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Warren Buffett Lifts High-Yield Currencies
By Grace Cheng on February 12, 2008 | More Posts By Grace Cheng | Author's Website
Billionaire investor Warren Buffett made an announcement in early US session that he offered up to $800 billion in municipal bonds to bond insurers Ambac, MBIA and FGIC. There are also news that six major mortgage lenders, including Citigroup and Bank of America, have a plan to ease foreclosures. US stocks reacted positively to all these and gained, lifting up
high-yielding currencies in the forex market.
EUR/USD strengthened and reached an intraday high of 1.4610, with nearest resistance around 1.4630 then 1.4660 then 1.4700. Cable is back up around 1.9600 with nearest resistance around 1.9650.
In a meeting of finance ministers Tuesday, the current Eurozone president, Slovene Finance Minister Andrej Bajuk, said economic growth in the EU is slowing but will be close to potential in 2008.
"There are no big macroeconomic imbalances in the European economy," Bajuk said. "The housing sector, the capital markets are not facing the same issues as in the US."
German ZEW’s economic expectations index improved to -39.5 points from -41.6 points in January, which was better than the forecast of -45.
Wednesday:
UK RICS house price 0001 GMT
UK claimant count 0930 GMT
Eurozone industrial production 1000 GMT
BOE quarterly inflation report 1030 GMT
US retail sales 1330 GMT
Japan GDP 2330 GMT
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