Argentina is facing a technical default at month-end because it’s been virtually barred from using the US financial system to pay current bondholders until holdouts from the 2001 default are paid. A bond payment is due on July 30 and … Continue reading
EUR/JPY has bounced slightly on better risk appetite but is down about 40 pips to 136.73 on the day. The range is 137.34 to 136.59, which is a 5-month low. The pair is creeping ever-closer to the Feb low of … Continue reading
Palestinian leadership proposes to Egypt plan for Gaza ceasefire followed by 5-day talks, according to a Fatah official in Cairo cited by Reuters.
Big day right across the board in European stock markets. It might be good in the short term that European leaders are letting Putin get away with whatever he wants but there will be a price to pay down the … Continue reading
The mess of European bureaucracy rarely gets the benefit of the doubt but after a plane leaving from Amsterdam full of innocent civilians was shot down in a Russian-sponsored war the market through the EU might get its act together … Continue reading
AUD/USD jumped 40 pips on the soft US inflation data and hit a session high of 0.9422 but virtually all the gains have now been erased and it’s trading back at 0.9388. There is some demand ahead of the pre-CPI … Continue reading
The S&P 500 is up 12 points and has broken the July 7 all-time high of 1985.59. Low inflation and decent economic data is the perfect combination for stock markets. Get the glasses ready!
Highlights of the June US existing home sales report: Fresh high since Oct 2013 Prior was 4.89M (revised to 4.91M) Sales up 2.6% in the month vs 1.9% exp Some good news on housing but there is still so much … Continue reading
The euro is on its own schedule today. The US dollar is bouncing broadly as the memory of the inflation figures fade. What was interesting about EUR/USD is that the euro gained next-to-no traction on the CPI numbers. It’s a … Continue reading
The S&P 500 is up 7 points to 1980. The July record high was 1985.59, if that breaks then a test of 2000 is virtually a sure thing. Earnings will continue to manufactured via buybacks, debt and tax avoidance (which … Continue reading