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Monday May 6, 2013 - 08:52:09 GMT
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Is austerity dead in Europe? Friday U.S. April jobs better
|Is austerity dead in Europe? Friday U.S. April jobs better|
6 May 2013 10:00 gmt
CALENDAR- North America: CA- Ivey PMI
- HIGH IMPACT ITEMS: No Major Data
- Is Austerity dead in Europe? It suddenly has become clear in key Eurozone countries that austerity is painful and perhaps counter-productive. A German architect of the EUR calls for a break-up. For the record, we had felt it was an unworkable hair-brained scheme from the start. Expect the bureaucrats to forge ahead with it. They have to much invested.
- The ECB finally acknowledged that it has a major unemployment problem on its hands. monetary can support the economy but, its tools are unlikely to be terribly effective in promoting job growth.
- Many had thought ECB President Draghi was hinting Thursday at the possibility of negative interest rates to coax banks to promote private sector borrowing.. The significance of Nowotny's clarification Friday was that it confirms the initial market reading of Draghi was correct.
- Odds are the ECB would not mind a weaker EUR..
- The Fed decision on Wednesday was down the middle, indicating that future policy decisions are data dependent. April U.S. employment data (after revisions) were stronger than expected.
||JGB 0.57% 0bp
||Bund 1.24% +8bp
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John M. Bland, an author and a founding partner of Global-View.com, has been a corporate FX consultant for a major N.Y. bank, a forex trader for a major N.Y. institution, and an FX analyst for a blue chip Fed watching service.. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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