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Spread betting companies have reported a huge wave of short euro trades in the last two weeks, leading to speculation that a significant correction in the currency will come in the next few months.
Investors take out short trades when they expect a currency to fall. In recent days, futures traders in the US have significantly increased their bets that the euro will fall against the dollar. Data released by the Washington-based Commodity Futures Trading Commission on Friday showed that the "net short position" of trades against the euro by hedge funds and speculators almost doubled in the week to March 3 to 19,431 contracts from 10,081 contracts a week earlier.
"Quite a significant correction in the euro is coming in the next few months. The European Central Bank (ECB) is behind the curve in getting to grips with its economic problems," said David Buik of BGC Partners. He added that the eurozone entered recession later than other economies, but policy-makers had been too slow to act, putting the currency at risk.
Originally posted by Hx3_1963
reply to post by spinkyboo
...that mean you'll sign on? I hope so!
As more details emerge about the Treasury Department’s plan for dealing with the toxic assets currently plaguing our banking system, it’s becoming clear that Treasury Secretary Timothy Geithner is betting the house on a rather large assumption.
He seems to believe that the problem with the assets is not that they are actually relatively worthless, but that they have an “artificially depressed value” that will return as soon as a market for them is created. As Paul Krugman explained:
[S]omehow, top officials in the Obama administration and at the Federal Reserve have convinced themselves that troubled assets, often referred to these days as “toxic waste,” are really worth much more than anyone is actually willing to pay for them — and that if these assets were properly priced, all our troubles would go away
Goldman Sachs has raised concerns about the standards of corporate governance in India by accusing the Government of siphoning off $20 billion (£14.1 billion) from India's largest oil company without consulting other shareholders.
Goldman said that the funds had been diverted by the state-controlled Oil and Natural Gas Corporation (ONGC) via “ad-hoc cash withdrawals” over five years to subsidise loss-making government-owned refiners.
“Despite repeated objections raised by investors and more recently by independent directors on ONGC's board, there has not been headway on this issue,” Goldman analysts said. “The market appears to have got used to this practice by ONGC promoters [controlling shareholder], while similar issues in privately run companies would likely cause serious concern.”
March 09, 2009 03:01pm
TRADES in QBE Insurance shares at $15 and below were cancelled today, after the stock registered at under one cent.
According to Iress data, some QBE shares traded at a low of 0.4 cents between 1426 AEDT and 1428 AEDT, amid overall quiet dealing in the stock market.
The Australian Securities Exchange announced first that the trades were under dispute and then that trades at $15 and below were "to be cancelled".
At 1445 AEDT, QBE shares were registered at $15.60, down 70 cents.
Course of sales data showed a 500-share parcel of QBE stock was offered at 0.4 cents at 1426 AEDT.
Shares were being bid at $5.04 each a few seconds later.
Bids were then made at $9.99 and $10 and upward until 1429 AEDT when the stock was bid at $15.63.
BEIJING (Reuters) - China will steadily cut export-related taxes to "zero" and raise financial support for exporters to avert another sharp drop in external demand, the commerce minister said in an interview published Monday.
Commerce Minister Chen Deming told the Study Times newspaper that despite the recent abrupt drop in China's exports, broader, long-term trade trends remained in its favor.
"We should have ample confidence, seize opportunities to advance and lift our share of the international market," Chen told the Chinese-language weekly newspaper issued by the ruling Communist Party's Central Party School.
"Strive by all means to maintain stable export growth and prevent a dramatic fall in external demand."