe: Urgent or Not? Reviewed by Marc Chandler on July 30, 2012 Rating: 5
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Currencies Consolidate Awaiting Key Events

July 30, 2012
The US dollar is consolidating the losses suffered at the end of last week. It remains largely confined to the ranges seen before the weekend. The Swedish krona is the best performer following the better than expected Q2 GDP (1.4% vs 0.3% consensus).  The Australian dollar is the other exception.  Speculation of a rate cut next week have been sc…
Currencies Consolidate Awaiting Key Events Currencies Consolidate Awaiting Key Events Reviewed by Marc Chandler on July 30, 2012 Rating: 5
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