Brazil Central Bank to Act on Inflation if Needed

Brazil’s central bank is prepared to take rate-policy action if necessary to maintain inflation in line with official targets, Central Bank President Henrique Meirelles said Thursday. Speaking at a hearing of the country’s congressional joint budget committee, Meirelles admitted that food prices have recently brought significant pressure on price indexes, but said the bank was [...]

Taiwan, Philippine Moves Latest in Asia’s Hot Money War

Taiwan on Tuesday slapped a cap on bond investments by foreigners while traders in Philippines said the central bank had exacerbated a local dollar shortage, highlighting Asian policymakers’ worries about foreign capital inflows. A new round of quantitative easing in the United States has raised fears of a pickup in hot money flows into emerging [...]

Korea’s Won Near One-Week Low on Concern Over Capital Controls

South Korea’s won traded near a one- week low on concern the government will follow neighbors China and Taiwan in imposing capital controls to curb inflows as the U.S. pumps more funds into its economy. South Korea may revive a 14 percent tax on treasury and central bank bonds held by foreigners as early as [...]

GBP/USD Breaks Below 1.6000

GBP/USD fell further to 2-week lows at 1.5952. The pair plummeted almost 200 pips during the American session and is headed toward the third decline in a row, retreating further from 9-month highs. It currently trades at 1.5980/85, 0.97% below today’s opening price. Read more about GBP/USD…

USD/JPY Eyeing 82.00 Resistance

The Greenback keeps trading close to yesterday’s highs against the Japanese Yen. Despite having fallen toward a session low at the 81.55 area at the beginning of the current Asian session, USD/JPY managed to regain the upside and is headed toward the 82.00 resistance area. Read more of this Forex news…

EUR/USD Slips Back Towards Daily Lows

The Euro is faced with further difficulties to sustain buying interest against the US Dollar. After an early acceleration to test support at 1.3735, an upside correction followed, yet faltered at 1.3790. The brief peak at daily highs triggered the bearish trend resumption. At present, the price just set a new low at 1.3734. According [...]

Mounting US War Threats Against Iran

Leading Republican Senator Lindsey Graham signaled a turn following the midterm elections toward an escalation of US threats against Iran, publicly calling for an all-out war that would “neuter” Tehran and leave it incapable of resistance. Graham made the statement Saturday at a conference on international security in Halifax, Canada. “Containment is off the table,” [...]

Silver Margin Change

There’s been a lot of buzz about today’s price action in gold and silver.  Beginning with the Monday push upwards based on the Zoellick op-ed in the Financial Times, the market surged upward through most of the day today and then hit a serious air pocket with gold falling 2% and silver falling almost 5% [...]

Convertible Bonds Leading Market Amid Gains in Yuan

China’s convertible debt is outperforming the rest of the bond market, rising 11 percent this quarter, as stocks rally and the yuan strengthens. The S&P China Convertible Bond Index gained 2.9 percent this month and 8.3 percent in October, the most in a year. Benchmark measures tracking conventional corporate and government notes declined since the [...]

Yuan Approaches Highest Level Since 1993

China’s yuan is approaching the strongest level against the dollar since 1993 on speculation the country’s central bank will permit faster appreciation before Group of 20 leaders meet this week in Seoul. The yuan gained 0.51 percent to 6.6440 per dollar yesterday in its biggest daily advance since China abandoned a peg against the greenback [...]

Ex-Goldman Trader Exposes JPMorgan, HSBC In Latest Silver Price Manipulation Class Action Lawsuit

Just as in fraudclosure, the PM manipulation lawsuits are now coming daily… Soon – hourly. From the just filed lawsuit by Eric Nalven, which references Andrew Maguire’s series of whistleblowing emails: “In connection with its acquisition of Bear Stearns in March 2008, defendant JPMorgan acquired massive short positions in the silver futures market. Thereafter, JPMorgan, [...]

CFTC Rules Point to Crackdown on Manipulation

Two proposed regulations published by the U.S. Commodity Futures Trading Commission (CFTC) clarify its power to take enforcement action in cases of market manipulation and are intended to lead to a tougher regulatory regime in future. The Commission is giving effect to the sweeping provisions of Section 753 Dodd-Frank Wall Street Reform and Consumer Protection [...]

Is China’s Renminbi Already the New Reserve Currency?

With the dollar tumbling overnight, many were scratching their heads as to what caused the move in the dollar. Citi’s Stephen Englander provides a useful explanation, which fits perfectly with the commentary from PBoC advisor Li’s earlier that the dollar’s position as a reserve currency is now “absurd”: namely that more and more in the [...]

China’s Dagong Downgrades U.S. Credit Rating

China’s Dagong Global Credit Rating Co. cut its credit rating for the U.S. to A+ from AA because of a Federal Reserve plan to purchase bonds to spur growth and inflation, according to Xinhua News Agency. The credit outlook for the U.S. is negative amid deteriorating debt repayment capability and a “drastic” drop in the [...]

Was Last Night’s Launch of a “Rogue” Missile a Warning to Asia?

Many questions are swirling over last night’s launch of a rogue rocket, which it appears was a submarine launched ICBM from the Pacific, 35 miles west of Los Angeles. So far pretty much everyone has denied any involvement, and as per the NYPost, “according to Fox News, NORAD and NORTHCOM would only say they were [...]

Obama Returns Fire After China Slams Fed’s Move

President Barack Obama defended the Federal Reserve’s policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting. The G20 summit has been pitched as a chance for leaders of the countries that account for 85 percent of world output to prevent a currency row [...]

G-20 on Collision Course

The United States and China are on a collision course as this week’s gathering of leaders of the 20 most important economic powers threatens to devolve into a meaningless charade amid pressure against a US scheme to cure financial ills by printing ever-more money. From China to Germany, Brazil to France, the world’s financial wizards [...]

U.S. Sees No Threat in Mystery Missile

U.S. officials said Tuesday they had no clue who could have launched the mysterious “missile” that streaked across the sky off the Southern California coast Monday night, but they said the U.S. military didn’t appear to have been responsible and that they didn’t think there was any threat to the United States. Los Angeles TV [...]

China Says G20 Should Monitor US Fed

China’s state media has issued a new broadside at the US Federal Reserve’s move to prime the US economy, suggesting the Group of 20 should monitor policy shifts by the US central bank. The Xinhua news agency said in a commentary the Fed was “risking the global recovery by following its own track for economic [...]

Citigroup Rule Model Says Central Banks May Sell U.S. Dollars This Month

Central bank reserve managers may be net sellers of U.S. dollars this month after the conditions activating a trading rule were met, Citigroup Inc. said. The dollar fell last month; reserve managers increased their currency holdings, on a valuation-adjusted basis, and by more than the previous month, meaning dollar sales are likely in November, Steven [...]

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