Abandon the worries… and Abide in the Word.
Abandon the fears… and Abide in the Father.
Abandon the hurts… and Abide in His heart.
Abandon the cares… because Christ will never abandon you.
Saturday, July 7, 2012
Friday, July 6, 2012
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Why the euro is at a 2-year low
July 6, 2012, 11:15 AM
.
The euro EURUSD-.00% fell to its lowest level against the dollar in about two years on Friday, in part as a weak U.S. payrolls report prompted a flight to safety.
But it was also a continuation of the euro’s decline Thursday after the European Central Bank cut interest rates – basically doing the minimum required – which sent a big warning signal about the region’s sovereign debt crisis.
“The ECB really disappointed,” said Steven Englander, head of G-10 strategy at Citigroup.
“There’s a recognition that if it was that easy to solve Europe’s problems by cutting 25 basis points, they would have done it a long time ago. They did what was easy for them as a central bank and didn’t do anything that would help the economy and sovereign issues.”
The move easily wiped out the gains made after the pleasant surprise to last week’s European Union Summit, when officials surpassed the low bar markets set for them.
“The euro is going to continue to drift down,” Englander said. “It’s the same issue after every summit: there’s an agreement in principle and then everyone adds up how much it’s going to cost” and it comes unraveled.
“Even though they’re now more willing to take measures than they were a year or two ago, now that the problem has spilled over to Spain and Italy, not only are the costs higher but they’re loaded on smaller shoulders” because that removes two of the biggest economies in the euro zone from paying for a the bailout if they themselves need the assistance.
About a third of euro zone nations are rated below investment grade or close, and a third are AAA, Englander said. The rest are more ambiguous, and investors think they can go either way.
“That’s why the reaction to the ECB was so negative. To many economists, the clear answer for easing the burden is by the ECB being more proactive.”
But so far, it’s not taking on that mantle.
After Lehman Brother’s bankruptcy, what it took to avoid all-out contagion was a blank check, Englander said. “In Europe, we see an absolute unwillingness by central banks or governments in stronger fiscal situations to give a blank check.”
See Currencies report.
–Deborah Levine
Follow The Tell blog on Twitter @thetellblog
Follow Deborah on Twitter @dlevineMW
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About The Tell
The Tell is MarketWatch’s fast and engaging look at trends and themes in the day’s markets. Drawing on our reporters, analysts and commentators around the world, as well as selecting the best of the rest online, The Tell is all about the pulse of the markets through news, insight and strategic information to help you make the best investing decisions. Got a tip? Tell us at TheTell@MarketWatch.com
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Copyright © 2012 MarketWatch, Inc. All rights reserved.
By using this site, you agree to the Terms of Service and Privacy Policy - UPDATED 10/18/2011.
Intraday Data provided by SIX Telekurs and subject to terms of use. Historical and current end-of-day data provided by SIX Telekurs. Intraday data delayed per exchange requirements. Dow Jones Indexes (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Dow Jones IndexesSM from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Telekurs and is at least 60-minutes delayed. All quotes are in local exchange time.
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9:41 PM EDT
July 6, 2012
New York
Closed
London
Closed
Tokyo
Closed
View All
Latest News
6:34p
It’s a fine time to harvest stock-market gains
6:29p
Radio Update: Wall Street dips on jobs report
6:20p
MarketWatch’s top stories of the week: July 2-6
6:04p
Georgia's Montgomery Bank & Trust shut down
5:44p
The EU fly in the ointment
5:30p
Facebook, Yahoo shares advance after hours
5:11p
Campbell: Some earnings may disappoint
5:05p
Best Buy cuts 2,400 more jobs
5:04p
Washington events for July 9 - 13
5:01p
CORRECTED
How to crack Wall Street’s earnings code
5:00p
U.S. stocks end lower after lackluster jobs gains
4:55p
Mediocre jobs data weigh on Canada stocks
4:50p
Friday’s biggest gaining and declining stocks
4:48p
U.S. stocks end lower after lackluster jobs gains
4:43p
Facebook, Yahoo settle suit, form ad alliance
4:42p
Facebook up on report of mobile ad product
4:28p
Exxon dips, WPX rises but energy stocks drop
4:26p
Radio Update: Stocks slide on jobs report
4:18p
Stocks, commodities, euro drop after weak jobs data
4:17p
Yahoo, Facebook sign deal and settle dispute
Loading more headlines...
dow
12,772.47
-124.20
-0.96%
nasdaq
2,937.33
-38.79
-1.30%
s&p 500
1,354.68
-12.90
-0.94%
Tools and Data
Bulletin
Home
News Viewer
Markets
Investing
Personal Finance
Industries
Economy/Politics
Trading Deck
Jobs
Log In
Games
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The Tell
The Markets News and Analysis Blog
Why the euro is at a 2-year low
July 6, 2012, 11:15 AM
.
The euro EURUSD-.00% fell to its lowest level against the dollar in about two years on Friday, in part as a weak U.S. payrolls report prompted a flight to safety.
But it was also a continuation of the euro’s decline Thursday after the European Central Bank cut interest rates – basically doing the minimum required – which sent a big warning signal about the region’s sovereign debt crisis.
“The ECB really disappointed,” said Steven Englander, head of G-10 strategy at Citigroup.
“There’s a recognition that if it was that easy to solve Europe’s problems by cutting 25 basis points, they would have done it a long time ago. They did what was easy for them as a central bank and didn’t do anything that would help the economy and sovereign issues.”
The move easily wiped out the gains made after the pleasant surprise to last week’s European Union Summit, when officials surpassed the low bar markets set for them.
“The euro is going to continue to drift down,” Englander said. “It’s the same issue after every summit: there’s an agreement in principle and then everyone adds up how much it’s going to cost” and it comes unraveled.
“Even though they’re now more willing to take measures than they were a year or two ago, now that the problem has spilled over to Spain and Italy, not only are the costs higher but they’re loaded on smaller shoulders” because that removes two of the biggest economies in the euro zone from paying for a the bailout if they themselves need the assistance.
About a third of euro zone nations are rated below investment grade or close, and a third are AAA, Englander said. The rest are more ambiguous, and investors think they can go either way.
“That’s why the reaction to the ECB was so negative. To many economists, the clear answer for easing the burden is by the ECB being more proactive.”
But so far, it’s not taking on that mantle.
After Lehman Brother’s bankruptcy, what it took to avoid all-out contagion was a blank check, Englander said. “In Europe, we see an absolute unwillingness by central banks or governments in stronger fiscal situations to give a blank check.”
See Currencies report.
–Deborah Levine
Follow The Tell blog on Twitter @thetellblog
Follow Deborah on Twitter @dlevineMW
dollar,
euro
« Previous
Spanish investors are running in front of bears not bulls
Next »
There are great opportunities in Europe right now
Share:
More
.
.
EmailPrintComment
2
About The Tell
The Tell is MarketWatch’s fast and engaging look at trends and themes in the day’s markets. Drawing on our reporters, analysts and commentators around the world, as well as selecting the best of the rest online, The Tell is all about the pulse of the markets through news, insight and strategic information to help you make the best investing decisions. Got a tip? Tell us at TheTell@MarketWatch.com
Follow The Tell on Twitter @thetellblog
Search MarketWatch Blogs
.
The Tell Archives
2012July 201242
May 2012253
March 2012207
January 2012161
June 2012221
April 2012191
February 2012149
.
2011December 2011142
October 2011163
August 2011262
June 2011267
November 2011188
September 2011172
July 2011165
May 201177
.
Recent The Tell Posts »
•
Stocks, commodities, euro drop after weak jobs data
•
RIM, Yahoo on the hot seat next week
•
Scenarios for U.S. corn prices: Capital Economics
•
WPX Energy bucks down trend on bullish natural gas supply data
•
Hewlett-Packard Co. down 3.5%; Stocks falling in U.S.
The Tell Blogroll
•
GoldCore
•
Mark Mobius: Investment Adventures in Emerging Markets
•
MarketBeat
•
Minyanville
•
OpenMarkets
•
Speaking of OIL with Tom Kloza
•
The Cody Word
•
TrialInsider.com
•
ZACKS Investment Research blog
MarketWatch Blogs
•
Live News
•
Political Watch
•
Special Report Blog
•
The Cody Word
•
The Tell
Also on MarketWatch Blogs
Scared yet? Thoughts on Amazon, Libor and more
THE CODY WORD
Howard Johnson speech earns Obama scorn in Twitterverse
POLITICAL WATCH
Bob Diamond testifies to British parliament
SPECIAL REPORT BLOG
MarketWatch blogs the Oscars
LIVE NEWS
Partner Center
.
MarketWatch.com
Site Index
Topics
Help
Feedback
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Media Archive
Premium Products
Mobile
Company Info
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Corrections
Advertising Media Kit
Advertise Locally
License our Content
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Your Ad Choices
MarketWatch on Facebook
MarketWatch on Twitter
RSS
Podcasts
WSJ.com
Barron's Online
BigCharts
Virtual Stock Exchange
All Things Digital
MarketWatch Community
Financial News Online
WSJ.com Small Business
FINS:Finance, IT jobs, Sales jobs
Copyright © 2012 MarketWatch, Inc. All rights reserved.
By using this site, you agree to the Terms of Service and Privacy Policy - UPDATED 10/18/2011.
Intraday Data provided by SIX Telekurs and subject to terms of use. Historical and current end-of-day data provided by SIX Telekurs. Intraday data delayed per exchange requirements. Dow Jones Indexes (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Dow Jones IndexesSM from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Telekurs and is at least 60-minutes delayed. All quotes are in local exchange time.
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