QE (or QQE for Japan) is gaining traction with respect to the velocity of nominal GDP. Q1 GDP data are consistent with our view that QE has been sufficiently forceful in the US and Japan to support nominal GDP, despite various headwinds, including fiscal austerity in the west. US nominal GDP moved…

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When Will The ECB Realize That Q(Q)E = V? – Barclays

Spain’s borrowing costs will rise if its credit rating is cut as much as market prices imply. The cost of insuring against a Spanish default suggests investors expect another cut in its sovereign ratings, to junk, according to financial information firm Markit. Spain is already one notch above…

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Junk rating risk casts shadow over Spanish bonds

The euro/dollar has seen an extension of the prevailing downside trend on Friday, moving to a low of 1.2795, before retracing to the two day low area from Wed/Thur around 1.2840 – a longer term price pivot zone. Price is now threatening to take out prior support around the 1.2745 area. The 61.8% F…

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EURUSD Technical Update – Week Of 20th/24th May

The US dollar had another impressive week, making significant gains against many currencies. A rate decision in Japan, Ben Bernanke’s testimony, the FOMC Meeting Minutes, and the German Ifo Business Climate are the top events on our calendar. Here is an outlook on the main market movers awaiting us…

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Forex Weekly Outlook May 20-24

Market participants will hear from many Fed policy makers this week with the key event being on Wednesday morning when Mr Bernanke is set to testify before the Joint Economic Committee on the economic outlook, followed by the release of the 1 May FOMC meeting minutes. Press reports concerning the…

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US Week Ahead: FOMC Minutes, Durable Goods, Housing Data

Miguel Blesa, the former executive chairman of Caja Madrid, which is now part of Bankia, has become the first prominent Spanish banker to enter prison since the start of the financial crisis. He is accused of leaving his bank saddled with huge losses because of the takeover of a bank based in Miami…

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Spanish Banker Goes to Prison

EU leaders will meet in Brussels to discuss a wide range of topics with a particular focus on the efficiency of the tax policy in order to tackle tax evasion and fiscal fraud. Intense negotiations will likely take place after European finance ministers failed to find a deal on this matter during the…

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Europe Week Ahead: EU Summit, German Ifo, EZ IP, UK MPC Minutes, -GDP, -CPI, -Retail Sales