There is much talk about the impact (or rather lack thereof) of Greek elections on the markets.In fact, the euro continued to price in the effects of a much larger factor – the QE announcement by the ECB, the stock markets did the same. Only bonds and …
In plain, simple terms, there is too much debt on the books.
My comment from earlier this week on SNB and Denmark’s Nationalbank pegs decisions (link to press article to be updated later):There are two truths about currency pegs.The first one is that no Central Bank is an island. In other words, all pe…
In 2014, Central Bank of Russia spent USD83 billion on currency interventions, against total drawdown of USD124 billion in foreign reserves held.
A neat chart from Pictet showing balancesheet comparatives for ECB and the Fed.Setting timing issues aside (which are non-trivial), the quantum of ECB balancesheet expansion planned is still too weak and it is too weak relative to previous peak. T…
Narcissistic, self-obsessed, publicity equivalent of the Maybach Exelero and about as useful for its stated purposes too
On top of downgrades by the rating agencies, Russia also got downgraded by the host of international agencies
So Euro area needs liquidity… sovereign liquidity, right?Take a look at the latest Eurostat data:Even after all statistical ‘methodology’ re-jigging and re-juggling, Q1-Q3 2014 saw Government spending accounting for 49.5% of GDP and deficit aver…
Today’s ECB announcement of EUR60 billion per month from march 2015 through September 2016 QE aiming to take the ECB balance sheet up to EUR1.14-1.26 trillion (estimated, based on starting timing and treatment of 12% share of European institutions secu…
