Daily FX: Analyst picks September 16, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Kiwi-dollar, long Kiwi-yen, looking to exit long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Dollar-yen has chopped sideways and opened the week lower on news that Larry Summers would not become the next Fed chairman. Weakness related [...]
Donald still in cup contention September 16, 2013 FORMER world No1 Luke Donald scraped into the last FedEx Cup event, after carding a final round 66 at the BMW Championship yesterday to finish tied fourth. Only the overall top 30 players will tee off in the TOUR Championship on Thursday and Donald’s 11 under par score for the week moved him from 54th [...]
Markets seeing a Larry rally as Summers announces he won’t contend Fed job September 16, 2013 An announcement by Larry Summers that he won't be contesting the role of Federal Reserve chairman has sent the dollar down and US stock futures up. Markets are now expecting a more dovish chairman (although Summers is by no means a hawk), and the favourite is Janet Yellen. Kit Juckes, Societe Generale: Five (long) years [...]
Before the open: FTSE expected up but dollar weak following Summers exiting Fed race September 16, 2013 The US dollar dropped sharply overnight, following Larry Summers quitting the race to replace Ben Bernanke as Fed chairman. European markets are expected to open up this morning, with the euro pushed up by a weak dollar. The German Dax is expected to hit a new record when it opens. ECB president Mario Draghi will [...]
Larry Summers quits Fed race September 15, 2013 LARRY Summers, the leading US economist, last night spectacularly withdrew from the race to become the next chairman of the Federal Reserve. The move sent shockwaves through the financial markets, pushing down the dollar. Summers had been widely seen as President Barack Obama’s likely favourite, but had recently come under intense criticism, with over 400 [...]
Lehman crisis should have changed the world more than it did September 15, 2013 FIVE years ago, like every Sunday night, I was in the City A.M. newsroom, supervising the production of the newspaper. Traditionally, Sundays are a quieter day for business news: while there’s always lots to write about, there are few on-diary corporate announcements. Not that Sunday. It was the most manic day any business journalist can [...]
Central bankers urge caution as rates start rising September 15, 2013 THE RETURN to normal interest rates will be fraught with uncertainty, and investors should be careful and cautious to make sure they can withstand any surprises, the Bank of International Settlements (BIS) warned yesterday. Markets have been surprised by the impending tapering in the US, which will see the Federal Reserve slow the pace of [...]
Wall St The Week Ahead: US markets are ready for cut in fiscal stimulus September 15, 2013 MONTHS of anticipation will come to an end this week when the Federal Reserve finally says whether it will start to rein in its massive stimulus of the economy, which has flooded financial markets with some $2.75 trillion over the past five years, supercharging returns on everything from stocks to junk bonds. But for all [...]
US consumer sentiment index misses mark September 13, 2013 A consumer sentiment index flash estimate has come in at 76.8, following the August figure of 82.1. Traders had predicted a move to 82.0. The index gives a picture of consumers' willingness to spend. Michigan consumer sentiment, falls; business inventories increase more than expected. Cause for concern for 2013Q4, but a + for Fed [...]
New York Report: US market falls back following seven day gain September 12, 2013 US STOCKS slipped yesterday, ending seven straight days of gains by the S&P 500 index as a drop in precious metal prices dragged mining shares lower. Spot gold fell 2.6 per cent to $1,331 an ounce as tensions with Syria eased and on worries the Federal Reserve will begin to scale back its monetary stimulus [...]