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WORLD FOREX: Euro Shakes Off Gloomy News Ahead Of Fed Decision - NASDAQ
--Euro positive despite gloomy German ZEW numbers and "prohibitively" expensive Spanish T-bill auction
--UK inflation eases, boosting stimulus hopes
--Hungarian forint strengthens on IMF news
By Eva Szalay
The euro crept higher after a bruising start to the week as traders braced for the slim chance of further monetary easing from the U.S. Federal Reserve on Wednesday, with the currency stable despite a raft of negative news, including an expensive Spanish T-bill auction and a disappointing German business sentiment reading.
Some traders also pointed to unsubstantiated chatter of the European Central Bank buying under-fire Spanish government bonds as a contributing factor to the common currency's rise to $1.2620 against the dollar.
The gains came after a session of erratic moves and disheartening headlines that showed German economic expectations souring at the fastest rate for more than a decade. The widely-watched German ZEW economic expectations index fell to - 16.9 in June from May's unrevised 10.8.
"This was the fastest decline in sentiment since the height of the Russian/Long-Term Capital Management crisis in October 1998," Simon Derrick, a currency strategist at the Bank of New York Mellon, wrote in a note to clients.
The currency had earlier dropped to near the day's low of $1.2568 after the German constitutional court ruled that the German government hadn't informed parliament sufficiently about the configuration of the European Stability Mechanism. Traders sold the currency aggressively fearing the decision would throw more hurdles in the way of policymakers struggling to solve the region's debt crisis. But the currency staged a quick bounce as the realisation grew that the decision is just a reiteration of an earlier ruling.
Meanwhile, Spain auctioned 3.039 billion euros ($3.89 billion) of 12-month and 18-month papers, with what Marc Ostwald, an interest rate strategist at Monument Securities, described as "prohibitively" high costs. Yields on the 12- month offering almost doubled to 5.074% from 2.985% at the previous sale in May. The average yield on the 18-month bills came in at 5.107%, up from 3.302%.
The sharp rise in yields came after news that the second part of a forthcoming audit of Spanish banks would be delayed until September. The banking audit will be closely watched for determining how much help the country's banking sector could potentially need.
"Spain needs not only an ESM package to recapitalize its banks, it also needs an outright bailout package," Mr. Ostwald said.
However, some market-watchers said that large euro losses are unlikely for now, as the Fed announces its monetary policy stance Wednesday, with a small chance of further easing.
"Investors are likely to think twice about adding to (negative) positions in the euro before a potential Fed easing announcement," analysts at Danske Bank said in a note to clients.
The pound saw hefty declines after inflation undershot expectations and slowed to its lowest level in more than two years, boosting expectations that the central bank would engage in more monetary easing. The consumer price index rose 2.8% on the year in May against consensus views of a 3% rise. Sterling hit the day's low at $1.5616.
The Hungarian forint showed strong gains against the euro after news that Hungary is ready to move on to official talks with the International Monetary Fund and the European Commission.
At 1054 GMT the euro was trading at $1.2613 compared with $1.2577, according to EBS via CQG. The currency was at Y99.51 from Y99.47.
Sterling traded at $1.5666 compared with $1.5664.
The dollar was at Y78.81 from Y79.12 and at CHF0.9523 from CHF0.9551,
The ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at about 81.788 from 81.959.
A summary of key levels for chart-watching technical strategists is below:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF Spot 1016 GMT 1.2625 78.94 1.5664 0.9513 3 Day Trend Bearish Bearish Bullish Range Weekly Trend Range Range Range Bullish 200 day ma 1.3183 79.62 1.5823 0.9199 3rd Resistance 1.2748 79.51 1.5785 0.9650 2nd Resistance 1.2702 79.31 1.5742 0.9595 1st Resistance 1.2669 79.14 1.5695 0.9565 Pivot* 1.2615 79.03 1.5681 0.9513 1st Support 1.2568 78.78 1.5615 0.9503 2nd Support 1.2557 78.61 1.5599 0.9475 3rd Support 1.2518 78.18 1.5511 0.9420 Forex spot: AUD/USD Spot 1016 GMT 1.0152 3 Day Trend Bullish Weekly Trend Bullish 200 day ma 1.0247 3rd Resistance 1.0274 2nd Resistance 1.0247 1st Resistance 1.0225 Pivot* 1.0107 1st Support 1.0104 2nd Support 1.0057 3rd Support 1.0011
Write to Eva Szalay at eva.szalay@dowjones.com
(END) Dow Jones Newswires 06-19-120745ET Copyright (c) 2012 Dow Jones & Company, Inc.
FOREX-Euro lifted by hopes of Fed action, outlook shaky - Reuters
* Euro recovers vs dollar as Fed meeting eyed
* Australian dollar rises to 6-week high vs dollar
* Euro zone data, news add to bearish picture
By Nia Williams
LONDON, June 19 (Reuters) - The euro climbed against the dollar on Tuesday, shrugging off a weak German economic sentiment survey as speculation the U.S. Federal Reserve may ease monetary policy lent support to perceived riskier currencies.
Gains looked vulnerable to the stream of negative news coming out of the euro zone, as wary investors awaited the result of Greek coalition negotiations that may lead to the country's bailout terms being renegotiated.
But in the near-term the euro could hold steady on expectations the Fed will extend its long-term bond-buying through Operation Twist by a few months from the current deadline of June after a series of disappointing U.S. data, analysts said.
The euro was last up 0.3 percent on the day at $1.2622, with support seen around $1.2536, the trendline drawn below daily lows from June 1, and the 21-day moving average at $1.2530.
"It's quite possible the euro will stay reasonably well supported and if the Fed do something we could see a temporary spike higher. Operation Twist is close to market consensus but may give the euro a bit of a short-lived boost," said Paul Robinson, head of European FX research at Barclays.
Strategists said the euro would struggle to rally beyond the one-month high of $1.2748 posted on Monday after a win for pro-bailout parties in the Greek election, given the dire economic outlook and worries about the Spanish banking system.
News that a second, more detailed audit of Spanish banks would be delayed until September fuelled bearishness towards the euro zone's fourth-largest economy, whose 10-year borrowing costs have ballooned above 7 percent.
Spain's Treasury sold 12- and 18-month debt on Tuesday at higher yields of over 5 percent and will sell between 1 billion and 2 billion euros of bonds on Thursday.
Investors were also unnerved after a German court said the government had not consulted parliament sufficiently about the configuration of Europe's permanent bailout scheme.
"The market has taken this negatively," said Gavin Friend, currency strategist at National Australia Bank, referring to the comments from the German court.
"We would like more details but the market wants to shoot first and ask questions later. This could curtail the ESM's powers and comes during nervous times when the impasse between the German view and that of the peripherals and the world is growing."
The euro fell briefly after the German ZEW survey, which showed economic sentiment posted its biggest monthly drop since 1998 in June in a sign that even the bloc's strongest economy was not immune from the crisis.
FED EASING EYED
The Fed's rate-setting committee starts its meeting on Tuesday and a few market players have speculated it could opt for a third round of quantitative easing as Europe's troubles pose a risk to growth in the world's largest economy.
Another round of monetary stimulus would weigh on the U.S. dollar and boost growth-linked currencies like the Australian dollar, traders said.
The dollar index which measures the greenback against a basket of major currencies was down 0.2 percent at 81.763, having struck a one-month low of 81.266 on Monday.
The dollar edged lower against the yen, easing 0.3 percent to 78.88 yen and a drop below 78.61 yen will take it to its lowest in two weeks.
The dollar's move lower came as interest rate differentials moved against it on expectations of more Fed easing. Those expectations saw the growth-related Australian dollar jump to a six-week high of $1.0147.
Against the backdrop of slowing growth the world's major economies, or G-20, were set to urge Europe to take "all necessary policy measures" to resolve its woes and U.S. President Barack Obama requested a meeting with its leaders.
MONEY MARKETS-Banks' borrowing at ECB rises as Spain stress grows - Reuters UK
* Banks increase borrowing at ECB's seven-day tender
* Rise in demand reflects growing Spanish stress
* Growing ECB rate cut speculation seen weighing on Euribor
LONDON, June 19 (Reuters) - Bank borrowing from the European Central Bank rose on Tuesday as turmoil in the euro zone government bond markets pushed more banks to take up the ECB's regular offering of seven-day loans.
Demand for the funds, currently used largely by banks who can no longer borrow money affordably elsewhere, rose by 36 billion euros to 167 billion euros. The number of banks bidding at the auction rose to 101 from 94.
"The rise in the number of bidders points to signs of new stress. I would say Spanish names are behind that," said Matteo Regesta, strategist at BNP Paribas in London.
Spain has become the focus of the euro zone debt crisis over the last week after a bank rescue plan worth up to 100 billion euros failed to win market confidence and propelled 10-year bond yields above the 7 percent danger level.
Spanish banks have suffered huge losses on souring portfolios of property loans and most have been frozen out of the interbank market where banks borrow money to lend on at a profit. Data released on Monday showed Spanish banks' bad loans hit their highest since April 1994.
The increase in seven-day borrowing may herald rising market stress but is unlikely to have a major impact on money market rates, which have been pushed to rock-bottom levels by the huge amount of excess liquidity in the system.
Banks' total borrowing from the ECB is 777 billion euros more than their estimated needs, according to Reuters data , with most locked into long-term loans offered by the ECB in December and February to calm a previous bout of stress.
That excess of liquidity, along with growing speculation that the ECB may cut interest rates to boost the region's flagging economy, saw the benchmark interbank Euribor rate fall for a third successive session, to 0.657 percent.
The equivalent Libor rate, set by a smaller panel of banks based in London, also fell to a new record low at 0.56557 percent.
The prospect of cuts to the ECB's deposit and refinancing rates, boosted by recent comments from ECB policymakers, was the main factor driving rates lower, analysts said.
Barclays Capital analysts revised their ECB rate outlook to forecast a 50 basis point cut in the refinancing rate, to 0.5 percent, and a fall in the deposit rate to zero from 0.25 percent.
"In a scenario of the refi rate at 50 (basis points) and the deposit facility at zero, we would expect EONIA to fix at 10-15 bps in the reserve period, with three-month Euribor likely to decline to 40-45 bps," the bank said in a note.
The Eonia overnight rate fixed at 0.334 percent on Monday.
Forex Flash: ZEW economic sentiment pressures ECB – TD Securities - FXStreet.com
FOREX Private Securities Transactions Earn Stockbroker Fine And Suspension - Forbes
Page 2 of 2
Another problem with FINRA’s exposition of the facts in this case is that the AWC obtusely informs us that Whittington engaged in approved outside business activity but then charges him with engaging in private securities transactions. While those are two separate violations, FINRA titillates us without satisfying our curiosity.
- What was the approved outside business?
- Was Whittington authorized to engage in some private securities transactions but not the specific Oxford sales or was he prohibited from engaging in any private securities transactions through his outside business?
- Were Whittington’s two employing brokerage firms each aware that he was soliciting investments in Oxford but misunderstood the actual nature of the investment?
The omission of these facts inhibits us from fully grasping what occurred here — and that inhibits industry participants from drawing meaningful lessons and contemplating better practices to monitor such activity. Ultimately, such shortcomings reduce these regulatory actions to little more than revenue generators for FINRA with no educational value to the industry or to public investors.
The most puzzling aspect of this AWC is the lack of a substantive discussion about Whittington’s due diligence attendant to his initial investigation of Oxford’s securities offering and his ongoing due diligence during the time of his various solicitations of investors. While FINRA conceded that Whittington did not know at the time of his solicitations that Oxford was engaged in a Ponzi scheme, that hardly informs us as to why the registered person was in such a state of ignorance.
- Had he asked the relevant questions and been lied to?
- Had he visited with the company and been duped by Oxford?
- Although it is stated that Whittington didn’t know of the fraud, was there a time when he “should have?”
As I have often written concerning private securities transactions and outside business activities, the onset of the Great Recession placed tremendous strain upon many stockbrokers and prompted them to seek additional sources of income to replace or supplement their reduced commissions and fees. Starting in 2008 and continuing to the present day, we read of increasing numbers of cases involving so-called trading platforms, FOREX scams, and all sorts of odd investment opportunities offered by registered persons to their brokerage firm customers. And this phenomenon isn’t solely a development at an indie/regional firm such as an LPL but something that has transpired at Merrill Lynch, Wells Fargo, Morgan Stanley, JP Morgan, and other firms. In many situations, the transactions occur without the employing firm’s knowledge or consent; in other cases, the permission granted was for a far different proposition than subsequently played out.
If you are a public customer, this case is a stark warning. Even Wall Street professionals can be duped. As such, a public customer would be foolhardy to solely rely upon his or her broker’s claims of due diligence — if it’s your money, ask questions, demand answers, and verify everything. It will prove small comfort to learn that your broker was honest but didn’t really do enough homework or was defrauded by the issuer.
If you are a registered person, note that even in a situation where you are honestly unaware of any red flags concerning an outside investment, FINRA may still tag you with a fine and a hefty suspension. Be clear that there are two distinct permissions needed from your employing firm when you intend to engage in an outside business and also in a private securities transaction. Simply obtaining permission for the former may not protect you if you also engage in the latter.
Also read these “Street Sweeper” columns:
UPDATE: The Flying Ponzi Commodities Pool Circus: Securities Fraud, Bank Fraud, and Tax Evasion (June 18, 2012)
Feds Say All That Glittered At Gold Coast Futures & Forex Was Not Gold (June 6, 2012)
Commonwealth Stockbroker’s Private Securities Transaction and Customer Loan Prove Boiling Frog Story (June 5, 2012)
FOREX Trading Platform Scam Ends In Guilty Plea (March 19, 2012)
Brokerage Firm Sale Runs Afoul of FINRA Private Securities Transaction Rule (January 3, 2012)
Children's breakfast club director, 31, stole £6,000 from parents so she could spend the money on wine and meals out - Daily Mail
- Mother-of-four Michela Golden escapes jail after admitting theft
- Kids@Play - which ran before and after school clubs - was forced to shut after the thefts
- Golden, 31, was given a company bank card after she offered to take control of the company's finances
- An audit revealed she had stolen 6,000 over a year and she was arrested
By Rob Cooper
|
Thief: Mother-of-four Michela Golden, 31, admitted taking 6,000 from the childcare company and escaped jail
A director of a children's breakfast club stole 6,000 and spent the money on wine and paying for meals out for herself, a court heard.
Mother-of-four Michela Golden, 31, took the funds from a not-for-profit childcare company to buy alcohol, clothes, fuel and pay for food.
The cash, which was stolen over the course of a year, had been given by parents to pay for children's clubs in Rossendale, Lancashire.
When questioned, Golden denied she had taken the money and instead said the founder of Kids@Play Child Care must be responsible, Burnley Crown Court heard.
The company, which ran before and after school sessions, was forced to close after the thefts which happened and eight members of staff lost their jobs.
Golden, who admitted two counts of theft, escaped jail and was given a 10 month suspended sentence when she appeared before the court.
Kids@Play was set-up in 2008 to provide childcare outside school hours and had initially received funding grants from bodies such as Sure Start.
Nicholas Courtney, prosecuting, said the thefts started in July 2009 and went on for a year.
Golden took control of the company's finances at her own suggestion after they opened a second site in Newchurch, near Rossendale in September 2009.
She was issued with a company bank card so she could make purchases on their behalf.
But Lindsey Foster, the company's founder, noticed a series of unusual transactions when she looked at the bank statements in April 2010.
She also noticed that some of the money parents had given never turned up in their account.
A full audit was carried out before Golden was arrested and suspended.
When police searched her home in June last year they found paperwork which said the mother had several thousands of pounds in debts and her mortgage and council tax was in arrears.
Mr Courtney said that Golden, from Bacup, Lancashire, blamed the company's founder for the missing money.
Child care: Kids@Play ran before and after school classes for children in Rossendale, Lancashire
He said: 'She suggested Lindsey Foster may be responsible for missing funds, saying she seemed to be living an extravagant lifestyle at the time.
'Lindsey Foster was very upset by that suggestion, which it seems was made not just to the police in interview, but to various other people.'
In mitigation Bob Elias, defending, said the defendant's marriage had failed.
He said: 'She has issues both as to her younger years and marriage and possibly alcohol, which would benefit from engaging with a trained individual.'
Sentencing, Judge Jonathan Gibson said: 'This was, of course, mean offending. I accept it was to fund household expenditure, at least to a significant extent and it’s right to say there was evidence, when police came to investigate you, of a significant quantity of debt.
'I also accept you had difficulties with an abusive relationship. It’s particularly troubling a great deal of the money appears to have been spent on alcohol.'
The judge gave her a suspended sentence and ordered her to carry out 150 hours unpaid work. She was also given a 12 month supervision order.
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