Risk aversion became the holiday’s main dish as lingering concerns over the debt issues that surround Dubai World and Dubai itself. Dubai was shaking confidence across the Persian Gulf after its proposal to delay $59B debt payments risked triggering the biggest sovereign default since Argentina in 2001. The heavy tone…
Euroland: No Comfort for the ECB
M3 declined more than consensus expected. This was not so surprising though as the decline is due to base effects. Monthly developments in M3 have been pretty much flat since October last year with outstanding amounts staying in the EUR9.380-9.430bn range. In October, M3 fell 0.14% from EUR9.414bn to EUR9.4014bn.
European Market Update
The dollar managed to compose itself from a recent decline in both sentiment and price levels as the European morning approached aided by verbal support, intervention rumors and renewed debt default concerns.
USD Pullback Ahead Of Thanksgiving
The market is in ‘pull-back mode’ after the USD broke key supports vs. JPY and EUR on Wednesday. The reason is probably Thanksgiving and the thin and spiky market conditions towards the weekend. We will be careful and not read too much from the technical developments in this time span,…
Gold Trades Above $1195 As Last Dollar Supports Give Way
A new day, a fresh round of USD-selling, and another record high for gold. The unrelenting momentum of gold’s rally has surprised many people, re-igniting chatter about the possibility of a bubble or blow-out reversal. But while the 26% rise in the past 3 months is still impressive, compared to…