World economy talk

[safeorigin]

in other news...

[Monseratto]

in other news...

At least he let his frustration out in his art rather than plotting to really blow up the bank.

DOW futures point to a negative opening, another sea of red tonight.

http://www.thestatecolumn.com/articl...lummet-europe/

Futures for the Dow Jones Industrial Average plummeted late Monday after markets in Europe plunged 4 percent as fears of a double-dip recession and an inability to adequately address the euro zone debt crisis began to spiral out of control.

With investors returning from the August holiday, markets are likely to face a challenge. Friday’s unemployment showed the U.S. economy stalling as the rate of unemployment remains above 9 percent. The jobs figure was far below economists’ expectations for 93,000 new U.S. jobs, renewing concerns that the U.S. recovery is not only slowing but actually contracting. U.S. hiring figures for June and July were also revised lower, adding to the dismay.

The latest employment report is likely to raise pressure on Washington lawmakers and President Obama to pass additional measures to stimulate the economy.

GOLD peaked a record US$ 1920...but its dropping again for a correction.

Traders said gold could set new highs with Barclays Capital predicting - based on technical charts - that prices will initially hit $1,930/oz and then towards $1,970/oz in the near future.

[uls]

Banks' Overnight Deposits With ECB Hit 2011 High

Banks' Overnight Deposits With ECB Hit 2011 High


FRANKFURT -- Euro-zone banks' overnight deposits with the European Central Bank hit a new 2011 high Friday, a sign of rising market uncertainty.

The amount exceeded levels seen in early August when worries on markets mounted over Spanish and Italian sovereign debt.

Banks deposited EUR151.097 billion with the ECB Friday, the ECB said Monday, up sharply from EUR120.956 billion Thursday and also up from the previous 2011 peak of EUR145.217 billionAug. 8.

The large amount of deposits indicates that banks prefer to park their money with the ECB instead of lending it to one another.

[tidus1203]

SNB PEGS the CHF to the EUR * 1.20!!! They will not tolerate any rate below 1.20...

CHF tumbles as a result down more than 7% against the USD down to 0.8472

CHF tumbles 8.3% against the EUR down to 1.2013

But of course how much pain can the SNB tolerate trying to defend this position...

[uls]

here's the statement:

http://www.snb.ch/en/mmr/reference/p...0110906.en.pdf

Communications

P.O. Box, CH-8022 Zurich
Telephone +41 44 631 31 11
communications*snb.ch

Zurich, 6 September 2011

Swiss National Bank sets minimum exchange rate at CHF 1.20 per euro

The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development.

The Swiss National Bank (SNB) is therefore aiming for a substantial and sustained weakening of the Swiss franc. With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20. The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities.

Even at a rate of CHF 1.20 per euro, the Swiss franc is still high and should continue to weaken over time. If the economic outlook and deflationary risks so require, the SNB will take further measures.

[tidus1203]

ECB comments on the SNB move...

They say that the SNB took the move under its own responsibility and they were not involved whatsoever...

[tidus1203]

Hahaha

While the EUR/CHF is still slightly above 1.20

USD/CHF has tumbled 100 pips in the last 5 minutes from the 0.8472 level hahaha

Sorry USD di kayo kasama sa PEG. So CHF back on attack!

[uls]

[tidus1203]

Nice shot of the pegged currency against the Euro!

[uls]

__________________________________________________ _______________________


US 10 yr yield