The various finance ministries are giving background briefings in the run-up to the G7 meeting this weekend. A US Treasury official is on the wires saying the world can’t rely on the US consumer to fuel a recovery. The world is not out of crisis yet and there is still much work to be done. Each major economy must make policy adjustments to sustain recovery, the official said. This is becoming a familiar refrain from US officials as the consumer is expected to have less access to credit coming out of the recession than going in and also having less appitite to use credit as well. Most expect any US recovery to be tepid as a result.
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US: Don’t rely on US
June 11 2009, 6:45pm | Comments »
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Lacker: Don’t need to buy more bonds if curve steep on outlook
If the US yield curve is steepening on the back of a brighter economic outlook than there is no need for the Fed to add to its purchases of Treasury notes. Higher rates will be needed when economic growth turns positive, Lacker says. Yields will be in focus this afternoon as the government auctions 10-year notes. An hour later, the Beige book will be released, laying the groundwork for the next FOMC meeting. EUR/USD is consolidating losses, now at 1.3990. 1.4000 and 1.4050 are resistance levels intraday.
June 10 2009, 6:39pm | Comments »
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EUR/USD Sets Its Sights On 1.40
By Fast Brokers - The EUR/USD continues its balancing act from our 2nd tier uptrend line, and is making a push for [...]
June 9 2009, 7:15pm | Comments »
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Supreme Court grants stay, puts Chrysler sale to Fiat on hold
Chrysler will not be able to close its sale to Fiat until it gets approval by the US Supreme Court. The Court upheald an appeal for a dealy by pension funds who feel they were robbed in the reorginization process by the Federal Government.
June 8 2009, 11:03pm | Comments »
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World bank chief bullish on China
World Bank chief Zoellick says that he’s unsure where global demand will come from for an economic rebound but he does see China surprising to the upside. Efforts to move China to a more international currency system is a good thing, he said. EUR/USD is well supported, continuing to absorb offers above 1.3900. Cable is a runaway train, trading at 1.6055 after rallying as high at 1.6068 on short-covering.
June 8 2009, 8:42pm | Comments »
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