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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
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follow this link: http://www.facebook.com/groups/edit.php?edit_members&gid=114000341949082#!/group.php?gid=114000341949082
With this argument "countrys debt burden is likely to weigh on economic growth" numerous countries are concerned.
May 28 (Bloomberg) -- Spain lost its AAA credit grade at Fitch Ratings, which said the countrys debt burden is likely to weigh on economic growth.
The ratings company cut the grade one step to AA+ and assigned it a stable outlook, according to a statement from London today. Spain has held the top rating since 2003.
Spains parliament yesterday approved the countrys deepest budget cuts in 30 years by a single vote, casting doubt on the future of the government as Prime Minister Jose Luis Rodriguez Zapatero seeks to garner support for his 2011 budget. Spain has the third-largest budget deficit in the euro region.
The process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium- term, Brian Coulton, Fitchs head of Europe, Middle East and Africa sovereign ratings in London, said in the statement.
Standard & Poors cut Spains ratings to AA on April 28.
To contact the reporter on this story: Emma Ross-Thomas in Madrid at erossthomas@bloomberg.net
Don't think this is a big problem. A real threat is a bank run is possible because the sum of non performing loans equals the total of savings deposits of the savings banks that gave out those subprime loans.
A good chance is coming for anyone who has a handful of loonies to buy a nice brand new home in Spain with private beach without oil spill.
you believe these is a bull market now and correction is over or these is just rebound then we resume down trend i am on side line watching
http://www.youtube.com/watch?v=H0a_FA_J6Sw
"World Collapse Explained in 3 Minutes"
Fearful of low liquidity ahead of Memorial Day weekend, fund managers cover significant portion of month-end requirements
Kuwait Investment Authority denies trimming European investments
ECBs Gonzalez-Paramo: Recent sharp moves in currencies not welcome
US GDP revised to 3.0% from 3.2% in Q1.
US weekly jobless claims fall 14,000 to 460,000
Bank of Portugal: Austerity will slow growth
ECBs Noyer: Euro at more normal level
Berlusconi: We have defeated speculative attack on euro
IMF: Greece not looking to renegotiate any aspects of agreement, including pensions
US sells $31 bln 7-year notes at 2.815%, bid to cover 2.88
Moodys: Greater confidence Portugal to make deficit target after austerity plan
S&P 500 rises 3.3%, US 10-yr note rises 15-bp in yield to 3.35% as risk aversion eases
Oil rises $3.20 to $74.70, Gold steady at $1212
It was a very choppy today on Thursday as the market reacted to headlines overnight that China denied it was shifting gears regarding investments in Europe. Prices retrenched in early New York trading in EUR/USD, slumping from overnight highs at 12343 to the 12202 at the New York options cut only to rebound shortly there after.
By the London close, EUR/USD was making new session highs and the rally extended as far as 12395. Some of the gains were blamed on thin markets ahead of the upcoming long weekends in NY and London while jawboning from ECB executive committee member Gonzalez-Paramo helped underpin the euro as well. Hedge fund short-covering of short-positions in risk assets was a key feature as well.
One of those risk assets was EUR/JPY, which rocketed today. It rallied as far as 11276 while USD/JPY zoomed to 9100. It stalled just shy of its 200-day average at 9103.
AUD flew higher as well today, putting a medium-term bottom in place technically, prompting heavy short-covering. The rally reached 8517 and we close near our highs. AUD/JPY was rock-fuel as well, jumping to 7750.
Cable edged above 14600, fueled by a snap-back in risk appetites. Funny how I was humoured Monday when I suggested here to buy pound on the dip and every one automatically thought I was crazy or emotional.
12415 is next resistance for EUR/USD overnight while Asian central bank offers are rumored above 12450, traders relayed late in the day. Look for very thin month-end markets Friday.