Guidance

The Siegfried Group, LLP Welcomes Seven New Technical Leaders to Their New Roles

noreply@blogger.com (Alcazar) — Wed, 17 Jun 2015 05:23:00 +0000

Due to Firm Growth and Added Leadership Opportunities, Siegfried Appoints New Technical Leaders Throughout the U.S.

WILMINGTON, Del., June 16, 2015 /PRNewswire/ -- The Siegfried Group, LLP is proud to announce the addition of seven new Technical Leaders across our Siegfried markets due to the Firm's continued success and growth. Siegfried's National Technical Leadership Team provides the Firm's Professional Resources with the technical knowledge, coaching and support in order to develop and continue delivering outstanding client service. Siegfried would like to congratulate these professionals on their continued success and wish them well in this new challenging role.

Wendy Beck, CPA, Director, Technical Leader

Wendy joined the Firm originally in 2004 until 2009 and then returned to the Firm again in 2011. In between her time at Siegfried she worked for AutoNation, Inc. as a Manager in Financial Audit Services and for B/E Aerospace as a Finance Project Manager. Wendy also spent a year working for Coca-Cola as the Principal Auditor in their Corporate Audit Department. She began her accounting career with EY as a Senior III in Assurance and Advisory Business Services/Global Investigations & Dispute Advisory. Wendy earned her M.S. in Accountancy from the University of Notre Dame and her B.S. in Finance from Auburn University.

Wendy became interested in the Technical Leader role based upon her prior experiences with utilizing the team. She found the guidance that they provided to be extremely helpful to her and her clients and is thrilled to leverage her own experience to provide this service to other Professional Resources within the Firm. Some fun facts about Wendy... she loves to travel with her husband Shahar, she has a dog named Schnitzel, she memorized the taxonomic ranks and she is a huge New England sports fan!

Kevin Fosty, CPA, Senior Director, Technical Leader

Kevin joined the Firm in 2011 as a Professional Resource in the San Francisco Market. Prior to joining Siegfried he was the Controller for Evolution Resources, Inc. as well as the Managing Director for FTI Consulting in Dallas, TX. He spent several years in public accounting with KPMG, Deloitte and Arthur Andersen. Kevin graduated from the University of Manitoba with the Bachelors of Commerce in Accounting.

"I joined the Technical Leader Team to work with leadership in developing, creating and delivering high level technical training to our team of Professional Resources. I know this is critical in order to continue delivering outstanding service to our clients. This opportunity will also allow me to work on technical accounting and other areas where I might not have had exposure in a while, which will then enhance my own technical knowledge base." In Kevin's spare time he enjoys staying active by running, hiking, traveling and exploring new areas.

Mike Gunter, CPA, Senior Manager, Technical Leader

Mike joined the Firm in 2013 as a Professional Resource in the Boston Market. Prior to Siegfried, he worked for CBIZ Tofias/Mayer Hoffman McCann, P.C. as an Audit Manager. He attended Merrimack College in North Andover, MA where he earned his Bachelors of Business Administration.

"I was driven to the Technical Leader position because of the opportunity to work with other Professional Resources to build their technical expertise and help to exceed their clients' expectations." In his spare time he likes to spend as much time as possible with his family at their lake house in northern Vermont. He goes for a polar bear swim every morning before 6 a.m., even if there is still ice on the lake. His wife and kids do not join him for that part!

John Krepelka, CPA, MBA, CGMA, Senior Director, Technical Leader

John joined The Siegfried Group in 2012 and is currently a Senior Director in the Philadelphia Metro Market and was with Siegfried from 2003 through 2007 as a Director before going on to work at Soloman Edwards Group for a short time. Prior to joining Siegfried, he worked at Tekni-Plex as a Technical Accounting and Financial Reporting Director. He began his career at Laventhol and Horwath as an Auditor. He has held various positions at Dean Witter Reynolds Inc., Smith Barney, PwC and Arthur Andersen LLP to name a few. John received his MBA from St. Joseph's University with a concentration in Finance. He also holds a Bachelor of Science degree in Accounting from Villanova University.

He was attracted to the Technical Leader role because he views it as an opportunity to be a resource for others around him by helping both them and their clients resolves technical accounting issues. A fun fact about John... he recently ran the Philadelphia Broad Street 10 Miler with a group of other Siegfried professionals!

Kevin Olkowski, CPA, Manager, Technical Leader

Kevin joined Siegfried in 2013 as a Professional Resource in the Philadelphia Metro Market. Prior to coming to the Firm he worked as a Senior Internal Auditor for Tokio Marine North America Services. He began his career with KPMG as an Associate and then went on to become a Senior Associate. Kevin earned his Bachelor of Science degree in Accounting from St. Joseph's University.

He wanted to become a Technical Leader in order to leverage his broad range of subject matter expertise that will allow him to make noteworthy contributions throughout the Firm. Additionally, he is comfortable being uncomfortable and is confident enough to tackle any challenges that are presented to him. A fun fact about Kevin... he and his wife love to travel and have even gone sky diving while on a trip to New Zealand.

Tracy Peterson, CPA, Associate Director, Technical Leader

Tracy joined the Firm in 2012 as a Professional Resource in the Denver Market. She came to Siegfried from Sunshine Silver Mines Corporation where she was the Accounting Manager. She also held positions as Financial Reporting Senior Accountant at Aurora Bank and Audit Manager at HEIN & Associates. Tracy began her career with Deloitte as an Audit Senior. She graduated fromUniversity of Minnesota with her Bachelor of Science degree in Business.

Tracy was first interested in becoming a Technical Leader because she enjoys learning and technical accounting since it is always evolving. She knows this role gives her the opportunity to help others through collaboration and discussion of complex topics. A fun fact about Tracy... she loves to travel and has been to five different continents including Antarctica! She always is an avid downhill skier.

Chris Varner, CPA – Associate Manager, Technical Leader

Chris joined The Siegfried Group in October 2012 and is an Associate Manager in the Charlotte Market. He joined the Firm after four years in industry, most recently at HSBC in Chicago, IL. He began his career in public accounting where he spent three years at PwC in Louisville, KY and Chicago, IL. He graduated from the University of Kentucky with a Bachelor of Science degree in Accounting (Summa cum Laude).

Chris is excited to be a part of the Technical Leader team where he can work with Professional Resources and members of Leadership from various markets. He is recently tied the knot with his wife Liz, and is currently enjoying being a newlywed! Chris is also an avid sports fan and especially enjoys cheering on his Kentucky Wildcats.

About The Siegfried Group, LLP

The Siegfried Group is a leading, national CPA firm that helps financial executives with Effective Leadership and Successful Execution. Siegfried provides Leadership Advisory and Talent Delivery services - allowing financial executives to better enhance clarity, prioritization and innovation while matching those leaders with the high-potential financial talent needed to execute initiatives. Siegfried's unique model allows the client to control the project, providing the freedom to complete the project the way the client wants it...resulting in a better, faster and more cost-effective outcome. Siegfried Professionals' unique intangibles shine as they work under the direction of the best leaders helping them with their most important work. This combination results in extreme value for our clients and our professionals...better ensuring clients are "Doing the Right Things, Right."

For more information about a career at The Siegfried Group, please visit www.siegfriedcareers.com.

SOURCE The Siegfried Group, LLP

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Concord Coalition: CBO Report on Long-Term Budget Outlook Offers Campaign Primer for Presidential Candidates

noreply@blogger.com (Alcazar) — Wed, 17 Jun 2015 05:22:00 +0000

WASHINGTON, June 16, 2015 /PRNewswire-USNewswire/ -- The Concord Coalition said today that worrisome long-term projections from the Congressional Budget Office (CBO) show why comprehensive budget reforms are crucial to the country's future -- and should be a central focus of the 2016 presidential candidates.

"Today's Long-Term Budget Outlook should be considered an essential campaign primer for the presidential candidates in both parties," says Concord Coalition Executive Director Robert L. Bixby. "It shows why the next president, working with Congress, must move quickly and effectively to put the country on a more sustainable course. Otherwise we can expect increasingly severe budgetary difficulties, rapidly growing government debt and a weaker economy. These challenges and proposed solutions must be discussed during the presidential campaign so that the person who enters the Oval Office in early 2017 will have a clear mandate to act."

Earlier this year the budget office warned that under current law the federal deficit, after dropping in recent years, would begin rising again after 2016, with the government adding trillions of dollars to its accumulated debt over the next decade. Today's report, looking out over the next 25 years, projects even greater difficulties beyond 2025.

The federal debt held by the public is already quite high by historical standards at 74 percent of GDP. The budget office projects that if current laws were to remain generally unchanged, by 2040 the debt could reach or even exceed 103 percent of GDP -- harming the economy while still continuing on an upward path.

The CBO issued sobering guidance about the magnitude of the changes that policymakers need to contemplate. Achieving the same level of debt relative to the economy by 2040 as we have now would require a $210 billion cut in spending or increase in revenues -- about $1,450 per person -- every year for 25 years from the levels assumed in current projections.

To reduce the debt to its 50-year average (38 percent of GDP) would require a $480 billion cut in spending or increase in taxes every year.

The CBO report makes clear that an aging population and rising health costs represent the dominant factors driving long-term debt projections. As more baby boomers retire, the government must spend larger and larger sums of money just to provide them with the same level of benefits per person as in the past.

Federal spending on Social Security and the government's major health programs would rise to 14.2 percent of GDP in 2040, more than twice the 6.5 percent average for the past half-century.

Interest payments on the debt would become more and more burdensome for taxpayers, rising to 4.3 percent of GDP in 2040, up from the average of only 2 percent for the past 50 years.

Other federal programs, meanwhile, are being squeezed harder and harder. CBO projects that in 25 years spending on everything other than Social Security, health care and interest would drop to 6.9 percent of GDP, far below the 11.6 percent average for the past 50 years. As The Concord Coalition has warned in the past, plans for such low levels of spending may well prove to be unrealistic and not necessarily desirable as public policy.

"The CBO's long-term outlook makes clear that campaign promises to fight waste, fraud and abuse are insufficient," Bixby said. "Nor can we simply raise taxes on the wealthiest Americans or assume that a burst of economic growth would alone solve the problem. We must take a broader, bipartisan approach to build a brighter future for the country and protect coming generations from massive government debt. Ideally, this effort will include comprehensive tax reform as well as necessitate changes throughout the entire federal budget, not just a few targeted areas."

"First Budget," a non-partisan initiative of The Concord Coalition and the Campaign to Fix the Debt, is working with concerned citizens in Iowa and New Hampshire to encourage the presidential candidates to explain in specific terms how they would deal with the federal debt and related issues such as tax and entitlement reforms.

A copy of this press release can be found here on our website.

The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit concordcoalition.org and follow us on Twitter: @ConcordC

SOURCE The Concord Coalition

Sempra Energy to Pursue Formation of Sempra Partners, LP

noreply@blogger.com (Alcazar) — Wed, 17 Jun 2015 05:22:00 +0000

SAN DIEGO, June 16, 2015 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its board of directors has authorized the company to pursue the formation and initial public offering of a publicly traded partnership to be called Sempra Partners, LP, expected to be listed on the New York Stock Exchange under the ticker symbol "SREP."

Sempra Energy has received its Private Letter Ruling from the Internal Revenue Service related to the formation of its master limited partnership (MLP) and would expect to form Sempra Partners as an MLP. Sempra Partners will own assets and interests producing MLP-qualifying income, including dividends from a corporate subsidiary. Initially, the MLP is expected to own one or more of the following assets: an interest in a U.S. entity with contracts related to deliveries of liquefied natural gas (LNG) at the Energia Costa Azul regasification facility; interests in certain of Sempra Energy's contracted renewable energy projects; or other assets with attributes attractive for inclusion in Sempra Partners.

Sempra Energy expects to grant Sempra Partners a right of first offer (ROFO) on certain LNG-related infrastructure projects, including Sempra Energy's 50-percent interest in the first three trains of the Cameron natural gas liquefaction terminal and Sempra Energy's 100-percent interest in Cameron Interstate Pipeline, as well as Sempra Energy's interests in certain contracted wind and solar projects.

"Sempra Partners is designed to support continued growth within Sempra Energy's existing strategy of long-term, contracted infrastructure development," said Debra L. Reed, chairman and CEO of Sempra Energy. "We remain focused on value creation for the Sempra Energy shareholders and we believe Sempra Partners will provide an additional source of competitively priced capital to continue to support this initiative for the long term."

Sempra Energy expects Sempra Partners to file a registration statement with the Securities and Exchange Commission (SEC) in the second half of 2015. Subject to market conditions and further approval of Sempra Energy's board of directors, an offering of common units representing limited-partner interests would follow registration with the SEC.

Upon completion of the initial public offering, Sempra Energy expects to own the general partner of Sempra Partners, all of its incentive distribution rights, a portion of its common units and all of its subordinated units.

Due to limitations imposed by U.S. securities laws, Sempra Energy will not hold a conference call to discuss the content of this news release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers, solicitations or offers to buy, or any sales of securities, will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (Securities Act). This announcement is being issued in accordance with Rule 135 under the Securities Act.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.

This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," "designed" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others, that the MLP will not be formed, will not complete an offering of securities, will not raise the planned amount of capital even if an offering of securities is completed, will not contain the assets or have the structure currently proposed, will not complete the proposed actions on the timetable indicated and will not provide the expected benefits to Sempra Energy; local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including actions by regulatory, governmental and environmental bodies in the United States and other countries in which we operate; actions by third parties, including lenders and joint venture partners; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets conditions, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation, interest and currency exchange rates; the impact of benchmark interest rates; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest; risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.

Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.

Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.

Logo - http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO

Arena Pharmaceuticals Announces the Departure of Chief Financial Officer

noreply@blogger.com (Alcazar) — Wed, 17 Jun 2015 05:21:00 +0000

SAN DIEGO, June 16, 2015 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced today that Robert E. Hoffman, Senior Vice President, Finance and Chief Financial Officer, has decided to leave the company after nearly 18 years of service to pursue another opportunity in the biotechnology industry. Mr. Hoffman is expected to remain in his current role at Arena until July 10, 2015.

-- Robert E. Hoffman to leave Arena after nearly 18 years of service --

"Robert has been a valuable member of our management team and, on behalf of myself and the company, I thank him for his years of leadership and service to Arena," said Jack Lief, Arena's President and Chief Executive Officer. "We wish Robert the best in his future endeavors, and are focused on ensuring a smooth transition amid his departure."

"I will always reflect fondly on my time at Arena, which included the approval of our first commercial product, BELVIQ® (lorcaserin HCl)," said Mr. Hoffman. "It has been my pleasure to have had the experience to work with such a talented and professional team."

Following Mr. Hoffman's departure, Jennifer K. Bielasz, Arena's Vice President, Accounting and Controller, will continue to play a key leadership role in Arena's finance department. Ms. Bielasz joined Arena in 2001 and is responsible for managing all accounting activities. Prior to joining Arena, Ms. Bielasz served as the controller of both public and private companies and began her career at KPMG LLP.

About Arena Pharmaceuticals

Arena is embracing the challenge of improving health by seeking to bring innovative medicines targeting G protein-coupled receptors to patients. Arena's focus is discovering, developing and commercializing drugs to address unmet medical needs, and BELVIQ®(lorcaserin HCl) is Arena's first internally discovered drug approved for marketing. Arena's US operations are located in San Diego, California, and its operations outside of the United States, including its commercial manufacturing facility, are located in Zofingen,Switzerland. For more information, visit Arena's website at www.arenapharm.com.

Arena Pharmaceuticals® and Arena® are registered service marks of Arena Pharmaceuticals, Inc. BELVIQ® is a registered trademark of Arena Pharmaceuticals GmbH.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the timing of Mr. Hoffman's departure from Arena, the transition related to his departure and the continuing role of Ms. Bielasz; embracing the challenge of improving health; seeking to bring innovative medicines to patients; and Arena's focus, plans, goals, strategy, expectations, research and development programs, and ability to discover and develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: risks related to commercializing drugs, including regulatory, manufacturing, supply and marketing issues and the availability and use of BELVIQ or lorcaserin; cash and revenues generated from BELVIQ, including the impact of competition; the risk that Arena's revenues are based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Arena's guidance or previously reported results; the timing and outcome of regulatory review is uncertain, and lorcaserin may not be approved for marketing in combination with another drug, for another indication or using a different formulation or in any other territory for any indication; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; government and commercial reimbursement and pricing decisions; risks related to relying on collaborative arrangements; the timing and receipt of payments and fees, if any, from collaborators; the entry into or modification or termination of collaborative arrangements; unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; data and other information related to any of Arena's research and development may not meet regulatory requirements or otherwise be sufficient for (or Arena or a collaborator may not pursue) further research and development, regulatory review or approval or continued marketing; Arena's and third parties' intellectual property rights; the timing, success and cost of Arena's research and development; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner expected or at all; having adequate funds; and satisfactory resolution of litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Contact: Arena Pharmaceuticals, Inc.	Media Contact: Russo Partners

Craig M. Audet, Ph.D., Senior Vice President, Operations & Head of Global Regulatory Affairs caudet@arenapharm.com 858.453.7200, ext. 1612	David Schull, President david.schull@russopartnersllc.com 858.717.2310

www.arenapharm.com

SOURCE Arena Pharmaceuticals, Inc.

Report: Google CFO Patrick Pichette plans to retire from company

noreply@blogger.com (Alcazar) — Tue, 10 Mar 2015 23:07:00 +0000

nvesting.com -- Google Inc . (NASDAQ:GOOGL) chief financial officer Patrick Pichette decided on Tuesday afternoon to retire from the tech giant, CNBC reported.

Pichette joined Google in 2008 after spending seven years at Bell Canada, where he held a variety of positions including chief financial officer from 2002-2003. Prior to working at Bell, Pichette served as a partner at McKinsey & Company where he was a lead member of the company's North American Telecom Practice. Pichette holds a master's degree from Oxford University in politics, philosophy and economics, where he attended as a Rhodes' Scholar.

In January, Pichette expressed pessimism in regards to the future of Google Glass during a fourth quarter earnings call. Google temporarily discontinued the Glass Explorer program on Jan. 19.

“When teams aren’t able to leap hurdles, but we think there’s still a lot of promise, we might ask them to take a pause and take the time to reset their strategy, as we recently did in the case of Glass,” Pichette said. “In those situations where projects don’t have the impact we hope for, we do take the tough calls, we make the decision to cancel them, and you’ve seen us do this time and time again.”

More recently, Pichette blamed a stronger dollar for some of the company's revenue losses. The strengthening of the dollar, Pichette said, was responsible for creating $400 million in losses for Google.

After falling 2.43% or 13.84 to 555.01 on Tuesday, Google was up 3.86 or 0.70% to 558.87 in after hours trading.

EUR/USD slips below 1.07, as forecasts for parity moved up to end of '15

noreply@blogger.com (Alcazar) — Tue, 10 Mar 2015 23:05:00 +0000

Investing.com -- The euro slipped below 1.07 against the U.S. Dollar on Tuesday reaching an 11-year low, as uncertainty of the euro zone's bond buying program combined with expectations of an imminent interest rate hike by the U.S. Federal Reserve pushed investments overseas.

EUR/USD lost 0.13% or 0.014 in late afternoon trading to 1.0682 on Tuesday. The pair continued to weaken, as the U.S. Dollar Index reached a 12-year high at 98.62. The index measures the greenback versus a basket of six other major currencies.

For importers in the euro zone, there are mounting fears that the currency will drop even lower. On Tuesday, Deutsche Bank (XETRA:DBKGn), the largest bank in Germany revised its forecast for euro-dollar parity. Deutsche Bank forecast that EUR/USD will reach parity at the end of this year; previously the bank predicted it would occur at the end of 2016. On a long term basis, Deutsche Bank predicts that EUR/USD will reach 85 cents by 2017?down from previous forecasts of 95 cents at that point.

The developments on Tuesday came hours after Federal Reserve Bank of Dallas president Richard Fisher's comments in a speech before Rice University's Baker Institute for Public Policy. In his remarks, Fisher warned of a recessionary risk that could ensue if plans to raise interest rates are delayed even further.

"Every time the Fed has tightened policy after achieving full employment it has driven the economy into recession," Fisher said. "It's because of this dynamic and my desire to prolong current expansion that I have argued that we should begin reducing policy accommodation earlier than many of my colleagues on the Federal Open Market Committee appear to prefer."

Currency traders await further talks between Greece and its euro zone creditors, which are set to resume on Wednesday in Brussels. Negotiations hit a snag between the sides on Monday when the group of the euro zone finance ministers emphatically rejected Greece's proposed reform measures that are seen as a prerequisite to extend its bailout package.

Dollar rally sinks oil; Brent down more than U.S. crude

noreply@blogger.com (Alcazar) — Tue, 10 Mar 2015 23:04:00 +0000

NEW YORK (Reuters) - A rallying dollar sent oil prices sharply lower on Tuesday, withBrent falling more than U.S. crude as players took profits on recent highs in Brent's premium, traders said.

Expectations of a mid-year U.S. interest rate hike pushed the dollar to multi-year highs, making commodities denominated in the greenback costlier for holders of other currencies. [USD/]

Brent, the London-traded global oil benchmark, settled almost 4 percent lower.

In New York, U.S. West Texas Intermediate (WTI) crude closed down more than 3 percent, pressured by the strong dollar and expectations that data would show another record high in U.S. crude inventories last week from supply builds.

WTI fell less than Brent as players bet on a further narrowing of its discount to the London benchmark after forecasts for a modest build last week in the Cushing, Oklahoma delivery point for U.S. crude versus the rest of the country. [EIA/S]

"The dollar's might is creating unexpected headwinds for oil. Brent particularly is taking it harder than WTI as people unwind and take profit in the spread between the two," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow, New York.

Brent settled at $58.39 a barrel, down $2.14, and U.S. crude finished the session at $48.29, falling $1.71.

The Brent-U.S. crude differential fell to $7.41, its narrowest in a month, before settling at $8.10, nearer to Monday's settlement.

The spread, which commands one of the biggest volume trades in oil, has narrowed by nearly 40 percent since hitting a 13-month high of $13 in late February.

"Brent is looking increasingly heavy with a decline likely to lowest levels in almost four weeks expected within the next couple of sessions," oil analysts at Jefferies said in a note.

Between June and January, crude prices fell 60 percent on fears of a global oil glut and the refusal of Saudi Arabia and other OPEC members to cut output. Last month, Brent stabilized at around $60 and U.S. crude at around $50.

Saudi King Salman said on Tuesday his kingdom will continue with oil and gas exploration despite the price drop.

Forecasters surveyed by Reuters expected U.S. data to show crude inventories at a ninth straight week of record highs. [EIA/S]

The industry group American Petroleum Institute reports its weekly stockpile numbers at 4:30 p.m. EDT (2030 GMT)before official data on Wednesday from the Energy Information Administration.

Crude oil prices fall sharply, as U.S. Dollar reaches 12-year high

noreply@blogger.com (Alcazar) — Tue, 10 Mar 2015 23:03:00 +0000

Investing.com -- Crude oil prices fell sharply on Tuesday amid upward revisions of domestic production in the U.S. and reports that a potential emergency Opec meeting will not convene.

On the New York Mercantile Exchange, WTI crude oil for April delivery dropped 1.39 or 2.77% to $48.62 a barrel. Prices for oil futures fell more than $1.50 a barrel in U.S. afternoon trading, after reaching a daily-high of $50.32 hours earlier.

The continuing slide transpired as the U.S. Energy Information Administration (EIA) revised its forecasts for total domestic oil production from 9.3 million barrels a day to 9.35. The upward revision came one day after the EIA found that shale field production nationwide had reached its lowest level in four years. Expectations of increased fourth quarter production in the Gulf of Mexico should outweigh the production decline in shale fields, the EIA added.

Meanwhile, on the Intercontinental Exchange (ICE), prices for brent oil for April delivery fell 3.32% or 1.96 to 57.12. Prices during U.S. afternoon trading wavered, before rebounding to similar levels from morning trading. When prices for brent futures declined to $56.62 on Tuesday morning, it reached its lowest level since mid-February.

The sharp drops in both WTI and crude underscored a volatile global oil market, where traders have become accustomed to large gains or drops on a daily basis. Oil prices have now moved at least 2% in an up or down direction on 28 trading days in the last six weeks.

In addition, the spread between the international and U.S. benchmark also continues to fall. The spread on Tuesday between brent and WTI edged lower to 8.5. By comparison, the spread reached $13 early last week.

The lower differential accentuates the strength of the U.S. Dollar, which continues to reach record-highs. The U.S. Dollar Index, which measures the strength of the greenback against a basket of six other major currencies, rose 1.00% to 98.60 on Tuesday to reach a level not seen since 2004. A strengthening dollar affects dollar-denominated commodities like crude oil by making it more expensive for holders of other currencies to purchase the commodity.

Oil traders await the release of the EIA's weekly report on domestic inventory levels of crude oil on Wednesday. Inventory levels for WTI crude in the United States have reached 62% capacity, its highest level in 85 years.

Euro Dropped

noreply@blogger.com (Alcazar) — Mon, 26 Jan 2015 07:28:00 +0000

Investing.com - The euro dropped in Asia on Monday as Greece's anti-austerity Syriza party won the country's snap national elections Sunday, but may fall shy of an absolute majority in the 300-seat parliament and need some outside support, while the yen strengthened after better than expected trade data and safe-haven status.

EUR/USD traded at 1.110, down 0.84%, while AUD/USD trended lower as well at 0.78614, down 0.55%. USD/JPY traded at 117.33, down 0.34%.

The party has pledged to force Greece’s creditors to renegotiate the terms of the country’s €240 billion euro financial bailout, which has roiled markets and imperiled moves to provide more funding for the country.

Japan's December trade balance showed a deficit of ¥660.7 billion,narrower than the deficit of ¥740 billion yen expected, and narrower than the ¥829 billion deficit seen in November.

The Bank of Japan's minutes on monetary policy showed its focus on inflation is with expectations from consumers are key for policy going forward.

Last week, the euro fell to fresh 11-year lows against the dollar on Friday and hit a seven year trough against the pound, a day after the European Central Bank launched a large scale quantitative easing program to combat slowing growth and inflation in the euro area.

The drop in the single currency came after ECB President Mario Draghi unveiled a €1.2 trillion asset purchase program on Thursday. The central bank will purchase €60 billion in assets per month, starting in March and continuing until late 2016.

Draghi said the program would help return inflation back to the bank’s 2% target. Expectations had been building ahead of the ECB meeting after official figures showed that the annual rate of inflation in the euro area fell into negative territory in December, dropping 0.2%.

Draghi acknowledged the action the ECB took last year was “insufficient” to ward off the threat of deflation in the region.

The dollar remained broadly stronger, boosted by the diverging monetary policy stance between the Federal Reserve and central banks in Europe and Japan.

The Bank of Japan held off on expanding its monetary easing scheme on Wednesday and instead expanded a loan scheme aimed at boosting lending.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 51% to 95.81.

In the week ahead, investors will be focusing on Friday’s preliminary data on fourth quarter growth, while the latest euro zone inflation data is also due out on Friday.

Wednesday’s Federal Reserve monetary policy statement will be closely watched, while New Zealand’s central bank is also to hold a policy meeting.

On Monday, in Germany, the Ifo research group is to publish its report on business climate.

The U.K. is to release private sector data on mortgage approvals.

Forex - Euro drops as Greece anti-austerity party wins polls

noreply@blogger.com (Alcazar) — Mon, 26 Jan 2015 07:26:00 +0000

Investing.com - The euro dropped in early Asia on Monday as Greece's anti-austerity Syriza party won the country's snap national elections Sunday, according to the first official projections from Greece's Interior Ministry, but may fall shy of an absolute majority in the 300-seat parliament and need some outside support.

EUR/USD traded at 1.1155, down 0.44%, while AUD/USD trended lower as well at 0.7875, down 0.42%. USD/JPY traded at 117.66, down 0.11%, on safe haven demand.

The party has pledged to force Greece’s creditors to renegotiate the terms of the country’s €240 billion euro financial bailout, which has roiled markets and imperiled moves to provide more funding for the country.

Japan's December trade balance is due at 0850 local time with a deficit of ¥740 billion yen expected, narrower than the ¥829 billion deficit seen in November.

The Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective

Last week, the euro fell to fresh 11-year lows against the dollar on Friday and hit a seven year trough against the pound, a day after the European Central Bank launched a large scale quantitative easing program to combat slowing growth and inflation in the euro area.

The drop in the single currency came after ECB President Mario Draghi unveiled a €1.2 trillion asset purchase program on Thursday. The central bank will purchase €60 billion in assets per month, starting in March and continuing until late 2016.

Draghi said the program would help return inflation back to the bank’s 2% target. Expectations had been building ahead of the ECB meeting after official figures showed that the annual rate of inflation in the euro area fell into negative territory in December, dropping 0.2%.

Draghi acknowledged the action the ECB took last year was “insufficient” to ward off the threat of deflation in the region.

The dollar remained broadly stronger, boosted by the diverging monetary policy stance between the Federal Reserve and central banks in Europe and Japan.

The Bank of Japan held off on expanding its monetary easing scheme on Wednesday and instead expanded a loan scheme aimed at boosting lending.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was not yet traded at 95.32, it's close on Friday.

In the week ahead, investors will be focusing on Friday’s preliminary data on fourth quarter growth, while the latest euro zone inflation data is also due out on Friday.

Wednesday’s Federal Reserve monetary policy statement will be closely watched, while New Zealand’s central bank is also to hold a policy meeting.

On Monday, in Germany, the Ifo research group is to publish its report on business climate.

The U.K. is to release private sector data on mortgage approvals.

10 Quotes That Changed My Life

noreply@blogger.com (Alcazar) — Sun, 25 Jan 2015 10:38:00 +0000

10 Quotes That Changed My Life

Forex - Australia dollar weaker as survey shows muted inflation outlook

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:45:00 +0000

Investing.com - The Australian dollar fell furtehr on Monday as a survey on inflation showed a benign outlook that implied no changes in current interest rate policy.

AUD/USD traded at 0.82812, down 0.20%, while USD/JPY changed hands at 117.06, down 0.35%

Australia's December TD-MI inflation gauge is due at 1030 Sydney (2330 GMT). The gauge rwas flat, compared to a 0.1% gain in November, taking year-on-year to the bottom of RBA's target band and forcasting the central bank will hold the cash rate at the current record low 2.5% for all of 2015.

Later in the day, Japan's December Consumer Confidence Survey is due at 1400 in Tokyo (0500 GMT). In November, the consumer confidence index fell 1.2 points to a seasonally adjusted 37.7, posting the fourth straight monthly drop and hitting the lowest since 37.0 in April. At the same time, the Japan Department Stores Association releases December sales. Combined sales at department stores in December are expected to post a ninth straight year-on-year drop as December had one less Sunday compared to a year before.

On Monday, Switzerland is to release data on producer price inflation. In the euro zone, Germany’s Bundesbank is to publish its monthly report and U.S. markets will remain closed for the Martin Luther King Day holiday.

Last week, thehe euro and the dollar pushed higher against the Swiss franc on Friday, a day after an unexpected move by the Swiss National Bank to abandon its currency peg against the euro, while the dollar rose to fresh 12-year highs against the euro ahead of expected monetary easing by the European Central Bank as early as next week.

The euro posted its largest ever single-day decline against the Swiss franc on Thursday after the SNB surprised markets by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011.

The central bank also cut interest rates deeper into negative territory, a move intended to dissuade investors from buying the franc.

SNB Chairman Thomas Jordan said Thursday the exchange rate cap had “protected the Swiss economy from serious harm” but added that maintaining the policy was not “sustainable or sensible in the long term.”

The shock move indicated that the SNB sees a high likelihood that the ECB will implement quantitative easing measures at its upcoming meeting on Thursday.

An interim ruling last Wednesday, which is likely to be accepted by the European Court of Justice, said the ECB was free to pursue a bond purchasing program without legal challenge.

The diverging monetary policy stance between the Federal Reserve, which is poised to raise interest rates and central banks in Europe and Japan has seen the dollar strengthen broadly in recent months.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.04 to 93.01.

In the week ahead, investors will be focusing on Thursday’s outcome of the ECB’s policy meeting and the banks post policy meeting press conference will be closely watched.

Meanwhile, China is to release data on economic growth while the Bank of Japan and the Bank of Canada are also to hold monetary policy meetings.

Forex- Aussie, yen down ahead of Australia price, Japan confidence data

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:44:00 +0000

Investing.com - The yen and Aussie held slightly weaker in early Asia Monday ahead as investors look ahead to data on inflation and consumer confidence.

AUD/USD traded at 0.8222, down 0.07%, while USD/JPY changed hands at 117.43, down 0.04%

Australia's December TD-MI inflation gauge is due at 1030 Sydney (2330 GMT). The gauge rose by 0.1% month-on-month in November to be up 2.2% year-on-year. It is likely the December data could show a month-on-month fall, and possibly take year-on-year to the bottom of RBA's target band. Also, important in the data will be TD's forecast for fourth quarter inflation based on this gauge.

Later in the day, Japan's December Consumer Confidence Survey is due at 1400 in Tokyo (0500 GMT). In November, the consumer confidence index fell 1.2 points to a seasonally adjusted 37.7, posting the fourth straight monthly drop and hitting the lowest since 37.0 in April. At the same time, the Japan Department Stores Association releases December sales. Combined sales at department stores in December are expected to post a ninth straight year-on-year drop as December had one less Sunday compared to a year before.

On Monday, Switzerland is to release data on producer price inflation. In the euro zone, Germany’s Bundesbank is to publish its monthly report and U.S. markets will remain closed for the Martin Luther King Day holiday.

Last week, thehe euro and the dollar pushed higher against the Swiss franc on Friday, a day after an unexpected move by the Swiss National Bank to abandon its currency peg against the euro, while the dollar rose to fresh 12-year highs against the euro ahead of expected monetary easing by the European Central Bank as early as next week.

The euro posted its largest ever single-day decline against the Swiss franc on Thursday after the SNB surprised markets by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011.

The central bank also cut interest rates deeper into negative territory, a move intended to dissuade investors from buying the franc.

SNB Chairman Thomas Jordan said Thursday the exchange rate cap had “protected the Swiss economy from serious harm” but added that maintaining the policy was not “sustainable or sensible in the long term.”

The shock move indicated that the SNB sees a high likelihood that the ECB will implement quantitative easing measures at its upcoming meeting on Thursday.

An interim ruling last Wednesday, which is likely to be accepted by the European Court of Justice, said the ECB was free to pursue a bond purchasing program without legal challenge.

The diverging monetary policy stance between the Federal Reserve, which is poised to raise interest rates and central banks in Europe and Japan has seen the dollar strengthen broadly in recent months.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.04% to 93.04.

In the week ahead, investors will be focusing on Thursday’s outcome of the ECB’s policy meeting and the banks post policy meeting press conference will be closely watched.

Meanwhile, China is to release data on economic growth while the Bank of Japan and the Bank of Canada are also to hold monetary policy meetings.

Forex - EUR/CHF weekly outlook: January 19 - 23

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:43:00 +0000

Investing.com - The euro regained some ground against the Swiss franc on Friday after posting its largest ever one day decline against the franc in the previous session and hit fresh 12-year lows against the dollar amid prospects for monetary easing by the European Central Bank as early as this week.

The euro posted its largest ever single-day decline against the Swiss franc on Thursday after the Swiss National Bank abandoned its 1.20 per euro exchange rate cap that it imposed in September 2011.

SNB Chairman Thomas Jordan said Thursday the cap had “protected the Swiss economy from serious harm” but added that maintaining the policy was not “sustainable or sensible in the long term.”

“The euro has depreciated considerably against the U.S. dollar and this, in turn, has caused the Swiss franc to weaken against the U.S. dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified,” the central bank said.

The central bank also cut interest rates deeper into negative territory, a move intended to dissuade investors from buying the franc.

The diverging monetary policy stance between the Federal Reserve, which is poised to raise interest rates and central banks in Europe and Japan, has seen the dollar strengthen broadly in recent months.

The surprise move indicated that the SNB is anticipating that the ECB will implement quantitative easing measures at its upcoming meeting on Thursday, in an attempt to spur inflation and growth in the euro area.

An interim ruling last Wednesday, which is likely to be accepted by the European Court of Justice, said the ECB was free to pursue a bond purchasing program without legal challenge.

EUR/CHF was trading at 0.9930 late Friday, up 1.75% for the day after falling to all-time lows of 0.8696 on Thursday. The pair still ended the week with losses of more than 17%.

USD/CHF was up 2.25% to 0.8586 late Friday, having recovered from the lows of 0.7360 struck in the previous session. The franc still ended the week with gains of 15% against the dollar.

EUR/USD was down 0.55% at 1.1567 in late trade on Friday, after falling to lows of 1.1461 earlier in the day, the weakest since November 2003.

In the week ahead, investors will be focusing on Thursday’s outcome of the ECB’s policy meeting and the banks post policy meeting press conference will be closely watched.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, January 19

Switzerland is to release data on producer price inflation.

In the euro zone, Germany’s Bundesbank is to publish its monthly report.

U.S. markets will remain closed for the Martin Luther King Day holiday.

Tuesday, January 20

The ZEW Institute is to release its closely watched report on German economic sentiment, a leading indicator of economic health.

Wednesday, January 21

The U.S. is to release data on building permits and housing starts.

Thursday, January 22

The ECB is to announce its benchmark interest rate. The rate announcement will be followed by a post-policy meeting press conference with President Mario Draghi.

The U.S. is to release data on initial jobless claims.

Friday, January 23

The euro zone is to publish preliminary data on private sector activity, while Germany and France are to also to publish data on private sector growth.

The U.S. is to round up the week with preliminary data on manufacturing activity and a private sector report on existing home sales.

FX broker FXCM gets rescue from Jefferies parent Leucadia

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:43:00 +0000

Retail foreign exchange broker FXCM Inc. (NYSE:FXCM) reeling after customers lost more than $200 million from the surging Swiss franc, will get a $300 million loan from Leucadia National Corp (NYSE:LUK) to keep operating, the companies said in a statement Friday.

Large global banks and retail brokerages were hit hard by the Swiss National Bank's sudden move Thursday to scrap its three-year-old cap on the value of the Swiss franc against the euro (EUR/CHF).

FXCM said Thursday that client losses may have left the brokerage with too little capital.
Leucadia, the parent of investment bank Jefferies, which advised on the deal, will invest $300 million in a two-year senior secured term loan with an initial coupon of 10 percent. The deal, which was expected to close Friday afternoon, also gives Leucadia an undisclosed percentage of a potential sale of FXCM.

"Leucadia`s support and this financing are by far the best alternative for FXCM, our customers, our shareholders, and all other relevant constituencies," said Drew Niv, FXCM chief executive officer.

Top executives from FXCM went through company books until at least 5 a.m. on Friday, according to a source close to FXCM. Regulators were in FXCM's offices in downtown Manhattan, according to two sources.

FXCM needed to act quickly. In its Thursday statement, the brokerage said client losses would result in a shortfall to the company of about $225 million and that it "may be in breach of some regulatory capital requirements."

"The key factor here is time, as regulators tend to be impatient once capital requirements are breached," analysts at Credit Suisse wrote in a Friday note.

In its statement, Richard Handler, Leucadia's CEO, and Brian Friedman, the firm's president, said they had worked with Jefferies and FXCM over the "past approximately 36 hours" to come to a deal. UBS acted as financial advisor to FXCM.

FXCM shares lost nearly 90 percent in premarket activity on Friday to $1.49 a share, and did not trade during the regular New York Stock Exchange trading session. The shares resumed trading in the after-hours session, recovering a bit from the premarket losses, but the stock (FXCM.K) was still down 70 percent to $3.81 a share from Thursday's close of $12.63.

Those who sold the stock in premarket action Friday morning will take big losses.
"The fact is if you sold at $1.49 in premarket that’s a decision you made and you’re out of it," said Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York.

Shares of Leucadia were halted during the trading day at $21.84 a share. They lost 0.8 percent to fall to $21.04 after resuming trading in after-hours action.
In Washington, a spokeswoman for the U.S. Commodity Futures Trading Commission said earlier that the agency was reviewing the company's situation but declined to give details.

FXCM and other brokerages were hit hard after the Swiss National Bank surprised markets by abandoning its cap against the euro. That caused the euro to suffer its biggest-ever one-day fall against the franc, dropping 18 percent for the session and losing some 30 percent on an intraday basis.

'BLACK SWAN' EVENT

Retail currency trade makes up nearly 4 percent of global daily spot turnover of nearly $2 trillion, the latest survey from the Bank of International Settlements shows, having grown from almost nothing in the 1990s.

In a note to clients, Sandler O'Neill analyst Richard Repetto wrote "we've been informed that FXCM offered clients leverage of 50x (often the standard in the U.K.) for EUR/CHF(euro-Swiss franc) trades."

"We believe this high leverage combined with the unique (black swan-like) event of the floating of the Swiss franc contributed to the steep customer losses at FXCM," he wrote.

Black swans are events seen as improbable and come as a major surprise to the market. Such events happen much more often than most market participants expect.

Shares of other brokers with retail foreign exchange businesses were mixed on Friday.

Interactive Brokers Group Inc (NASDAQ:IBKR) lost 0.6 percent to close at $28.09 a share. The company said customers lost $120 million beyond their collateral, equal to less than 2.5 percent of the company's net worth.

GAIN Capital Holding Inc (NYSE:GCAP) dropped as low as $7.75 in early trading but closed up 2.9 percent to $8.52, after the company said it generated a profit on Thursday from trading.

CFTC - week ending January 13: speculators more bearish on EUR, GBP, JPY

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:41:00 +0000

Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending January 13 on Friday.

Speculative positioning in the CME currency, commodity and index futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-167.9k	-161.0k	-6.8k	50.9k	4.8k	218.7k	11.7k
GBP	-37.1k	-25.6k	-11.6k	41.9k	2.8k	79.1k	14.3k
JPY	-94.6k	-90.1k	-4.5k	25.9k	-7.3k	120.5k	-2.7k
CHF	-26.4k	-24.2k	-2.3k	4.9k	-0.6k	31.4k	1.6k
CAD	-21.2k	-17.1k	-4.1k	27.6k	-3.7k	48.8k	0.4k
AUD	-45.4k	-48.7k	3.3k	14.8k	-2.2k	60.1k	-5.5k
NZD	-1.8k	-0.9k	-0.9k	8.4k	-1.5k	10.2k	-0.6k
MXN	-54.3k	-64.5k	10.2k	17.3k	-1.4k	71.6k	-11.5k
S&P	115.8k	170.5k	-54.7k	468.6k	-32.4k	352.8k	22.3k
Gold	130.2k	122.2k	8.0k	193.0k	5.3k	62.7k	-2.8k
Silver	39.9k	32.0k	7.9k	59.8k	4.9k	19.9k	-3.0k
Copper	-35.8k	-41.3k	5.4k	53.4k	7.5k	89.2k	2.0k

Dollar index remains at multi-year highs, boosted by UoM report

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:41:00 +0000

Investing.com - The dollar remained broadly supported near 12-year highs against the other major currencies on Friday, after data showing that U.S. consumer sentiment jumped to the highest level in 11 years in January overshadowed earlier U.S. industrial production and inflation data.

In a preliminary report, the University of Michigan said that its consumer sentiment index rose to 98.2 this month, the highest level since January 2004, from 93.6 in December, compared to expectations for a rise to 94.1.

The UoM's inflation expectations for the next 12 months ticked down to 2.4% in January from 2.8% in December.

A separate report showed that U.S. consumer price inflation fell 0.4% last month, in line with expectations and after a 0.3% decline in November.

Core CPI, which excludes food and energy, was flat in December, compared to expectations for a 0.1% rise, after a 0.1% uptick the previous month.

Data also showed that U.S. industrial production slipped 0.1% in December, confounding expectations for a 0.1% rise, after an increase of 1.3% in November.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.82% to 93.07, very close to Thursday's fresh 12-year peaks of 93.30.

USD/CHF advanced 2.02% to 0.8580, off lows of 0.7360 hit on Thursday, while EUR/CHF rallied 1.30% to trade at 0.9902, off the previous session's lows of 0.8204.

The Swiss National Bank shocked markets on Thursday by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc.

The central bank also cut rates to minus 0.75%, from minus 0.25% and lowered its target range for the three-month Libor to minus 1.25% to minus 0.25%, from minus 0.75% to 0.25%.

EUR/USD hit fresh 11-year lows of 1.1522 and was last at 1.1525, down 0.93% for the day.

The euro was hit after official data earlier showed that consumer price inflation in the euro zone fell 0.1% in December, in line with market expectations, after a 0.2% decline in November.

The bloc's CPI rose at an annualized rate of 0.2% last month, unchanged from November.

Core CPI in the euro zone, which excludes food, energy, alcohol and tobacco, rose 0.4% in December, after a 0.1% downtick the previous month.

The data fuelled further concerns over persistently low levels of inflation in the euro area. The European Central Bank targets an inflation rate of close to, but just below 2%.

The dollar climbed higher against the safe-haven yen, with USD/JPY up 0.87% to 117.15, off one-month lows of 115.85 hit overnight, while GBP/USD slid 0.32% to 1.5132.

The commodity-linked currencies remained broadly weaker. AUD/USD shed 0.38% to 0.8182 and NZD/USD declined 0.66% to trade at 0.7772. USD/CAD hit fresh five-year highs of 1.2046 before retracing to 1.2016, up 0.51% for the day.

Forex - EUR/USD hits fresh 11-year lows on ECB stimulus expectations

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:40:00 +0000

Investing.com - The euro dropped to fresh 11-year lows against the U.S. dollar on Friday, as downbeat euro zone inflation data fuelled further expectations that the European Central Bank could announce additional stimulus measures in its upcoming policy statement.

EUR/USD hit 1.1538 during U.S. morning trade, the pair's lowest since October 2003; the pair subsequently consolidated at 1.1547, retreating 0.72%.

The pair was likely to find support at 1.1531 and resistance at 1.1649, the session high.

The euro was hit after official data earlier showed that consumer price inflation in the euro zone fell 0.1% in December, in line with market expectations, after a 0.2% decline in November.

The bloc's CPI rose at an annualized rate of 0.2% last month, unchanged from November.

Core CPI in the euro zone, which excludes food, energy, alcohol and tobacco, rose 0.4% in December, after a 0.1% downtick the previous month.

The data fuelled further concerns over persistently low levels of inflation in the euro area. The European Central Bank targets an inflation rate of close to, but just below 2%.

The data came after an interim ruling by the European Court of Justice on Wednesday was seen as clearing the way for the ECB to implement quantitative easing measures at its upcoming meeting on January 22.

The single currency also remained under pressure after the Swiss National Bank shocked markets on Thursday by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc.

The move indicated that the SNB sees a high likelihood that the ECB will implement quantitative easing measures at its upcoming meeting next week.

The euro strengthened against the Swiss franc on Friday, with EUR/CHF rallying 1.27% to 0.9895.

In the U.S., the University of Michigan said, in a preliminary report on Friday, that its consumer sentiment index rose to 98.2 this month from 93.6 in December, compared to expectations for a rise to 94.1.

The UoM's inflation expectations for the next 12 months ticked down to 2.4% in January from 2.8% in December.

A separate report showed that U.S. consumer price inflation fell 0.4% last month, in line with expectations and after a 0.3% decline in November.

Core CPI, which excludes food and energy, was flat in December, compared to expectations for a 0.1% rise, after a 0.1% uptick the previous month.

Data also showed that U.S. industrial production slipped 0.1% in December, confounding expectations for a 0.1% rise, after an increase of 1.3% in November.

Forex - USD/CAD hovers near fresh 5-year highs despite weak U.S. data

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:39:00 +0000

nvesting.com - The U.S. dollar was hovering near fresh five-year highs against its Canadian counterpart on Friday, despite disappointing U.S. industrial production and inflation reports as markets awaited the release of U.S. consumer sentiment data later in the day.

USD/CAD hit 1.2046 during early U.S. trade, the pair's highest since April 2009; the pair subsequently consolidated at 1.2020, climbing 0.54%.

The pair was likely to find support at 1.1925, the low of January 14 and resistance at 1.2046.

Official data showed that U.S. industrial production slipped 0.1% in December, confounding expectations for a 0.1% rise, after an increase of 1.3% in November.

A separate report showed that U.S. consumer price inflation fell 0.4% last month, in line with expectations and after a 0.3% decline in November.

Core CPI, which excludes food and energy, was flat in December, compared to expectations for a 0.1% rise, after a 0.1% uptick the previous month.

The loonie was higher against the euro, with EUR/CAD slipping 0.11% to 1.3895.

The euro came under presssure after official data on Friday showed that consumer price inflation in the euro zone fell 0.1% in December, in line with market expectations, after a 0.2% decline in November.

The bloc's CPI rose at an annualized rate of 0.2% last month, unchanged from November.

Core CPI in the euro zone, which excludes food, energy, alcohol and tobacco, rose 0.4% in December, after a 0.1% downtick the previous month.

The data fuelled further concerns over persistently low levels of inflation in the euro area. The European Central Bank targets an inflation rate of close to, but just below 2%.

Dollar remains broadly supported after U.S. inflation data

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:38:00 +0000

Investing.com - The dollar remained broadly supported near 12-year highs against the other major currencies on Friday, despite the release of disappointing U.S. inflation data as investors eyed additional U.S. reports due later in the day.

Official data showed that U.S. consumer price inflation fell 0.4% last month, in line with expectations and after a 0.3% decline in November.

Core CPI, which excludes food and energy, was flat in December, compared to expectations for a 0.1% rise, after a 0.1% uptick the previous month.

Market participants were eyeing U.S. industrial production and consumer sentiment data due later in the trading session for further indications on the strength of the country's economic recovery after a string of mixed reports were released on Thursday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.36% to 92.84, close to Thursday's 12-year peaks of 93.15.

USD/CHF advanced 3.84% to 0.8732, off lows of 0.7360 hit on Thursday when the pair plummeted more than 11%, while EUR/CHF climbed 3.57% to trade at 1.0128, off the previous session's lows of 0.8204.

The central bank also cut rates to minus 0.75%, from minus 0.25% and lowered its target range for the three-month Libor to minus 1.25% to minus 0.25%, from minus 0.75% to 0.25%.

Earlier Friday, official data showed that Swiss retail sales fell at an annualized rate of 1.2% in November, confounding expectations for a 1.1% rise, after an uptick of 0.3% the previous month.

Meanwhile, EUR/USD dropped 0.43% to 1.1581, re-approaching Thursday's 11-year lows of 1.1567.

The euro was hit after official data earlier showed that consumer price inflation in the euro zone fell 0.1% in December, in line with market expectations, after a 0.2% decline in November.

The bloc's CPI rose at an annualized rate of 0.2% last month, unchanged from November.

Core CPI in the euro zone, which excludes food, energy, alcohol and tobacco, rose 0.4% in December, after a 0.1% downtick the previous month.

The data fuelled further concerns over persistently low levels of inflation in the euro area. The European Central Bank targets an inflation rate of close to, but just below 2%.

The dollar remained higher against the safe-haven yen, with USD/JPY up 0.47% to 116.68, off one-month lows of 115.85 hit overnight, while GBP/USD held steady at 1.5172.

The commodity-linked currencies were broadly weaker. AUD/USD edged down 0.17% to 0.8200 and NZD/USD slid 0.42% to trade at 0.7791. USD/CAD hit more than five-year highs of 1.2046 before retracing to 1.2021, up 0.55% for the day.

Forex - USD/CHF climbs as markets digest SNB surprise statement

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:37:00 +0000

Investing.com - The U.S. dollar climbed against the Swiss franc on Friday, easing off the previous session's three-and-a-half year lows as markets digested the Swiss National Bank's surprise monetary policy statement made that day.

USD/CHF hit 0.8807 during European afternoon trade, the session high; the pair subsequently consolidated at 0.8705, rallying 3.50%.

The pair was likely to find support at 0.7360, Thursday's low and resistance at 1.0221, Thursday's high.

The dollar dove over 11% against the Swissie on Thursday after the SNB shocked markets on Thursday by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc.

The central bank also cut rates to minus 0.75%, from minus 0.25% and lowered its target range for the three-month Libor to minus 1.25% to minus 0.25%, from minus 0.75% to 0.25%.

The move indicated that the SNB sees a high likelihood that the European Central Bank will implement quantitative easing measures at its upcoming meeting next week, sending the euro plunging over 12% against the Swiss franc on Thursday.

EUR/CHF recovered on Friday, surging 3.12% to trade at 1.0082.

Earlier in the day, official data showed that Swiss retail sales fell at an annualized rate of 1.2% in November, confounding expectations for a 1.1% rise, after an uptick of 0.3% the previous month.

Market participants turned their attention to U.S. industrial production and consumer sentiment data due later in the trading session for further indications on the strength of the country's economic recovery after a string of mixed reports were released on Thursday.

Dollar index holds near multi-year highs ahead of U.S. data

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:36:00 +0000

Investing.com - The dollar held steady near 12-year highs against the other major currencies on Friday, as the previous session's mixed U.S. data did little to dampen optimism over the U.S. economic recovery and as markets eyed additional U.S. reports due later in the day.

The dollar showed little reaction to data on Thursday showing that the number of people who filed for unemployment assistance in the U.S. last week rose to a four-month high of 316,000, compared to expectations for a decline of 6,000.

A separate report showed that U.S. producer prices fell by the most in three years in December, falling 0.3% as energy costs tumbled.

In addition, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to an 11-month low of 6.3 this month from December’s reading of 24.5, while the New York Fed said its general business conditions index increased to 10.0 this month from a reading of -3.6 in December.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% to 92.60, close to the fresh 12-year peaks of 93.15 hit overnight.

USD/CHF advanced 4.36% to 0.8779, off lows of 0.7360 hit on Thursday when the pair plummeted more than 11%, while EUR/CHF climbed 4.37% to trade at 1.0205, off the previous session's lows of 0.8204.

The central bank also cut rates to minus 0.75%, from minus 0.25% and lowered its target range for the three-month Libor to minus 1.25% to minus 0.25%, from minus 0.75% to 0.25%.

Earlier Friday, official data showed that Swiss retail sales fell at an annualized rate of 1.2% in November, confounding expectations for a 1.1% rise, after an uptick of 0.3% the previous month.

Meanwhile, EUR/USD held steady at 1.1623, holding above Thursday's 11-year lows of 1.1567.

Official data earlier showed that consumer price inflation in the euro zone fell 0.1% in December, in line with market expectations, after a 0.2% decline in November.

The bloc's CPI rose at an annualized rate of 0.2% last month, unchanged from November.

Core CPI in the euro zone, which excludes food, energy, alcohol and tobacco, rose 0.4% in December, after a 0.1% downtick the previous month.

The data fuelled further concerns over persistently low levels of inflation in the euro area. The European Central Bank targets an inflation rate of close to, but just below 2%.

The dollar rose against the safe-haven yen, with USD/JPY up 0.30% to 116.49, easing off one-month lows of 115.85 hit overnight, while GBP/USD added 0.27% to 1.5223.

The commodity-linked currencies turned steady to lower. AUD/USD was almost unchanged at 0.8212 and NZD/USD slid 0.36% to trade at 0.7795. USD/CAD gained 0.34% to 1.1996, hovering close to Wednesday's more than five-year high of 1.2018.

Later in the day, the U.S. was to release a report on industrial production and preliminary data on consumer sentiment

Forex - GBP/USD edges higher but gains in check

noreply@blogger.com (Alcazar) — Mon, 19 Jan 2015 07:35:00 +0000

Investing.com - The pound edged higher against the U.S. dollar on Friday, but were held in check as demand for the greenback remained broadly supported despite Thursday\'s mixed bag of U.S. data.

GBP/USD hit 1.5225 during European morning trade, the session high; the pair subsequently consolidated at 1.5212, adding 0.20%.

Cable was likely to find support at 1.5074, the low of January 13 and resistance at 1.5270, the high of January 14.

A separate report showed that U.S. producer prices fell by the most in three years in December, falling 0.3% as energy costs tumbled.

In addition, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to an 11-month low of 6.3 this month from December’s reading of 24.5, while the New York Fed said that its general business conditions index increased to 10.0 this month from a reading of -3.6 in December.

Meanwhile, sentiment on the pound remained vulnerable after data earlier in thw week showed that the annual rate of consumer inflation in the U.K. slowed to 0.5% last month from 1.0% in November. Economists had expected a smaller decline to 0.7%.

The slowdown in inflation underlined expectations that the Bank of England will keep interest rates on hold at record lows for most of this year.

Sterling was higher against the euro, with EUR/GBP shedding 0.29% to 0.7636.

The euro was hit after the Swiss National Bank on Thursday scrapped the 1.20 per euro exchange rate floor it imposed in September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc.

The move indicated that the SNB sees a high likelihood that the European Central Bank will implement quantitative easing measures at its upcoming meeting next week.

Later in the day, the U.S. was to release a report on industrial production and preliminary data on consumer sentiment.

SNB's Jordan defends shock move, says reaction overdone

noreply@blogger.com (Alcazar) — Sat, 17 Jan 2015 23:18:00 +0000

· Says it's better to be criticised than risk credibility

· SNB forced to act by diverging monetary policies

· SNB risked losing control of long-term monetary policy (Adds quotes, background, detail)

By Tom Miles

GENEVA, Jan 16 (Reuters) - Reaction to the Swiss National Bank's scrapping of its cap on the value of the Swiss franc has been overdone, the bank's President Thomas Jordan said in a newspaper interview on Friday.

"We see significant excesses in current exchange rates," he told Le Temps and Neue Zuercher Zeitung, adding that the bank had been aware that its shock move could have a major impact, and it could take some time for markets to find equilibrium.

The SNB had capped the value of the franc at 1.20 to the euro in Sept. 2011 to stop the Swiss economy being unbalanced by funds seeking shelter from the global financial crisis.

But the policy became a virtual peg of the franc's value to that of the ever-weakening euro. The European Central Bank may announce moves to further weaken the euro next week, which would have compelled the SNB to buy up more euros to keep the franc weakening at the same pace.

Jordan said that the SNB had become persuaded over the past few days that increasingly divergent monetary policies would make it impossible to continue with the franc cap.

"Intervention can be justified by the economic interests that need to be defended. If the goal is no longer sustainable and justified, we cannot continue. That's the point we reached."

The conditions for abandoning the cap had been discussed for a long time. One was if diverging monetary policies required increased interventions to support the cap, which had happened over the past two weeks, Jordan said.

"If the SNB had continued with its policy, it risked losing control of long-term monetary policy."

He said he had been aware that the sudden move would put Switzerland's economy in a more difficult position.

"But it's important that the economy does not over-react and analyses the new situation in an in-depth way. You have to remember that the cap had been an exceptional and temporary measure since the start. It was going to have to be abandoned at some point."

Continuing with an unsustainable defence of the cap would have put the bank's credibility into question, so it was better to take the criticism that he was now hearing, Jordan said.

His deputy Jean-Pierre Danthine has also been under fire, having reiterated the SNB's staunch support for the policy in a television interview about 60 hours before it was scrapped.

"In a case like this, the communication cannot be changed before the decision is made public," Jordan said.

Forex - GBP/USD slips to fresh 14-month lows after U.K. trade report

noreply@blogger.com (Alcazar) — Sun, 09 Nov 2014 08:48:00 +0000

The pound slipped to fresh 14-month lows against the U.S. dollar on Friday, after the release of downbeat U.K. trade balance data, while markets eyed the release of U.S. employment data later in the trading session.

Cable was likely to find support at 1.5504 and resistance at 1.6003, Thursday's high.GBP/USD hit 1.5816 during European morning trade, the pair's lowest since September 2013; the pair subsequently consolidated at 1.5820, easing 0.08%.

In a report, the Office for National Statistics said the U.K. trade deficit widened to £9.82 billion in September from £8.95 billion in August, whose figure was revised from a previously estimated deficit of £9.10 billion.

Analysts had expected the trade deficit to widen to £9.40 billion in September.

The report came a day after the Bank of England monetary policy committee voted to leave U.K. interest rates at their current record lows of 0.5%. The MPC also made no changes to its asset purchase scheme.

Investors had pushed back expectations for a rate hike by the BoE after a report on Wednesday showed that the U.K. service sector expanded at the slowest rate in 17 months in October, adding to indications that the rate of the economic recovery is cooling.

Meanwhile, the dollar remained supported after data on Thursday showed that the number of people who filed for unemployment assistance in the U.S. last week fell more than expected, fueling optimism over the strength of the labor market.

The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending November 1 decreased by 10,000 to 278,000 from the previous week's revised total of 288,000.

Sterling was lower against the euro, with EUR/GBP adding 0.25% to 0.7834.

Later in the day, the U.S. was to release a report on nonfarm payrolls and the unemployment rate.