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Markets Shrug off Geopolitical Tensions

marctomarket.com / By Marc Chandler / April 16, 2014

The US dollar is trading heavier against the euro, sterling and yen, but is somewhat firmer against the dollar-bloc in mostly subdued activity. Full liquidity will not return until next Tuesday.

Sterling is trading at new 4-year highs today. After the strong employment data, more [...]

Wednesday’s Drivers: China Growth Slows, UK Employment Grows

marctomarket.com / By Marc Chandler / April 15, 2014

The US dollar is firmer against the yen and dollar-bloc currencies, but is weaker against the euro and especially, sterling. Sterling has been lifted by an unexpected decline in the unemployment rate to below 7%, the threshold under the previous forward guidance framework.

The news spurred [...]

European Investors Rush To Safe-Havens – Italy/Spain Bond Yields At New Record Low

zerohedge.com / by Tyler Durden / 04/16/2014 11:42 -0400

“While the music is playing, you keep dancing,” seems the only possible explanation for the fanatical demand for peripheral European bonds as everyone and their pet rabbit front-runs the ECB (or merely rushes to the ‘yieldiest’ thing given Draghi’s implicit guarantee). At 3.1%, it beggars belief [...]

Germany says Nein and Ja

marctomarket.com / By Marc Chandler / April 14, 2014

Germany appears to have capitulated. The Bundesbank has dropped its opposition to extraordinary measures, like ending the sterilization of the SMP bond purchases, and has even dropped its visceral opposition to QE, if it can be structured properly to keep within the ECB’s mandate.

As Jurgen [...]

More Intimations by the European Central Bank of Currency Confiscation

mises.ca / by Patrick Barron / April 14th, 2014

From today’s Open Europe news summary: Draghi suggests that the ECB could ease policy further to tackle strong euro Speaking at the spring meetings of the IMF and World Bank over the weekend, ECB President Mario Draghi said that the further strengthening of the euro “requires [...]

Greece’s Grand Decoupling, the Nuclear Option and an Alternative Strategy: A comment on Münchau

yanisvaroufakis.eu / By Yanis Varoufakis / April 14, 2014

In his latest Financial Times column Wolfgang Münchau concurs with much of what I have written here (on the Greek social economy’s deep coma) and here (on the reasons why investors are piling in) but goes on to suggest that Greece should seriously consider exiting the [...]

Behind The Fed’s Monetary Curtain: Wizards? Or Scarecrows Who “Do An Awful Lot Of Talking”

zerohedge.com / By Joseph Calhoun via Alhambra Partners / 04/14/2014 17:06 -0400

The Wizard: I AM OZ…the Great and Powerful! Who are you? The Wizard: Pay no attention to that man behind the curtain! The Great Oz has spoken! Dorothy: How can you talk if you haven’t got a brain? Scarecrow: I don’t know. But [...]

ECB policymakers plot QE road map

gata.org / By Claire Jones, Financial Times, London / Sunday, April 13, 2014

A European Central Bank policy maker has offered hints on how the eurozone’s monetary guardians would embark on an asset-buying, or quantitative easing, programme to stave off low inflation.

Benoit Coeure, a member of the ECB’s executive board who is seen as [...]

Futures Tread Water As Geopolitical Fears Added To Momentum Collapse Concerns

zerohedge.com / by Tyler Durden / 04/14/2014 07:07 -0400

Futures are treading water once more now that Ukraine has stormed to center stage from the backburner after everyone was convinced Putin would let the situation cool off after annexing Crimea. Guess not. Adding the renewed geopolitical jitters to what has already been a beta [...]

ECB embraces QE faulty logic

cobdencentre.org / Detlev Schlichter / 11 April 14

Editor’s note: this article, under the title “No end to central bank meddling as ECB embraces ‘quantitative easing’, faulty logic” appears on Detlev Schlichter’s site. It is reprinted with kind permission.

The 2nd edition of his excellent Paper Money Collapse is available for pre-order.

“Who can print [...]

ECB Action: Just a Question of Time?

marctomarket.com / By Marc Chandler / April 10, 2014

The Managing Director of the IMF and the chief economist are making no bones about it. More action by the ECB is inevitable. It is “just a question of timing,” says Lagarde and “sooner was better than later”, chimed Blanchard, the chief economist.

The market [...]

Dollar Licking its Wounds as Week Winds Down

marctomarket.com / By Marc Chandler / April 10, 2014

The US dollar is licking its wounds as the week winds down. It has been a poor week for the greenback, falling against all the major currencies. There are been two official impulses. First ECB officials have made it clear while it will explore unorthodox measures, [...]

Daily Pfennig: The Ghost of John Connally

caseyresearch.com / By Chuck Butler / April 11, 2014 9:16am

In This Issue.

* Currencies take a breather. * IMF talks renminbi as reserve currency. * Aussie Unemployment drops! * Chuck tries to sing like Bill Medley.

And Now. Today’s A Pfennig For Your Thoughts.

The Ghost of John Connally.

Good Day! . And a [...]

Gold Up-Date

gold-eagle.com / By David Levenstein / April 8, 2014

Hedge yourself against Geopolitical Tensions and Expansionary Monetary Policies of Central Banks with Gold

It has been slightly more than two weeks since the price of gold soared to over $1380 an ounce on due to tensions between the US, Europe and Russia over Crimea. As [...]

Head Of EU’s Newfangled Bank Regulator: Markets Are Dumb, Pumps Stocks Of Teetering Banks To Keep Them From Toppling

testosteronepit.com / By Wolf Richter / APRIL 8, 2014 AT 1:15AM

It is not often that the head of a bank regulatory agency and taxpayer-funded bailout mechanism pulls out a megaphone and proclaims that the stocks of teetering banks under its jurisdiction are in fact an incredible buy, that they’re undervalued because the market is [...]

Comedy Of Forecast Errors: Here Are The IMF’s Latest Projections Of Economic Growth

zerohedge.com / by Tyler Durden / 04/08/2014 10:03 -0400

Another quarter, and another attempt at predicting the future by the people whose predictions have become the biggest butt of all economics jokes, even more so than Paul Krugman columns.

We are talking, of course, about the IMF’s World Economic Outlook update.

It is here [...]

Darth Vader Economics: Why the Banksters Want Inflation

21stcenturywire.com / Andrew McKillop / April 7, 2014

When it comes to matters of macro economic sorcery, why is it that government ministers and financial media pundits always defer to private bankers? What exotic secret do they hold?

Last week, The European Central Bank (ECB) announced they have no choice but to fire-up the [...]

Rash of ECB Comments–Separating the Noise from the Signal

marctomarket.com / By Marc Chandler / April 7, 2014

There is a battle within the European Central Bank. Some want to take stronger action. Others do not think it is necessary. It is not just a matter of counting up who is on what side of the issue. It is not simply about majority rules. [...]

EU QE? … The Centre Cannot Hold

thedailybell.com / By Staff Report / April 07, 2014

The real reasons why Draghi flirts with QE … The fear is that money raised from quantitative easing in the eurozone will just be used to prop up banks that need to be allowed to fail The real reasons why Draghi flirts with QE Mario Draghi’s [...]

Changes to the Investment Climate

marctomarket.com / Marc Chandler / April 6, 2014

There are four changes to the broad investment climate. 1. The ECB has stepped up its threat of unconventional action and may have purchased a two month grace period. 2. Confidence in the US economic rebound from sub-par growth in Q1 is strengthening. 3. After a strong [...]

Why Central Bankers Struggle to Stimulate Growth

dailyreckoning.com / Chris Mayer / Apr 4, 2014

In order to stimulate lending and get the economy going, the European Central Bank (ECB) recently said it could take more drastic action. Among the tools considered are negative interest rates. Meaning, the ECB would charge banks on reserves held at the central bank.

It’s a [...]

Great Graphic: Euro Holds Monthly Downtrend Line

marctomarket.com / April 3, 2014

This Great Graphic is the monthly bar chart of the euro. It was constructed on Bloomberg. It shows that the euro has been turned back from a monthly trend line drawn off the 2008 record high and the 2011 high near $1.50.

The euro’s demise has been long foretold, including [...]

“Disappointing” Payrolls Number Spurs Gold Buying

traderdannorcini.blogspot.com / By Dan Norcini / April 4, 2014

And the number of new jobs created for the month of March is… drum roll please… Disappointing. With the market looking for something north of 200K, it didn’t get it. Up started the talk of a halt to any interest rate rise next year.

And with [...]

ECB “Models” €1 Trillion QE

zerohedge.com / by Tyler Durden / 04/04/2014 10:21 -0400

When in desperate need to crush your currency (being bought hand over fist by the Chinese), so urgently need to boost German exports, since you are unable to actually do QE as per your charter, what do you do if you are Mario Draghi? Well, you [...]

Daily Pfennig: The Jobs Jamboree Friday Is Finally Here!

caseyresearch.com / BY Chuck Butler / April 4, 2014 9:21am

In This Issue.

* Currencies are rangebound ahead of Jobs Jamboree. * Gold attempts to move higher. * U.S. Trade Deficit soars higher! * ECB leaves everything unchanged.

And Now, Today’s Pfennig For Your Thoughts!

The Jobs Jamboree Friday Is Finally Here!

Good Day! . [...]

Draghi Rebukes Lagarde and is Weidmann Going Soft?

acting-man.com / By Pater Tenebrarum / April 4, 2014

Thanks a Bunch, but Keep the Advice to Yourself Please …

The most amusing moment of Mr. Draghi’s press conference after yesterday’s ECB board meeting, was when he proceeded to put down the IMF’s Ms. Lagarde who had only one day prior to the meeting admonished [...]

The European Open Mouth Committee – Real and Psychological Factors

acting-man.com / Pater Tenebrarum / April 4, 2014

ECB: What is its Talk Actually Worth?

Many people are beginning to wonder these days how long the ECB’s trick of promising action instead of delivering action will continue to ‘work’ (allow us to interpose here, that we believe the less they do, the better it is). [...]

Equity Futures Levitate In Anticipation Ahead Of “Spring Renaissance” Payrolls

zerohedge.com / by Tyler Durden / 04/04/2014 07:20 -0400

Today’s nonfarm payrolls release is expected to show a “spring” renaissance of labor market activity that was weighed on by “adverse weather” during the winter months (Exp. 200K, range low 150K – high 275K, Prev. 175K). Markets have been fairly lackluster overnight ahead of non-farm [...]

ECB and Beyond

marctomarket.com / Marc Chandler / April 3, 2014

The ECB meeting looms large. The newswire surveys are nearly unanimous. The ECB is not going to take fresh action to address one of a number of issues, including low and falling inflation, anemic money supply growth, contracting lending, and an elevated EONIA.

It is [...]

Great Graphic: ECB Staff Forecasts of CPI

marctomarket.com / Arpril 02, 2014 / By Marc Chandler

This Great Graphic was tweeted by Silvia Merler. It was apparently produced by Credit Agricole, but comes from Eurostat and ECB data.

It shows the last staff forecasts for CPI (the harmonized measure, HICP). Other renditions of this chart show earlier forecasts as well. The bottom [...]