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22:26 GMT
Sunday it is
By: Adam Button According to Dow Jones, the Greek austerity vote will be on Sunday with a cabinet reshuffle afterwards. Papademos will address the nation on Saturday. No word on the Monday PSI "deadline".Leave a comment -
21:41 GMT
Greek cabinet gives Papademos approval for loan plan
By: Adam Button The euro is jumping back to 1.3190 in an illiquid market. That's an over-reaction, this was expected. -
21:16 GMT
ForexLive North American close: Greek vote up in the air
By: Adam Button Five Greek ministers resign due to austerity Greek cabinet meeting continues Greek cabinet shuffle to take place Monday, vote Sunday or Monday Papademos says he will turf coalition members who don't vote for austerity U Mich consumer sentiment 72.5 vs 74.8 exp Bernanke: Fed has substantial interest in mortgage lending Pianalto: housing a "significant headwind" S&P downgrades 34 Italian banks Obama to project $1.33T deficit in FY2012, $901B in 2013 US trade deficit... Read full story -
20:51 GMT
House to Tighten Ban on Insider Trading by Congress
By: Anna Timone The U.S. House passed a bill aimed to prohibit insider trading by members of Congress. The bill bars members of Congress, their staff and some executive branch employees from trading stocks, commodities or futures based on non-public information they learn on the job. The legislation requires lawmakers to disclose all their mortgages, ending an exemption for loans on personal residences, and report any trades of $1,000 or more within 30 days. Also, the bill vastly expands... Read full story -
20:46 GMT
Weekly performance: EUR/JPY the winner
By: Adam Button No major moves in the market this week but a long EUR/JPY was the best trade, gaining more than 200 pips. The gains in the yen today wiped out what would have been a larger move. -
20:41 GMT
Euro shorts continue fall
By: Adam Button The Commitments of Traders report was just released, the data covers through the end of Tuesday: EUR -140.6K vs -157.5K last week JPY +56K vs +55K GBP -33K vs -26K AUD +78K vs +75K CAD +2K vs -19K NZD +23K vs 15K Net USD position +32.8K vs 38.8K prior Some interesting developments. GBP shorts expanded even with cable climbing higher, says the market is confident in shorts. CAD turning positive from negative is traditionally a buying signal (ie sell USD/CAD). -
20:16 GMT
Greek cabinet meeting continues
By: Adam Button A three-hour meeting before a critical vote with the Prime Minister threatening to throw everyone out of government doesn't exactly send a great message as trading winds down. -
20:11 GMT
Spain and Portugal make plans to tap the debt market next week
By: Adam Button Portugal added 1-year bills to the scheduled 3 and -6-month bills on Wednesday due to "specific demand from investors". Spain also just announced it will sell 3-year notes on Thursday. Spanish 3s are yielding 3.3% compared to sub-3% last week. Meanwhile, yields on the Portuguese bills due in Dec 2012 are at 4.8%. Interestingly, notes due just 10 months later, in Sept 2013 are yielding 12.7%. So either the market is pricing in some massive risks in that time period (possible)... Read full story -
20:11 GMT
Stocks fall to session lows
By: Adam Button Risk aversion rising with the S&P 500 down 13.5 points to 1338. It would be the largest one-day fall of the year. -
19:50 GMT
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19:36 GMT
No confirmation on Greek vote date
By: Adam Button The market had been working on the assumption that the full Greek parliamentary vote would by on Sunday but reports are circulating that it will take place Monday. Reuters and the Greek press are now both saying "Sunday or Monday". Heading into the weekend, it's an important differentiation. Will the market be open or closed when the vote comes? If there is no definitive answer in the next two hours, we could see more euro weakness on general uncertainty. -
19:34 GMT
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19:26 GMT
S&P: Greek new bond clause would be selective default
By: Adam Button Greece is planning to retroactively put a collective action clause in bonds. A move that would mean all bondholders would be forced to follow a vote by a super-majority. This was expected and Greek bond ratings have no impact at this point. -
19:11 GMT
Euro bids seen down to 1.3140
By: Adam Button 1.3155 is the daily low but bids extend below. Stops begin to mount below 1.3140. -
19:06 GMT
US budget deficit smaller than expected
By: Adam Button A $27.4B shortfall in January compared to -$34B expected and -$49.B last January. More here
