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Central Bank Meetings Galore.


Central bankers and politicians were the drivers of the FX markets last week and this will likely continue this week. There are 9 central bank meetings on the economic calendar with the most important being the ECB who could cut rates by at least 25 bp.




Economical News


USD


Central banks have stepped in to fill the void left by politicians on both sides of the Atlantic. Congress was unable to come to an agreement to lower the US deficit. European politicians have so far failed to contain the 2-year old European debt crisis. Thus central bankers have taken it upon themselves to support financial markets. The move by the leading central bankers to increase liquidity through discounted currency swaps helped to support financial markets where the politicians have failed.


This week there are nine central bank meetings. The Fed will meet next week on December 13th. The market tone this past week was much more positive than throughout most of the month of November and may continue into the new week. This would likely lead to additional USD declines.


With the exception of Friday's trade balance and consumer sentiment survey the US lacks major data releases this week. This will leave markets to be pushed and pulled by news reports and market rumors which make for a difficult trading environment. That being said, there is no substitute for strict risk management.


EUR


Central bankers and politicians were the drivers of the FX markets last week and this will likely continue this week. There are nine central bank meetings on the economic calendar with the most important being the ECB who could cut rates by at least 25 bp. Given the recent comments by Draghi there appears to be a shift in the ECB policy as the bank recognizes the risk of deflation creeping into the euro zone economy. This comes from the expectations of a slowdown in growth as signaled by the downward trend of European PMI surveys. In response the ECB may lower interest rates by 25 bp for the second consecutive month. There is also a talk of a possible 50 bp rate cut but this may be an exaggeration. Additional liquidity measures could be be opened by the ECB to improve access to funding for European banks. The world's central banks took this step last Wednesday with the discounted swap lines.


Draghi has also suggested the ECB may be more open to assisting European nations who have come under funding pressures. In a speech last week Draghi said that a commitment by EU politicians to adhere to, “Stricter budget discipline and binding their economies more closely is definitely the most important element to start restoring credibility. Other elements might follow, but the sequencing matters.” Should the ECB begin to feel that EU governments are taking concrete steps the ECB could unleash its “bazooka” to help stem the debt crisis.






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أهمية المحاسبة
 في الشركات والمؤسسات

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أهمية المحاسبة
 في الشركات والمؤسسات