 |
| Huge moves in JPY/USD |
Quite a
bearish day to end the week – no surprise that Friday became a risk-off day,
given the uncertainties with Spain and Greece. JPY and gold were today’s ‘anomalies’,
as both are seen as safe havens. Bloomberg introduced symbol codes for the
Greek drachma and while this is only prudent preparation in case of a Grexit,
of course there is plenty of talk that “somebody knows something”. If someone
knows something, I don’t think they would go tell that to Bloomberg’s system
analysts first. I believe a banking license to ESM is the most probable
solution that will come out of this, but this requires Germany’s approval first.
 |
| Spain just might make it |
I don’t
like the sentiment in Germany at all – the hopelessness of Greece is old news, but now the papers in Germany are writing how Spain is hopeless and should not have
joined the euro.. I believe this is part of the negotiation tactics. Spain wants to get rescued without
applying for a bailout: money for nothing and chicks for free. So Germany will first toughen up Spain, Spain will finally play along and the
bailout request will follow. By the way, Spain’s share of the European rescues is
above ten percent. When Spain becomes a bailout country, everyone
else’s share in the losses from Ireland, Greece and Portugal will go up around 10%.
Read how Spain
looks easier, how
to play announcement games, and when
Spain requests the bailout. If you happen to speak Finnish, check my recent
article
on Spain. Usual
weekend articles coming up next.
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View from My Screens
Commodity
Commentary – Commodity Trader
Tyler’s European Summary – ZH
Euro
VIX Jumps As ECB Pumps
Tyler’s US Summary – ZH
2012
Just Woke Up In 2011 All Over Again
Tyler’s US Summary II – ZH
The
Deer Is Back
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
US PAYROLLS
69,000
Jobs, 8.2% Unemployment Rate – Calculated
Risk
Huge Miss
On Expectations, Unemployment Rate 8.2% – ZH
U.S.
Employers Add 69,000 Jobs, Fewer Than Forecast – Bloomberg
Unemployment Rate Rises to 8.2% on Only 69K New Jobs – dshort
Unemployment Rate Rises to 8.2% on Only 69K New Jobs – dshort
US Employment
Report – Graphic of the Day – Thomson
Reuters
The labor
market takes a big step backward – Wonkblog
/ WP
Job growth
stumbles, boosting pressure on Fed – Reuters
May’s payrolls
number is… oh dear. +69,000 – alphaville
/ FT
America’s jobs crisis – Felix
Salmon / Reuters
Another
Month Of Slow Job Growth In May – The
Capital Spectator
Payroll
Postmortem – BoA /
ZH
Weak labour
market likely to trigger the Fed – Danske
Bank (pdf)
May
Employment Summary and Discussion – Calculated
Risk
Another
Payroll Disaster – Mish’s
U.S. jobs data marks gloomy hat-trick
for economists – Macroscope
/ Reuters
US Non-Farm Payrolls – BNY
Mellon
Few new
jobs, bought at great cost – Fabius Maximus