As ‘rumors’ of European sanctions against Russia’s major oil energy firms are leaked strawman-like to the market and expected to be enacted as soon as tomorrow, it appears there is a ‘glitch’ in the union. The FT’s Peter Spiegel reports that one country is holding out on EU sanctions and that is the…
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Europe’s Russian Sanctions In Jeopardy As "One Country" Holds Out
Former European Central Bank President Jean-Claude Trichet told MNI Saturday that the ECB does not to need to copy the US Federal Reserve to successfully fight risks of low inflation. In an interview with MNI on the sidelines of the European House Ambrosetti Forum in Cernobbio, Italy, Trichet sai…
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Former ECB Trichet: ECB Does Not Have To Copy Fed For Success
Canada Building Permits came in stronger-than-expected today at 11.8% vs. -5.0% estimate. Moreover, last month was revised higher 16.4% vs. 13.5%. Despite the better data, the USDCAD has moved higher (lower CAD), as the market could not muster any downside momentum off the data. …
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USDCAD grinds higher despite better Building Permits
U.S. Treasury Secretary Jack Lew on Monday called for swift action to close a federal tax code “loophole” that allows businesses to reincorporate abroad to avoid U.S. corporate taxes, but offered no new ideas for how to do that. Amid growing concern among Washington policy-makers about these tran…
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Treasury’s Lew urges action on corporate ‘inversion’ tax deals
BREAKING
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Abe Adviser Honda: No Problem For Japan Econ If Yen Weakens a Bit More
Fleet footed Mario Draghi deserves the plaudits for the aggressive actions untaken last week. Following the ECB’s surprise rate cut has led to some serious volume spikes in forex trading – volume and volatility provides opportunity, something that has been amiss for far too long with this asset…
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EUR Supported By Plummeting Pound
Politicians from the UK’s three main parties are launching a frantic final push after a shock poll put the pro-independence campaign ahead in Scotland for the first time with only 10 days to go before the vote. With the weakening pound indicating that financial markets are now taking the prospects…
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5 Things To Watch Before Scotland Votes On Whether To Leave Great Britain
Treasury Secretary Jacob Lew said on Monday the Obama administration will make a decision on policy about corporate tax inversions “in the very near future.” Speaking at the Urban Institute in Washington, Lew reiterated a call for Congress to pass legislation to discourage inversions but said the…
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Remarks of Secretary Lew at the Urban Institute
Canadian building permits jumped to a surprise record in July, led by Toronto and Vancouver condominiums and apartments, at a time when the central bank says high home prices and indebted consumers remain a key risk to the economy. The value of municipal permits for multi-unit housing jumped 43.4…
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Toronto, Vancouver Condos Lead Record Canada Building Permits
Canadian municipalities issued building permits worth $9.2 billion dollars in July, up 11.8% from June and the fourth consecutive monthly advance. The increase in July was mainly attributable to higher construction intentions for multi-family dwellings in Ontario and British Columbia as well as…
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Canada Building permits, July 2014
The cost of hedging against near-term currency swings from a possible “Yes” vote in Scotland’s independence referendum jumped to a 13-month high on Monday, as more hedge funds sought protection from wild fluctuations in the pound. With less than two weeks to go before the vote, a YouGov survey fo…
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Cost to hedge sterling swings rises as Scottish vote looms
GBP/USD continues its relentless decline, as can be seen by the move below the key support at 1.6220. Another support stands at 1.6000 (psychological threshold and 50% retracement). Hourly resistances can now be found at 1.6233 (intraday high) and 1.6340 (05/09/2014 high). In the longer term, pri…
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GBP/USD – Moving below the key support at 1.6220
The US Federal Reserve’s forward guidance on future interest rates has come up for debate after a stream of central bank officials declared the current wording needs to change. In the past few days, officials from every part of the rate-setting Federal Open Market Committee – hawks and doves, …
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Federal Reserve to debate new language on interest rates
Prince William and the Duchess of Cambridge are expecting their second child, the royal family said on Monday morning. The announcement was made from Clarence House on Twitter. “The Duke and Duchess of Cambridge are very pleased to announce that the Duchess of Cambridge is expecting their seco…
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Prince William and Duchess of Cambridge expecting second child
Retail employment fell in August for the first time in six months. Consumption slipped in July for the first time in six months. Some of the same forces that are dragging the labor-force participation rate down — namely, the aging of the baby boomers into retirement — are impacting other parts of…
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The great US retail debate to be fired up by sales report
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EUR/GBP breaks above the 100DMA at 0.8037, tripping stops to print session highs
The U.K. government raced to put together a package of more powers for Scotland in a bid to persuade voters to reject independence in favor of the promise of more autonomy within the union. Shocked into action by a poll showing the Yes campaign ahead for the first time this year just 10 days bef…
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U.K. Races to Grant Powers to Scots to Blunt Independence
Germany posted a record trade surplus of 22.2 billion euros in July, suggesting Europe’s largest economy could bounce back strongly in the third quarter after suffering a surprise contraction in the second. Seasonally-adjusted data from the Federal Statistics Office showed exports surged 4.7 per…
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Record German trade surplus points to strong third quarter
Despite the new measures taken by the European Central Bank (ECB) last Thursday the composite index for the euro zone collapses. It falls from +2.7 to now only -9.8 points. As both, the assessment of the current situation and investors’ 6-month expectations, now have reached negative territory, the…
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Euro-zone index collapses again – despite Draghi
