The German parliament provided backing for Chancellor Angela Merkel before the second EU Summit. This got EUR/USD out of the tight range and sent it to 1.3970. This is unlikely to be the last EU summit that will try to find a comprehensive plan to the debt crisis. While there is an upcoming bank recapitalization … “EUR/USD Moving Higher on High Summit Hopes”
Category: Forex Bits
xStation Launched by XTB
X-‘trade Brokers launches a new trading platform that aims to be very intuitive and easy to use. It is web-based, saving significant download times. The platform has quite a few features, including trading directly from the charts, a calendar of economic events and more. For all the details, here is the official press release: Launch … “xStation Launched by XTB”
Societe Generale Behind Siemens’ Withdrawal
The German corporation Siemens withdrew 500 million euros from Societe Generale according to sources. This happened before the stress tests. This money was withdrawn at the beginning of July. The latest reports from Societe Generale are from the end of Q2, and point to a leverage of 28:1 according to the bank’s internal calculations. How … “Societe Generale Behind Siemens’ Withdrawal”
Is Greece Preparing for a Default? Greek PM Cancels
The Prime Minister of Greece, George Papanderou, cancelled a visit to the US in order to stay in Greece and take care if business. Papandredou was already in London, and had a series of planned meetings before a conversation with finance minister Venizelos probably convinced him to stay. Over the weekend, the EU finance ministers … “Is Greece Preparing for a Default? Greek PM Cancels”
Spain’s Navarra Region In Danger of Bankruptcy
Spanish unpaid bills continue to weigh heavily on the country. The northern region of Navarra, which is known for its wines might be bankrupt by the end of the year. Basic services and workers’ salaries might not be paid, as the coffers are quite empty. The new regional government has “discovered” a deficit of 600 … “Spain’s Navarra Region In Danger of Bankruptcy”
FXCM to Buy Foreland Forex – A Japanese Forex Broker
The publicly traded US forex broker FXCM continues to expand. Foreland has over 18,500 accounts in Japan, not far from 25,700 that FXCM has in this country. So, this move is a big boost to its business, making it one of the biggest brokers in Japan. FXCM More details in the official press release: NEW … “FXCM to Buy Foreland Forex – A Japanese Forex Broker”
Austrian Committee Says Delays Vote on Extended EFSF
A parliament committee in Austria refuses to approve new capabilities to the European bailout fund – the EFSF. This move will likely delay the approval from September till October. The leaders of the European Union agreed to add two new capabilities to the EFSF: an ability to buy bonds in the secondary market, and an option to … “Austrian Committee Says Delays Vote on Extended EFSF”
Two European Banks Still Need the ECB for US Dollars
New data published by the ECB shows that two banks in the euro zone had to approach the European Central Bank for funding in dollars. The total sum is 575 million. This isn’t huge, but it shows that the problem continues. Jean-Pierre Chevallier reports about this phenomenon and states that this means that two European … “Two European Banks Still Need the ECB for US Dollars”
Spanish Bond Yields Flirt With 9 Month Low
Trichet’s extensive bond buying plan of Italian and Spanish bonds is doing wonders. Yields on 10 year Spanish government bonds fell to 4.98% and they continue sliding. If they close at these low levels, it will be the lowest close since November 2010, just before the Irish crisis erupted. Since then, Spanish yields were above … “Spanish Bond Yields Flirt With 9 Month Low”
Spain’s Elections Can Be Further Pushed Forward to October
While the focus of the European debt crisis leans towards Italy, fresh news come from Spain. According to reports, Spain’s prime minister José Luis Rodríguez Zapatero might push forward the Spanish general elections to October 23rd or October 30th. The markets are moving much faster, and mid October is a long 10 weeks away. The … “Spain’s Elections Can Be Further Pushed Forward to October”