Forum
Posts by "stationdealer"
750 Posts Total by "stationdealer":
84
Posts by Anonymous "stationdealer":
Give me News, No one is talking about ECB's and IMF's comments coming out later today.
ECB plans to hold conference next week to talk on measures on stabilising Europe's debt crisis and the monetary policy and bond sale purchase plan for banks.
Imf to comment on Greece's repayment program.
Monday, May 17, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Mar CML Regulated Mortgage Survey
1100/1000/0600 May CBI Monthly Industrial Trends Survey
Tuesday, May 18, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr UK monthly inflation figures published
Wednesday, May 19, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 Apr Scottish Retail Sales Monitor
0930/0830/0430 May Agents' Summary of Business Conditions
0930/0830/0430 May Bank of England - Bank of England MPC meeting minutes
N/A CBI - CBI Annual Dinner with major speech expected
from Cameron or Osborne
Thursday, May 20, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr UK monthly retail sales figures
0930/0830/0430 Apr UK monthly automotive production figures
Friday, May 21, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr CML mortgage lending figures
0930/0830/0430 Q1 Business investment provisional results
0930/0830/0430 Apr Public sector finances
0930/0830/0430 Apr Bank of England broad money provisional estimates
0930/0830/0430 Apr Bank of England capital issuance
0930/0830/0430 May Bank of England Trends in Lending report
1230/1130/0730 May CML Market Commentary
Tuesday, May 25, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Q1 UK output, income & expenditure (GDP)
0930/0830/0430 Mar UK monthly service sector figures
1615/1515/1115 Federal Reserve Bank of St. Louis - St. Louis Fed
President James Bullard speech
N/A House of Lords - The Queen's Speech at State Opening
of Parliament
Wednesday, May 26, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr Major British Banking Groups stats
N/A House of Lords - MPs debate Queen's Speech ahead of
crucial vote
Thursday, May 27, 2010 Exp Prev
Local/GMT/ET
1100/1000/0600 May CBI Quarterly Distributive Trades Survey
Friday, May 28, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May UK Consumer Confidence Survey
Thursday, May 27, 2010 Exp Prev
Local/GMT/ET
N/A House of Lords - MPs debate Queen's Speech ahead of
crucial vote
Friday, May 28, 2010 Exp Prev
Local/GMT/ET
N/A May Nationwide Monthly Housing Review expected around now
Monday, May 31, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May Hometrack Monthly National House Prices Survey
N/A United Kingdom - UK Spring Bank Holiday
N/A Bank of England - Bank of England MPC Member steps
down
Tuesday, June 1, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 May CIPS Manufacturing PMI
1100/1000/0600 Apr Land Registry House Price Index
Wednesday, June 2, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May REC & KPMG Report on Jobs
0001/2301/1901 CBI Service Sector Survey
Tuesday, June 1, 2010 Exp Prev
Local/GMT/ET
N/A Financial Services Authority - FSA Chief Exec steps
down this summer
Wednesday, June 2, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr Bank of England's UK residents deposits & lending
analysis
0930/0830/0430 Apr Sectoral breakdown of aggregate M4 and M4 lending
0930/0830/0430 Apr Bank of England lending to individuals figures
0930/0830/0430 May Monetary & Financial Statistics
0930/0830/0430 Apr BSA savings & mortgage lending figures
0930/0830/0430 May CIPS Construction PMI
Thursday, June 3, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 May CIPS Services PMI
0930/0830/0430 May UK Official Reserves
Friday, June 4, 2010 Exp Prev
Local/GMT/ET
0900/0800/0400 May UK monthly car registrations figures
0930/0830/0430 Q1 Bank of England UK b
*Italy April CPI Incl Tobacco Rises 1.5% On Year - Final - 20 mins ago
*Italy April CPI Incl Tobacco Up 0.4% On Month - Final - 21 mins ago
Spain Consumer Price Inflation Rises In April - 39 mins ago
*Spain March HICP Up 1.6% On Year - Final - 1 hr ago
*Spain March CPI Up 1.1% On Month - Final - 1 hr ago
*Spain March CPI Up 1.5% On Year - Final - 1 hr ago
Finnish Economy Contracts 0.3% In March - 1 hr ago
Fitch Affirms Finlands Sovereign Ratings - 2 hrs ago
Estonia Unemployment Rate Surges To 19.8% In Q1 - 2 hrs ago
FDI In China Increases Again In April - 3 hrs ago
*Estonia Q1 Unemployment Rate Rises To 19.8% From 15.5% In Q4 - 3 hrs ago
*Singapore March Retail Sales Fall 2.4% On Year, Consensus 1% Growth - 3 hrs ago
US Federal Properties Trust Files For $350 Mln IPO - 3 hrs ago
*Singapore March Retail Sales Down 1.4% Mo-M, Consensus 1.2% Rise - 3 hrs ago
*Chinas FDI Rises 24.7% Annually To US$7.35 Bln In April - 3 hrs ago
Japanese Market Trades Sharply Lower - 6 hrs ago
(RTTNews) - The European Central Bank will use term deposit tenders to drain liquidity created by purchasing government bonds, the banks President Jean-Claude Trichet said.
We are not changing our monetary policy stance, Trichet said, according to excerpts of an interview with German daily Handelsblatt, published on the ECB Web site on Friday. We will withdraw the liquidity that we will inject mainly through tendering term deposits.
The Governing Council will not tolerate inflation, the central bank chief added. He declined to comment on the volume of government bonds the central bank intends to purchase.
When asked about what induced him to take the decision to buy government bonds, Trichet said sharply deteriorating situation in a number of financial markets demanded swift action from the central bank. Further, he said the central bank is committed to preserve its goal of maintaining price stability.
While saying that the case of Greece was clearly an exceptional situation, he urged other Eurozone nations to implement programmes commensurate to recover sound fiscal situation.
What we must achieve first, are sound and rigorously implemented adjustment programmes fully in line with the commitment of Governments to take all measures needed to meet their fiscal targets this year and the years ahead in line with excessive deficit procedures and to accelerate fiscal consolidation and ensure the sustainability of their public finances.
Trichet said the measures taken by the U.S. Federal Reserve and the Bank of England cannot be compared with those taken by the ECB. He insisted that the ECB moves through the Securities Market Programme is not quantitative easing.
The ECB chief ruled out possibility that the measures adopted by the bank will dampen growth in Europe. It is a complete fallacy to say that fiscal soundness dampens growth. It is exactly the contrary. It is the absence of fiscal credibility which dampens growth.
Further, the central bank chief stated that the ECB has delivered price stability in line with its definition of below, but close to 2% since the euro was introduced in 1999. Trichet added that this track record underlines ECBs credibility.
For comments and feedback: contact editorial@rttnews.com
*On March 3, Papandreou advises his people to either accept lower bonuses and higher taxes or risk bankruptcy. The next day, there is a successful sale of Greek bonds. In the following week, the Greek Prime Minister traveled to Washington to ask President Obama for help.
*But, behind the scenes, March was not a good month for Papandreou and the whole affair unraveled on March 29 when investors no longer had an appetite for Greeces bonds. Gold then went soaring from about $1090 to the yesterdays all-time record close of $1239. During the interim, the spread between the yield on Greek and German bonds lifted to 469 basis points (bp) by the third week of April. Then the ratings agencies stepped in with further downgrades, giving Greeces credit rating junk status, which was enough to cause the Euro to crater from about 135 to 126. Not even a $1 trillion Euro stabilization plan, supported in part by the IMF, was enough to satisfy traders.
*It was the failed Greek bond auction at the end of March that caused Europeans to flee the Euro and go into gold. See a gold vs Euro chart for that ratio.
The moment the European Central Bank raises the borrowing cost for bullion, the price of gold will sink. Moreover, as and when Europeans see that their Euro is far over-sold on a short-term basis, I think they will start selling Gold, Dollars and Yen and buying Euro.
This process can be expected to start shortly, I believe. Gold could quickly drop back to $1100. A couple months from now, I expect California will start a similar process in the USA as what happened in Greece. Well before then, I think the $USD and $GOLD relationship will be back in sync. Then, as and when the US Dollar drops, the workers and taxpayers riots start, forcing a massive Fed bail-out of bankrupt state and municipal governments, I think that $GOLD will soar again.
In the past several hours, the equity markets in Asia-Pacific and now Europe have strengthened. Spot gold has settled back from about 1248 yesterday afternoon to 1233, so I anticipate relative weakness this morning in the goldminers.
Have a great day.
I think its prudent to adopt the adage Sell in May and Go Away - until August-September or possibly October, which is the time it will take for the likely outcome of the US mid-term elections to be known. Yes, I am referring to precious metals as well as equities.
Heres my thinking. Gold has become, for the short-run at least, a currency play; a reserve currency if you will, a place of refuge in a sea of central banks and governments who have lost control, if only momentarily, over monetary stability.
The currency market has moved from a state of nervousness to outright panic in the past six months, all starting with Greece, believed from the beginning to be only the first thread that could unravel the Euro unless stability was brought to bear.
Lets follow the timeline.
*From the summer of 2009 through October, following immense new debts taken on by most governments of the world, the price of gold lifts from about $920 to about $1050 and traders and monetary authorities start to focus on the weakest links in the sovereign debt ring. As the debt roll-over problem of Greece hits everybodys radar screen the European finance ministers start to discuss this matter. Gold then pops from $1050 to $1180. Traders then sense that the ratings agencies will downgrade Greece, and the price of gold lifts to over 1210.
*On December 8, Fitch downgrades Greeces credit rating from A- to BBB+, which immediately lifts the governments cost of borrowing. With sovereign default on the minds of traders, as few believed in the reform package being discussed by Greeces Prime Minister Papandreou - a plan to cut the government deficit by four percentage points, as a proportion of GDP, in 2010-2011 the workers rebel in the streets. Standard & Poors ratings for Greece also drop. Traders figure that the Eurozone members will force a tightening in Greece and elsewhere, so traders, perhaps with the help of the European Central Bank, drop the price of gold in just three weeks about $130/oz to $1085. Simultaneously, the US Dollar soars and the Euro drops from 150 to 142. Markets are in sync at this point just before Christmas.
*During early January, traders are focused on the spread between the interest charged on Greek and German debt, which widened to 4% (i.e., 400 basis points), and thinking that Greece may default, they lift the Euro and lift the price of gold again. Gold lifts to 1150, and the Euro to about 145. Markets are still in sync in mid-January.
*Then, for a few weeks, it looks like the situation is controllable. Gold drops to $1065 as the Dollar strengthens. But the Euro drops to 136 and Europeans are starting to get worried that inflation and higher interest rates are on the way.