The yen and the dollar fell on Monday against the euro and high yielding currencies, as a jobs data better than expected U.S. on Friday and an easing in concerns drove the Greek debt investor demand for the risk.
The euro gained after encouraging remarks from key monetary authorities on the problems of debt in the euro zone. French President Nicolas Sarkozy vowed on Sunday that euro zone countries would help to Greece if they worsen their financial problems.
However, Managing Director International Monetary Fund, Dominique Strauss-Kahn, told Reuters it was unlikely that Greece's financial problems will spread to other euro area countries with high levels of debt.
Trust is kept up after a data on Friday showed job losses were less than expected, raising the view that the U.S. may be about creating jobs and affecting considered a refuge currency like the dollar and the yen.
"Greece is taking a breather from a market perspective, while the appetite for risk is driving the market. This gave the euro a bit of renewed support," said Niels From, analyst at Nordea in Copenhagen.
At 1049 GMT the euro was up 0.2 percent at $ 1.3642. Traders said that the level of short-term resistance was close to 1.3712, its highest March 4.
The dollar index was down 0.1 percent at 80.355.
Against the yen, the euro gained 0.2 percent to 123.25 yen, after hitting a two-month 123.80 yen on electronic trading platform EBS earlier.
Mostrando entradas con la etiqueta u.s. crisis. Mostrar todas las entradas
Mostrando entradas con la etiqueta u.s. crisis. Mostrar todas las entradas
lunes, 8 de marzo de 2010
viernes, 5 de marzo de 2010
Euro rises vs dollar on U.S. employment report expected
The euro rose against the dollar Friday in a small volume, pending the report on the state of the U.S. labor market, while the yen fell after sources said the Bank of Japan may consider more monetary easing measures.
The data on U.S. payrolls, which will be published at 1330 GMT, give clues about the pace of economic recovery, although bad weather in February could affect the numbers.
The consensus of analysts polled by Reuters was for a loss of 50,000 jobs in February.
Analysts believe that a figure better than expected boost to the dollar, while a worse than expected could be dismissed as the effect of the snowstorms, which would limit any adverse impact on the currency.
"The market is looking for signs of impending cyclical upturn in the U.S. and a number on the payroll could point to that," said Peter Wuyts, analyst at KBC in Brussels.
"But the climate is difficult to predict the numbers do not surprise me to market uncertainty following the release, implying that the current pattern of consolidation in the euro / dollar would continue into next week," he added.
In London, the euro was up 0.1 percent against the dollar at $ 1.3588, in a small volume before the employment report, while the dollar index was steady at 80.547.
Wuyts KBC said the strengthening of the euro over a minimum of nine months and through $ 1.3432, reached this week, suggests that the market has now absorbed most of the bad news coming from Greece.
Athens sold on Thursday with a high demand a 10-year bond, a day after he announced new austerity measures.
However, concern still awaiting a meeting between Greek Prime Minister George Papandreou, and German Chancellor Angela Merkel.Meanwhile, the yen fell after sources said the Japanese central bank would discuss this month a new flexibility in its monetary policy amid government pressure to exit deflation.
"Statements on the Bank of Japan should have an impact on the yen and believe that the dollar / yen will be around 90.30 yen in the next couple of days," said Carl Hammer, a strategist at SEB in Stockholm.
The euro rose 0.3 percent to 121.36 yen while the dollar appreciated to 89.31 percent as yen, recovering from a three-month low of 88.14 yen reached the previous day.
The data on U.S. payrolls, which will be published at 1330 GMT, give clues about the pace of economic recovery, although bad weather in February could affect the numbers.
The consensus of analysts polled by Reuters was for a loss of 50,000 jobs in February.
Analysts believe that a figure better than expected boost to the dollar, while a worse than expected could be dismissed as the effect of the snowstorms, which would limit any adverse impact on the currency.
"The market is looking for signs of impending cyclical upturn in the U.S. and a number on the payroll could point to that," said Peter Wuyts, analyst at KBC in Brussels.
"But the climate is difficult to predict the numbers do not surprise me to market uncertainty following the release, implying that the current pattern of consolidation in the euro / dollar would continue into next week," he added.
In London, the euro was up 0.1 percent against the dollar at $ 1.3588, in a small volume before the employment report, while the dollar index was steady at 80.547.
Wuyts KBC said the strengthening of the euro over a minimum of nine months and through $ 1.3432, reached this week, suggests that the market has now absorbed most of the bad news coming from Greece.
Athens sold on Thursday with a high demand a 10-year bond, a day after he announced new austerity measures.
However, concern still awaiting a meeting between Greek Prime Minister George Papandreou, and German Chancellor Angela Merkel.Meanwhile, the yen fell after sources said the Japanese central bank would discuss this month a new flexibility in its monetary policy amid government pressure to exit deflation.
"Statements on the Bank of Japan should have an impact on the yen and believe that the dollar / yen will be around 90.30 yen in the next couple of days," said Carl Hammer, a strategist at SEB in Stockholm.
The euro rose 0.3 percent to 121.36 yen while the dollar appreciated to 89.31 percent as yen, recovering from a three-month low of 88.14 yen reached the previous day.
viernes, 18 de septiembre de 2009
"The good news is that the crisis is over"
This was stated by head of Morgan Stanley, John Mack. He noted also ended fears that conditioned the financial world
The global economic crisis is over but the risks still remain, said the outgoing chief executive of Morgan Stanley.
"The good news is that I believe that the economic fears, the crisis ended," said John Mack at a conference of investors in the Russian resort of Sochi, Black Sea.
"We still have problems, yes, but the attention of governments and regulators around the world clearly avoided what could have been the demise of the financial system," he added.
The global economic crisis is over but the risks still remain, said the outgoing chief executive of Morgan Stanley.
"The good news is that I believe that the economic fears, the crisis ended," said John Mack at a conference of investors in the Russian resort of Sochi, Black Sea.
"We still have problems, yes, but the attention of governments and regulators around the world clearly avoided what could have been the demise of the financial system," he added.
jueves, 3 de septiembre de 2009
U.S. acknowledges could uncover fraud 17 years ago Madoff
The biggest financial scam in history would not have been so if the Securities and Exchange Commission of USA (the SEC, for its acronym in English) had acted with diligence. That's the conclusion of the report of the agency's own inspector general, David Kotz, noting that the SEC failed to investigate six credible allegations pointing to Madoff. Kotz recognizes that with the first complaint of 1992, the supervisor "lost the opportunity to uncover Madoff Ponzi scheme 16 years before he confessed," last December. Supervisors wasted five more times before the confession of the infamous fund manager. Worse, Madoff exhibited successive-and unsuccessful-SEC investigations to its customers to overcome the doubts that might arise.
"The fact that the SEC had conducted inspections and investigations to detect fraud without giving credibility to their operations and had the effect of encouraging more individuals and entities to invest with him," says the report's summary, 450 pages, whose content Full be made public within days.
The SEC staff is back and half in the devastating document, which states that the regulator up to three inspections conducted two investigations and business Madoff, "but none so thorough and diligent." The agency, according to Kotz, "received detailed information for years to justify a broad and deep investigation to Bernard Madoff.
In 1992 the defendant was illegal intermediary Avellino & Property, which marketed investment Madoff. The research team from the SEC, which was "inexperienced," the report said, did not follow the money trail and settled close to the intermediary. As the inspector general, the SEC faced this and five other complaints in a way superfluous, without paying due attention.
The second was presented in three versions in May 2000, March 2001 and October 2005. The first two were discarded and only paid attention to the third version, which (under the title "The biggest hedge fund world is a fraud") Details 30 warning signs suggesting that Madoff executing a pyramid scam.
But neither that nor the May 2003 of a fund manager, the April 2004 of another financial firm, the October 2005 of an anonymous informant, or the December 2006 of a "concerned citizen" was used to discover the scam.
As if that were not enough, the inspector's report cites two reports published in the press in 2001, which challenged the returns promised that Madoff, described as "unrealistic" because they were adversely affected by market turmoil which swept over the collapse of the bubble.
Although more than perhaps Kotz draws attention to is the fact that in the following tests on all these claims, researchers overlooked details that were clearly "suspicious" and not to ask about aspects Madoff "contradictory" and " inconsistent "detected in hedge fund operations.
Then-SEC Chairman Christopher Cox was recognized after uncovering the plot that the agency had committed "multiple failures" to reliably detect which it says is the biggest fraud in the history of Wall Street, valued at 65,000 million dollars (about 45,000 million euros).
Cox had no alternative but to instruct Kotz, one of the most critical work in the SEC, to investigate what happened at the agency and why they were ignored numerous warnings activated. Without wasting a minute, the inspector general launched an internal investigation, which included the personal relationship he had with the Madoff family. Should clarify to what extent the fact that Shana Madoff-niece of the fraudster, had an affair with a former inspector was able to influence the SEC. Kotz's report starts by mentioning the relationship, but reiterates that it has evidence that could have "interfered with the ability of staff to do their job."
Mary Shapiro, the current chairman of the SEC, he lamented the failures and made clear that compel us to reform oversight. "We have tightened our procedures and put more skilled personnel in the line of fire", hammered, in an attempt to reconstruct the image of the agency.
"The fact that the SEC had conducted inspections and investigations to detect fraud without giving credibility to their operations and had the effect of encouraging more individuals and entities to invest with him," says the report's summary, 450 pages, whose content Full be made public within days.
The SEC staff is back and half in the devastating document, which states that the regulator up to three inspections conducted two investigations and business Madoff, "but none so thorough and diligent." The agency, according to Kotz, "received detailed information for years to justify a broad and deep investigation to Bernard Madoff.
In 1992 the defendant was illegal intermediary Avellino & Property, which marketed investment Madoff. The research team from the SEC, which was "inexperienced," the report said, did not follow the money trail and settled close to the intermediary. As the inspector general, the SEC faced this and five other complaints in a way superfluous, without paying due attention.
The second was presented in three versions in May 2000, March 2001 and October 2005. The first two were discarded and only paid attention to the third version, which (under the title "The biggest hedge fund world is a fraud") Details 30 warning signs suggesting that Madoff executing a pyramid scam.
But neither that nor the May 2003 of a fund manager, the April 2004 of another financial firm, the October 2005 of an anonymous informant, or the December 2006 of a "concerned citizen" was used to discover the scam.
As if that were not enough, the inspector's report cites two reports published in the press in 2001, which challenged the returns promised that Madoff, described as "unrealistic" because they were adversely affected by market turmoil which swept over the collapse of the bubble.
Although more than perhaps Kotz draws attention to is the fact that in the following tests on all these claims, researchers overlooked details that were clearly "suspicious" and not to ask about aspects Madoff "contradictory" and " inconsistent "detected in hedge fund operations.
Then-SEC Chairman Christopher Cox was recognized after uncovering the plot that the agency had committed "multiple failures" to reliably detect which it says is the biggest fraud in the history of Wall Street, valued at 65,000 million dollars (about 45,000 million euros).
Cox had no alternative but to instruct Kotz, one of the most critical work in the SEC, to investigate what happened at the agency and why they were ignored numerous warnings activated. Without wasting a minute, the inspector general launched an internal investigation, which included the personal relationship he had with the Madoff family. Should clarify to what extent the fact that Shana Madoff-niece of the fraudster, had an affair with a former inspector was able to influence the SEC. Kotz's report starts by mentioning the relationship, but reiterates that it has evidence that could have "interfered with the ability of staff to do their job."
Mary Shapiro, the current chairman of the SEC, he lamented the failures and made clear that compel us to reform oversight. "We have tightened our procedures and put more skilled personnel in the line of fire", hammered, in an attempt to reconstruct the image of the agency.
Suscribirse a:
Entradas (Atom)