It Looks Like The Dollar Is About To Surge
Good perspective here from SocGen’s currency analyst Sebastien Galy. Between the Italian election uncertainty and the UK downgrade, it’s safe to expect another dollar pop:
The combination of a UK downgrade and a uncertain Italian elections are the fuel for a run of stop losses on long GBPUSD and EURUSD at the opening of the markets in Asia. CFTC positioning had already shown [...]
The Beginning is Near!
When water turns to ice, or vapor turns to water, we have what is referred to as a Phase Equilibria change. It can be slow or it can be instantaneous. Whichever occurs, a new and completely different state of reality then exists.
The markets are about to transition through such a Phase Equilibria. We have reached the End of the Beginning and a New Beginning is Near! Unfortunately [...]
Just How Bad Is It In Europe?
EURUSD is ‘weak’ (under 1.2900) this morning, having given a week’s worth of gains back in just 2 days as it appears (quite unsurprisingly) that even the core or Europe is now becoming embroiled in a total economic depression. While it seems unlikely that the much-discussed optimal-strategy of Germany leaving the EUR will occur before Merkel’s re-election, we suspect there will be growing angst [...]
London Gold Market Report
from Ben Traynor
Tuesday 20 November 2012, 07:30 EST
Euro Holding Gains Despite France Downgrade, Indian Banks Banned from Lending for Gold Purchases
SPOT MARKET prices for buying gold traded above $1730 an ounce throughout Tuesday morning in London, up 1% for the week so far, while the Euro also held onto gains made yesterday despite news that a second ratings agency this year has downgraded France.
Gold rose by more than $20 [...]
On Election Day, the State Department invited a top economic analyst to hold a briefing for foreign reporters about the U.S. economy. The analyst’s message was clear: the U.S. is getting downgraded again.
Kathy Bostjancic, director of Macroeconomic Analysis for the Conference Board, said bluntly, “We’re going to get downgraded.”
In 2011, ratings agency Standard & Poor’s downgraded the U.S. debt to AA+ from AAA, after Congress and President Barack Obama agreed to [...]
Prices at the pump have remained steady despite the shortages, AAA said, averaging just below $4 a gallon in New York City, 2 cents lower than last week. However, on Long Island, where only a third of all stations were working, average gasoline prices jumped 5 cents from a day earlier.
But online, Craigslist users started offering gasoline for as much as $15 a gallon to motorists and homeowners not wishing [...]
The average price of gasoline in California is $4.671 per gallon, up from $4.668 yesterday. This is according to the latest data from AAA’s Fuel Gauge Report.
This is a new all-time high.
California’s gas supply has been squeezed by refinery outages, which are slowing coming back online.
However, analysts point to the deceleration in th price increases as a welcome sign that the worst may soon be over.
Read more: http://www.businessinsider.com/california-gas-prices-all-time-high-2012-10#ixzz28oNaUBFD
As gas prices in California hit a record high for the third day in a row, a station in San Diego County was charging $5.779 a gallon for regular gas and almost $6 a gallon for premium.
Qwik Korner at 2015 East Valley Parkway in Escondido was charging $1.11 more than the state average of $4.558 a gallon for regular unleaded gas. Premium was going for $5.99 a gallon.
The cost of [...]
Democrats arrived in Charlotte on Monday to an ill-timed reminder of one of the issues plaguing President Barack Obama’s reelection bid: high gasoline prices.
Prices at the pump reached a national average of $3.83 Monday, according to AAA, setting a record high for a Labor Day. The previous Labor Day record of $3.69 was set in 2008, at the height of the last presidential election fight.
Gas prices have increased by 23 [...]
Hurricane Isaac and a deadly blast at Venezuela’s Amuay refinery pushed gasoline to an almost four- month high and threatened to revive a debate about energy costs in the run-up to the presidential election in November.
Futures jumped yesterday in New York as Isaac forced closures of Gulf Coast refineries and reduced rates at others. That market is also reeling from an Aug. 25 explosion in Venezuela that killed at least 48 people [...]
(AP) You may pay more than ever for a late-summer drive.
U.S. drivers paid an average of $3.72 per gallon on Monday. That’s the highest price ever on this date, according to auto club AAA, a shade above the $3.717 average on Aug. 20, 2008. A year ago, the average was $3.578.
August 7, 2012
Gas prices continued their slow but steady march higher Tuesday, surpassing a nationwide average of $3.63 cents a gallon on the back of refinery problems in the United States and higher crude oil prices globally.
Nationwide average gasoline prices are now 30 cents higher than they were just five weeks ago. They are now at the midway mark between this year’s high price of $3.94 a gallon — [...]
Moody’s Investors Service on Monday changed its outlook for top-rated Germany, the Netherlands and Luxembourg to negative from stable, warning that they may have to increase support for indebted euro zone states such as Spain and Italy.
Moody’s also cited an increased chance of Greece leaving the euro zone, which “would set off a chain of financial sector shocks … that policymakers could only contain at a very high cost.”
The agency [...]
From Zero Hedge:
Summit full life: One week. Literally.
Last Friday morning, speculation that Germany had “caved” to Mario Monti, somehow allowing beggars to be choosers, and would allow an unconditional and IMF-free rescue of Spain and Italy while the seniority of the ESM was eliminated, sending the Spanish 10-year yield to under 6.2%.
The same security is now back over 7%, where it was just before the summit, as Finland and Holland [...]
The headline which paradoxically ramped stocks yesterday, is back:
ECB DECIDED ON ADDL MEASURES TO IMPROVE BANKING SECTOR ACCESS
ECB DECIDE TO REDUCE RATING THRESHOLD FOR SOME ABS
ECB SAYS AUTO-LOAN ABS WILL BE ELIGIBLE
ECB SAYS IT WILL APPLY 16% HAIRCUT TO A RATED ABS COLLATERAL
ECB TO BROADEN SCOPE OF MEASURES INTRODUCED DEC. 8, 2011
ECB SAYS BBB-RATED RMBS FACE 26% HAIRCUT
ECB SAYS RMBS OF AT LEAST BBB MAY BE ELIGIBLE
ECB SAYS BBB-RATED CMBS [...]
The impact of the rescue of Bankia is to feel the markets with the risk of Spanish debt reached record levels.
Shortly after the opening of markets, the spread between German and Spanish titles to 10 years reached 506 basis points, with Spanish titles of interest for the period to reach 6.415%.
Fears about the ability of the Spanish government to solve alone the bailouts in the banking sector may in aggregate [...]
By Kelli B. Grant
Travelers may find it easier to budget for summer road trips this year: Not only are gas prices falling, but many hotels are offering to fill up the tank.
Hotels often offer free gas cards with a few nights’ stay when gas prices are on the rise. Many properties put their latest deals in place this spring when the national average for a gallon of regular unleaded was [...]
Customers visiting a New York gas station were outraged to find that the price of petrol had shot up to $6 a gallon.
A Gulf station in Medford, Long Island, is charging drivers who pay by credit card almost two dollars more per gallon than those who pay by cash.
The gap became more pronounced as the station in question increased the price of gas per gallon to $6 for those paying [...]
NEW YORK — U.S. drivers will pay an average of 24 cents more per gallon for gasoline during this summer’s travel season, the government said Tuesday.
Gasoline will cost an average of $3.95 per gallon through September, an increase of 6.3% from the same period last year, the Energy Information Administration predicted. The peak should come in May, when gas averages $4.01 per gallon, the agency said.
Gasoline already has jumped by [...]
BALTIMORE (WJZ)—Just when you thought it couldn’t get any worse, gas prices are up again this week.
Monique Griego has the latest on when and if they’ll come down anytime soon.
Gas stations continue to pump out the pain.
“It’s outrageous,” said Pauline McKesson, driver. “I just put $20 in and that’s not even half a tank.”
This week prices jumped another six cents, bringing the national average to around $3.90 a gallon.
Maryland’s average is [...]
March 19, 2012
The national average price for a gallon of gasoline rose for the 10th straight day on Monday to $3.842. That is now only about 6.6% below the record high of $4.114 from July 2008.
The average price rose by four-tenths of a penny, according to the survey of gas stations conducted for the motorist group AAA. Gas prices are now up more than 17% this year.
The nationwide average was [...]
S&P says that it is impossible that any economic improvement would bring back the AAA rating
US deficit progress is needed.
Outlook remains negative.
And what do stocks do on latest S&P report that America is broke? Why they surge of course….
SACRAMENTO (CBS13) – The average price of a gallon of gas in Sacramento is up 50 cents from last month to $4.28, according to the latest fuel survey from AAA.
The state-wide average for a gallon of regular, unleaded gasoline is $4.36, up 51 cents since last month’s AAA report on Feb. 14. For perspective, that’s 40 cents higher than California’s average price on this date last year. Among all 50 [...]
The national average price for a gallon of gasoline rose above the $3.80 mark Monday, resuming the advance that has plagued drivers throughout the winter.
The average price rose nine-tenths of a cent, according to the survey of gas stations conducted for the motorist group AAA. It was the third straight advance, with prices gaining 3.4 cents a gallon over Saturday and Sunday.
A 27-day run of price increases ended last Tuesday with a [...]
(MoneyWatch) COMMENTARY Oil and gas prices are on the move, with the current national average for a gallon of regular gas at $3.61, up from $3.19 a year ago, according to AAA’s fuel gauge report. Before getting into the why, here’s a recent breakdown of where the money goes in pumping $1 of gas, according to the Energy Information Administration:
Crude oil: 76 cents
Taxes: 12 cents
Distribution and marketing: 6 cents
Refining costs [...]
TULSA, Okla. (AP) – Republican presidential candidate Newt Gingrich is dangling the prospect of gas as low as $2 a gallon if he’s elected.
The former House speaker has spoken in the past of gas dropping to $2.50 a gallon under a Gingrich administration. Monday’s prediction, coming as Gingrich campaigned in Oklahoma, contrasts sharply with rival Rick Santorum, who told an Ohio audience that big-city Americans should brace themselves for $5-a-gallon [...]