Posts Tagged ‘eurozone’

The Swiss franc under intense stress

The safe-haven Swiss franc has beaten new records on several fronts. Against the single currency, the franc reached 1.15, against the US dollar it is slightly above 0.80 and against the British pound it lies at 1.30. Latest developments in the eurozone crisis saga and disappointing economic data in the US have darkened the global […]

Gold reaches new highs with sovereign debt crisis

Gold peaked yesterday slightly above USD 1594, after Ben Bernanke referred, in his twice-a-year economic report to Congress, to the possibility of resorting to a third quantitative easing plan. This sent the dollar lower and the gold price to a new high in US dollars, as well as in euro and sterling. The price of […]

The ECB keeps its word despite the crisis

Despite the current very uncertain environment, the ECB’s Governing Council decided yesterday afternoon to raise its interest rates by 25bp. As a result the corridor between the marginal lending facility and the deposit facility remained unchanged at 150bp. The pre-crisis corridor was 200bp. Yesterday’s decision was taken unanimously and was probably dictated to a large […]

Greek crisis: an update

Greece’s cabinet yesterday approved the Medium Term Fiscal Strategy (MTFS) after days of acrimonious debate within the PASOK (Prime Minister’s party). It is worth recalling that the adoption of this plan is pivotal for Greece to obtain a new EU-IMF rescue package designed to fulfil its 2012 financing gap. Without this aid extension, the IMF […]

ECB Press conference

As expected the ECB’s Governing Council decided yesterday to leave its official interest rate unchanged at 1.25%, but Jean-Claude Trichet used the code words “strong vigilance” several times suggesting that the main policy rate will probably be raised by 25bp to 1.5% at July’s meeting. The hint was reinforced by other hawkish sentences like: “we […]

Euro area: Q1 GDP growth

The second release of euro area Q1 GDP was unchanged from its preliminary estimate of 0.8% q-o-q (3.4% q-o-q annualised), consistent with a 2.5% y-o-y growth. The most recent past has not been revised (0.3% q-o-q in Q4 and 0.4% in Q3), so the sharp rebound in Q1 is confirmed. The most vivid growth was […]

Euro area: Fiscal crisis

To summarise an extensive research note published today, the whole euro area is in a very difficult situation. One year after the €110bn 3-year international aid package had been approved to help the Greek government, doubts about the country’s ability to honour its debt have resurfaced again. With the exception of some short periods of […]

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