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German Inflation Hits Highest Annual Rate In 3 Years

fxbom.com
09:20 PM

FRANKFURT -(Dow Jones)- Consumer price inflation in Germany, Europe’s largest economy, rose sharply in September to its highest level in three years, reducing pressure on the European Central Bank to reverse its recent interest rate hikes.

Consumer prices rose 2.6% on the year, the highest annual rate since September 2008 and up from 2.4% on the year in August, according to preliminary data released Wednesday by the Federal Statistics Office, or Destatis.

Economists, polled by Dow Jones Newswires prior to the report, had forecast an increase of 2.4% on the year.

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September 28th, 2011 by fxbom
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UBS Cuts Euro, Sterling Forecasts

fxbom.com
07:41 PM

LONDON -(Dow Jones)- UBS AG slashed its near-term forecasts for the euro late Monday, joining a growing list of banks that have recently cut their views on the single currency.

The Swiss bank sees the euro falling to $1.20 against the dollar in the next three months, compared with its previous forecast of $1.30.

The downward revision reflects its belief that the euro-zone sovereign debt crisis is likely to escalate, while slower growth prompts investors to price in future rate cuts by the European Central Bank.

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September 27th, 2011 by fxbom
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Europe, US Stocks Rise on Bank Boost Rumours

fxbom.com
08:32 AM

LONDON: European and US shares rose on Monday with intense speculation over a eurozone banking recapitalisation plan and an orderly Greek default, though lack of details kept trading extremely volatile.

The euro was rangebound amid growing signs the eurozone debt crisis could further damage the faltering global economy. Asian equities fell sharply earlier on Monday.

“Weekend press reports … suggest that EU policymakers are looking at a three-pronged plan which involves leveraging the firepower of the EU’s rescue fund up to 3.0 trillion euros, a recapitalisation of vulnerable eurozone banks and an orderly Greek debt default,” said VTB Capital economist Neil MacKinnon.

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September 27th, 2011 by fxbom
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Euro Falls On Inconclusive Washington Meetings, Lower Stocks

fxbom.com
12:22 PM

TOKYO -(Dow Jones)- The euro was broadly lower in early Asian trading Monday as the markets gave a less-than-enthusiastic response to vague promises at the G-20 meeting in Washington about how best to deal with the euro-zone crisis.

Also hitting risk-related currencies was a sharp morning fall in key share indexes, including a more than 2% drop in the Nikkei Stock Average after a Friday holiday. South Korea’s Kospi Composite fell 1.9% in choppy trade before recovering some ground.

“Nothing concrete came out of the G-20 meeting over the weekend,” said Tomohiro Nishida, senior dealer at Chuo Mitsui Trust and Banking. “Uncertainty will likely persist,” he added.

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September 26th, 2011 by fxbom
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EU Not Accelerating Bank Recapitalization Plans

fxbom.com
11:27 PM

BRUSSELS– The European Union has no plans to speed up recapitalization of banks that came close to failing the stress tests published in July, a European Commission spokesman said Friday.

Eight banks failed the tests. The pass-fail mark was having a core tier 1 ratio of at least 5% in a stressed macroeconomic scenario. Those banks will be required to raise new capital.

Sixteen banks had a capital ratio between 5% and 6% in a stressed scenario. The EU authorities said banks in this group that have exposure to the sovereign debt of vulnerable countries should take steps to shore up their capital.

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September 23rd, 2011 by fxbom
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