RMB
Gold Consolidating – Global Bankers Give to the Rich, Take from the Poor Policy
by Dixon Fung Fed Chairman Bernanke finished his appearance in front of the House Committee today. The easy money policy will continue for the next few years, very bad news for the “saver” and the future generations. U.S. monetary policy continues to encourage leverage and debt building, take from the poor and give to the [...]
Euro has more potential to move higher versus USD
by Dixon Fung Euro/USD is holding above 1.3300 since the sell-off from Draghi’s statement in early February. The currency pair is still on an upward trend. The situation in the USA is not much better than the Euro zone, and the markets have already discounted the Euro zone so much in the past years, the [...]
Trade Deficit Drags on Recovery
Friday, the Commerce Department is expected to report the deficit on international trade in goods and services was $46 billion in December, a bit lower than November owing to moderating oil prices and slower inventory build among U.S. wholesalers and retailers.
Euro Crosses Continue to Correct
Euro crosses have been retracing higher in recent days despite the lingering uncertainties in the Euro zone. Euro/Yen and the Euro/AUD are both slightly above the weekly down trendline. It is too soon to call for a trend reversal but recent news warrant to pay attention to this development.
Outdated HKMA Policies Hurt Hong Kong
The Hong Kong Monetary Authority has been intervening to keep the HKD within the bottom of the established band of 7.75. In recent days, the strengthening of the RMB is causing a lot of hot money flow into the HKD. The interest rate in Hong Kong is basically at zero, which in theory would make [...]
Fed Meets with Few Options As Recession Threatens
Conditions in Europe Could Lift Unemployment Above 9 Percent The U.S. economy flirts with recession, but Federal Reserve policymakers meeting today and Wednesday have few options.
Economy Flirts with Recession, Federal Reserve Has Few Options
The U.S. economy is drifting toward recession, but when Federal Reserve policymakers meet next week, they will have few options. Jobs creation slipped alarmingly in April and May. Wages, which were rising modestly through the recovery, have been virtually flat for three months. An already tough labor market is getting worse.
Trade Deficit Drags on Economic Growth, Jobs
Friday, the Commerce Department is expected to report the deficit on international trade in goods and services was $49.3 billion in April, down from $51.8 billion in March.
Another Lousy Jobs Report: Unemployment Up, Few Jobs Added
The economy added only 69,000 jobs in May-only about half of what is needed to keep up with natural population growth. The unemployment rate rose to 8.2 percent.
China’s Yuan Remains Hugely Undervalued, Dragging down U.S. Growth, Jobs
Recently, Beijing announced it would permit the yuan to rise in value as much as one percent each day. This was greeted by China watchers as an important indication Beijing would finally permit the yuan to rise against the dollar significantly enough to reduce the U.S. trade imbalance with the Middle Kingdom.
Top News
- Sprint raises Clearwire offer, not enough for some May 21, 2013By Sinead Carew (Reuters) - Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share, but the new bid was not high enough to impress some investors. Clearwire shares almost immediately traded around the new offer price, having consistently traded well above the old $2.97-per-share bid. Sprint announced the re […]
- Ireland rejects blame for Apple's low tax rate May 21, 2013By Conor Humphries and Padraic Halpin CORK/DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen t […]
- JPMorgan's Dimon faces shareholder referendum May 21, 2013TAMPA, Fla. (AP) — Jamie Dimon, chairman and CEO JPMorgan Chase, told shareholders Tuesday that last year's $6 billion trading loss had been expensive and "extremely embarrassing," but he also asked shareholders not to fixate on the issue. […]
- SAC's Martoma says U.S. impedes defense in fraud case May 21, 2013(Reuters) - Former SAC Capital Advisors portfolio manager Mathew Martoma said the government is impeding his ability to defend against criminal insider trading charges by trying to link him to an alleged long-running conspiracy for which it has only "vague" details. In papers filed on Monday night in U.S. District Court in Manhattan, Martoma said h […]
- Former IRS chief: Can't say how targeting happened May 21, 2013WASHINGTON (AP) — The man who led the Internal Revenue Service when it was giving extra scrutiny to tea party and other conservative groups seeking tax-exempt status told Congress on Tuesday that he knew little about what was happening while he was still commissioner. […]