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CURRENCIES: Euro, Aussie Higher After Greek Bond Deal

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01:14 PM

By Chris Oliver, MarketWatch

HONG KONG (MarketWatch) — The euro and Australian dollar rose against the U.S. dollar in Asian trading hours Thursday after European leaders announced an agreement on writedowns for private holders of Greek government bonds.

The euro breached the $1.40 level before easing back slightly to $1.3955, up from its level of $1.3911 in late North American trading on Wednesday.

The Australian dollar got an even larger boost from the European news, rising to $1.0469 from $1.0393 late Wednesday.

German Government Spokesman: Merkel Plans EFSF Speech In Parliament Wednesday

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10:00 AM

BERLIN -(Dow Jones)- The German government expects that a European Union summit of leaders planned for next Wednesday will be able to make decisions about plans to resolve the euro-zone debt crisis and restructuring Greece’s debt.

Steffen Seibert, the German government spokesman, told a routine news conference that EU leaders would first meet Sunday in Brussels for discussion but that no decisions would be made. Then, Chancellor Angela Merkel would return to Germany to consult with the German parliament, which must approve the EFSF guidelines before Merkel can give her approval in the European Council. Merkel now plans to speak to parliament Wednesday about the EFSF and the euro-zone debt crisis and then return to Brussels to meet EU leaders Wednesday evening to decide on the EFSF and other matters related to the euro-zone debt crisis.

Fed’s Lacker: Uncertainty Holding Back Economy

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11:31 AM

SALISBURY, Md. -(Dow Jones)- Federal Reserve Bank of Richmond President Jeffrey Lacker Monday said it is likely to take “some time” to settle uncertainty over regulations, taxes and other policies that are holding back the economy.

“I think it’s going to take time to achieve greater clarity on regulatory and tax policy. And I think that the sooner we settle on a sustainable trajectory for the federal fiscal account the better,” Lacker told reporters following an economic development forum on Maryland’s Eastern Shore.

EU Close To Deal For Curbs On Naked Sovereign CDS: Sources – Bloomberg News

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11:29 AM

The EU is nearing an agreement to include an optional ban on naked credit default swaps on sovereign debt into a draft law on short selling, Bloomberg News reported Monday on its website, citing unnamed sources.

Officials and lawmakers from the Polish government are scheduled to discuss the ban in a two-hour meeting later Tuesday, according to the report. The draft law would also ban naked short selling of stocks and government bonds, the report said.

Full Story: http://www.bloomberg.com/news/2011-10-17/eu-said-to-be-close-to-deal-for-curbs-on-naked-sovereign-cds.html

(END) Dow Jones Newswires

US Jobless Claims Stay High; Trade Gap Remains Wide

fxbom.com
10:46 PM

WASHINGTON -(Dow Jones)- The number of people filing for unemployment benefits in the U.S. stayed high last week and the nation’s trade deficit remained large in August, highlighting the challenges faced by President Barack Obama in turning around the weak economy.

New jobless claims fell by only 1,000 to a seasonally adjusted 404,000 the week ended Oct. 8, the Labor Department said Thursday. That’s above the 400,000 level under which economists generally believe the jobs market is really starting to improve.