Posts Tagged ‘personal finance’

BOE and ECB leave rates and QE on hold-Greece announces 85.8% PSI participation

Friday, March 9th, 2012

Mike Paterson’s daily Forex brief

Yes I had a great time at my friend’s wedding yesterday, and yes I’ve got a headache this morning as predicted. Thanks for asking! (more…)

All eyes on BOE and ECB interest rate meetings as traders square up positions

Thursday, March 8th, 2012
All eyes on BOE and ECB interest rate meetings as traders square up positions
What can’t go up any further must invariably come back down, and so it’s been with the US $ as a combination of renewed hope of a Greek PSI deal ( yawn ) and today’s BOE and ECB interest rate meetings give traders excuses to square up.
There have been reports that private holders of bonds worth over EUR 100 billion (more than 50%) have pledged to participate in the debt restructure, the deadline for which is later today at 20:00 GMT. Greece had targeted a 90% PSI participation, which looks very unlikely at present, but many bank analysts are forecasting a take-up of around 75%, which is more than enough for the Greek government to then force the hand of those refusing to take part. This will amount to a default of sorts, initiating a credit event and triggering CDS payout but as with most events at the moment not quite as bad as the worst case scenario.
Anyhow it was enough to put the brakes under the EURUSD drop although not before taking out the barrier option support at 1.3100. But we only saw a minimal follow and there was enough general buying down there to trigger a rally of sorts across the board with GBPUSD also finding a few buyers around 1.5720
This buy-back also found support from the BOJ’s reiteration that they will keep easing monetary if need be so we saw the Yen being sold again and reversing the previous 48 hour’s gains. Gold too has found support once more just above the key $1650 area and now trades at $1702, while the Aussie $’s fall has also been halted for the moment too at least.
We don’t expect any surprises or changes from the BOE or ECB today but that’s not to say they won’t have some impact and discretion once again will be the better part of valour. The BOE will have an interesting time of it given the 7-2 vote last time and the ECB press conference always has the knack of throwing in a few curve balls.
Further squaring is going on as I type  and EURUSD is now up to 1.3211 and GBPUSD trades at 1.5825, and yep  EURGBP is still around 0.8350. ( GBPEUR 1.1976 ) !
And finally, I’ll be off to London straight after the ECB’s Q&A to celebrate the marriage of my dear friend- and fellow original Essex boy- Nick and his charming lady Katherine. Many congratulations to the happy couple and I’ll be on the mobile if you people really need me, but I fully expect to be writing this column tomorrow nursing a severe hangover.. Just saying………… !
What can’t go up any further must invariably come back down, and so it’s been with the US $ as a combination of renewed hope of a Greek PSI deal ( yawn ) and today’s BOE and ECB interest rate meetings give traders excuses to square up. (more…)

Traders run scared from Greek PSI bondholder threats

Wednesday, March 7th, 2012

Mike Paterson’s daily Forex brief

We’ve seen more US $ buying in the past 24 hours as Greece warns that if Private Sector Investor bondholders don’t accept the terms of the bond swap, the Greek government will invoke Collective Action Clauses, (CAC’s). (more…)

RBA leaves Aussie rates on hold as dovish comments from China continue to hold sway

Tuesday, March 6th, 2012

Mike Paterson’s daily Forex brief

Little action to report from the past 24 hours as traders ease their way into a new week still desperately looking for clues and, despite some profit-taking yesterday, (more…)

US dollar in vogue still as a new week unfolds

Monday, March 5th, 2012

Mike Paterson’s daily Forex brief

A quiet start to the week with similar trends with which we finished last week. The US Dollar remains in vogue and the Euro continues to be undermined but with good two-way business giving some support. (more…)

Euro weakens as new month gets underway

Friday, March 2nd, 2012

Mike Paterson’s daily Forex brief

With month-end flows out of the way traders have been disappointed with the lack of any real positive impact on the Euro, and with the old adage (more…)

Homeowners spend £1.7 billion a year too much on home insurance

Thursday, March 1st, 2012

Research by a leading UK home insurance company shows that homeowners are overpaying £1.7 billion every year on their household insurance. (more…)

It finally all kicks off as Bernanke indicates less chance of QE3 monetary easing

Thursday, March 1st, 2012

Mike Paterson’s daily Forex brief

Happy St. David’s Day to all our Welsh readers including our esteemed EV editors!

They say if you wish for something long enough then your dreams will come true. (more…)

Markets focus on LTRO auction this morning after digesting Irish referendum news

Wednesday, February 29th, 2012

Mike Paterson’s daily Forex brief

I spoke yesterday about the trader mentality and the need for feeding frenzies. Yesterday we had a Euro wobble on the Irish EU treaty referendum news and, for what it’s worth, today carries two potential visits to the trough. (more…)

Euro wobbles after calls for additional EZ “firewall” funding meets with little response.

Tuesday, February 28th, 2012

Mike Paterson’s daily Forex brief

Markets continue to lack any direction as traders try in vain to satisfy their normally voracious appetites with any scraps from around the table. (more…)

The UK household ‘debt noose’

Monday, February 27th, 2012

Despite the best efforts of UK householders to pay down their loans, they remain highly indebted to the extent that in the final three months of 2011 families struggling with debt paid up to 23.8%of their disposable income on debt interest. (more…)

Those in retirement need an extra £86 billion a year to feel comfortable

Monday, February 27th, 2012

Research show that those in retirement feel that they need an extra £140 per week on average in order to be financially comfortable. (more…)