BRUSSELS (AP) — The European Commission has been providing legal advice to others who are considering possible scenarios should Greece leave the euro, a European Union spokesman said.
Olivier Bailly said Tuesday that, legally, limits could be imposed on movement of people and money across national borders within the EU if it's necessary to protect public order or public security — but not on economic grounds.
"Some people are working on scenarios," he said, but refused to confirm or identify which organizations and people were working on them.
Forex Flash: Hollande between deficit target and growth pledges – ING Bank - NASDAQ
FXstreet.com (Barcelona) - The French President Hollande is the favorite candidate to win the 17 June second round of Parliamentary elections. The socialists could obtain a clear majority of between 305 and 350 seats (of a total of 577 seats), which would ease the President's work to implement his measures in France and his views in Europe.
However, with falling manufacturing output by -1.4% in April and business confidence to 93, ING Bank analysts see hard times ahead with low chances of reaching 0.5% GDP growth in 2012. Hollande will face a dilemma between promoting his growth strategy, increasing spending and hire more public workers, while targeting the 3% line of public deficit in 2013. One must give in.
"It may be very difficult for France to reach a public deficit of 3% in 2013 without new austerity measures and a cut in public expenditures, which is contrary to François Hollande's election pledges", wrote Manuel Maleki, analyst at ING Bank.
Forex bureaus in Sudan hike exchange rate to curb black market - Sudan Tribune
June 11, 2012 (KHARTOUM) – Forex Bureaus in Sudan on Monday started using higher exchange rates for the US dollar in a bid to match its value in the black market and prevent further depreciation of the local currency.
Last month the Central Bank of Sudan (CBS) made a bold effort to curb the thriving black market by allowing Forex bureaus to buy and sell currencies using their own exchange rates as opposed to the official one.
The effort is hoped to bridge the huge gap between the official exchange rate and that used in the black market, where the US dollar continues to trade for twice the official rate of 2.7 Sudanese pounds despite multiple interventions by the central bank to inject hard currency.
Last week the Sudanese pound hit an all-time low of 5.55 in the black market as the central bank failed to supply Forex bureaus with enough hard currency to meet demands.
The secretary-general of the Forex Bureaus Union (FBU), Abdel Al-Moniem Nur Al-Deen, on Monday said that Forex bureaus had decided to hike their exchange rate to 5.53 pounds in the hope of greater proximity to the black market rate.
Nur Al-Deen justified their decision by saying that they had realized that the daily fixed quota of 3,500 USD allocated to Forex Bureaus by the central bank had been leaking to the black market through some traders who present fake travel documents in order to get dollars at the official rate then sell them back in the black market.
The FBU previously announced that some citizens applying for hard currency on travelling justifications have had their requests turned down after it was discovered that they were put up to it by black market traders who buy their dollars to sell them later at a higher rate.
Sudan has been struggling to contain the deteriorating value of its own currency as the flow of hard currency was sharply curtailed following the secession of the oil-rich South Sudan last year.
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Money back on Poland v Russia if Lewandowski scores again - Bettingpro.com
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Paddy Power have confirmed a money back promotion for tonight’s Euro 2012 Group A match between Poland and Russia. Tournament co-hosts Poland will be looking to build on the opening-day draw with Greece when they take to the field tonight. There will be ...FOREX-Euro gains in volatile trade as risk aversion abates - Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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Study reveals more money may not make you happier - money.aol.co.uk
PA
Far from rejoicing when they get a pay rise, those on high salaries who are neurotic can easily view a raise as a failure. Neurotic people tend to enjoy income less if they are richer, the findings show. They chime with other studies that show wealth doesn't necessarily bring happiness.
In a working paper, economist Dr Eugenio Proto, from the Centre for Competitive Advantage in the Global Economy at the University of Warwick, looked at how personality traits can affect the way we feel about our income in terms of levels of life satisfaction.
He found evidence suggesting that neurotic people can view a pay rise or an increase in income as a failure if it is not as much as they expected.
Neuroticism is a tendency to experience negative emotional states. People with high levels of neuroticism have higher sensitivity to anger, hostility, or depression.
Dr Proto, who co-authored the paper with Aldo Rustichini from the University of Minnesota, said people who are on a high salary and have high levels of neuroticism are more likely to see a pay rise as a failure.
He said: "Someone who has high levels of neuroticism will see an income increase as a measure of success. When they are on a lower income, a pay increase does satisfy them because they see that as an achievement. However, if they are already on a higher income they may not think the pay increase is as much as they were expecting. So they see this as a partial failure and it lowers their life satisfaction."
This would explain why some bankers throw their toys out of the pram when they get their bonuses - while mere mortals like us have never had a bonus in their life.
Dr Proto added: "These results suggest that we see money more as a device to measure our successes or failures rather than as a means to achieve more comfort."
An older study showed that while the income per capita in the US between 1974 and 2004 almost doubled, the average level of happiness showed no appreciable trend upwards. This puzzling finding, called the Easterlin Paradox after its author, has been shown to hold also for European countries.
And a more recent UN report, which ranked countries according to levels of happiness, also suggested that money can't buy you happiness. The report identified the key factors to a nation's happiness as "a high degree of social equality, trust and quality of governance". Inequality is generally thought to damage societies. Scandinavian countries Denmark, Finland and Norway came top, while the UK barely scraped the top 20, coming in at number 18 below the United Arab Emirates and just above Venezuela.
WORLD FOREX: Euro Edges Up, But Italy and Spain Get No Relief - NASDAQ
-- Euro recovers some of Monday's losses
-- Italian, Spanish 10-year yields still trading at elevated levels
By Eva Szalay
A run of euro-bashing took a pause Tuesday in European trading, though pressure on Spanish and Italian government debt yields provided a stark reminder that investors are nonplussed with plans announced over the weekend to recapitalize Spain's banks.
The single currency fell in early Asian trading hours, in a continuation of the drubbing it received Monday as investors questioned the details of the 100 billion euro ($125 billion) deal aimed at strengthening the Spanish banking system. The move by Fitch Ratings to downgrade two large Spanish lenders, Banco Bilbao Vizcaya Argentaria and Banco Santander, by two notches to triple-B-plus late Monday further dented sentiment.
As European trading go underway, the euro recovered to climb back above $1.25 against the dollar, with traders pointing to strong euro-buying from the Middle East, but the pickup mostly reflected some exhaustion in momentum for negative bets, rather than a positive turn of events in the increasingly pressing euro crisis.
"The spotlight is slowly beginning to turn onto Italy," said Simon Derrick, a currency analyst at BNY Mellon in a note to clients. "The benchmark Italian 10-year yield is currently just 8 basis points below where the equivalent Spanish paper stood last Thursday."
Yields on 10-year Italian bonds traded at a high of 6.11% Tuesday, while Spanish yields hit a high of 6.63%. Bond yields rise when their prices fall; a higher yield indicates an increased perception of risk.
Raising tensions further, a spat was developing between Rome and Vienna, after Austria's finance minister Maria Fekter questioned whether Italy's high borrowing costs could prompt a financial rescue.
A raft of government debt auctions also kept investors cautious. The Netherlands kicked off the session with an anemic sale of 2033 bonds. The country sold a total of EUR1.65 billion of bonds, despite the intention to sell up to EUR2.5 billion.
The U.K. sold GBP4.75 billion of 1% September 2017 gilts Tuesday but the sale was barely covered as investors began to baulk at the skinny yields on offer.
Sterling took a brief hit after dismal manufacturing output and industrial production numbers in the UK. Manufacturing output contracted 0.7% on the month in April, despite expectations for 0.1% growth. Industrial production was flat on the month, against expectations for a 0.3% rise.
"[This] may fuel expectations for more quantitative easing from the Bank of England," said Credit Suisse in a client note. The effect on the currency was fleeting, however.
Separately, the yen weakened after David Lipton, the International Monetary Fund's First Deputy Managing Director said overnight Monday that Japan's intervention efforts were "understandable." The comments raised expectations that the Bank of Japan would yet again step into the market to weaken the haven yen and spooked traders who sold the currency against both the dollar and the euro.
Emerging market currencies were under slight pressure, in line with the single currency.
At 1040 GMT, the euro was at $1.2520 against the dollar, up from the $1.2475 area late in New York Monday. It was at Y99.58 against the yen, up from Y99.10.
The dollar was at Y79.52 from Y79.45. The pound was at $1.5535 from $1.5485.
A summary of levels for chart-watching technical strategists is below:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF Spot 1036 GMT 1.2525 79.54 1.5536 0.9589 3 Day Trend Bearish Bearish Range Bullish Weekly Trend Bearish Range Bearish Bullish 200 day ma 1.3214 79.64 1.5834 0.9182 3rd Resistance 1.2620 80.15 1.5684 0.9700 2nd Resistance 1.2589 79.92 1.5599 0.9657 1st Resistance 1.2567 79.75 1.5580 0.9649 Pivot* 1.2545 79.57 1.5517 0.9573 1st Support 1.2469 79.44 1.5455 0.9558 2nd Support 1.2435 79.32 1.5405 0.9520 3rd Support 1.2381 79.17 1.5385 0.9475 Forex spot: EUR/GBP Spot 1036 GMT 0.8061 3 Day Trend Bullish Weekly Trend Bearish 200 day ma 0.8343 3rd Resistance 0.8123 2nd Resistance 0.8105 1st Resistance 0.8079 Pivot* 0.8091 1st Support 0.8051 2nd Support 0.7972 3rd Support 0.7950
Write to Eva Szalay at eva.szalay@dowjones.com
(END) Dow Jones Newswires 06-12-120749ET Copyright (c) 2012 Dow Jones & Company, Inc.
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