EURUSD - Trends, Forecasts and Implications (Part 3) - page 589
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Hello, everybody!
My view on the euro situation. The wave structure is forming is complex. I could have made a mistake in reading it. (I'm reading it so far, in spades). I think the decline of the pair is not over. IMHO.
Yes we may already be in a reversal decline. Only this decline goes in a wedge on M30, in threes. This is as an option.
But it is an alternative now.
Yes we may already be in a reversal decline. Only this decline is coming in wedges on the M30, in threes. That's an option.
You, you got yourself figured out?
The euro/dollar has once again come under selling pressure from the euro/sterling. There is talk that a large German investor is behind these sales. Euro/dollar is down to $1.4176 and the cross to stg0.8780.
The main reasons were selling by large investors and the pound rising on the back of positive UK PMI figures.
Not necessarily that the Euro is being sold, just that there has been a partial fixing, as said, and the Pound is being bought.
U.S. will reach its legal debt limit no later than 16 January. US Treasury Secretary Tymote Geithner said in a letter to members of Congress, Reuters reports.
"The US default is unacceptable," the finance minister voiced. - The longer Congress continues to resist action, the greater the risk that investors in the US and abroad will lose confidence in our ability to fulfil our obligations.
The US Ministry of Finance has the right to take extraordinary measures if the limit is reached in order to postpone the country's default, the minister said. These extraordinary sums will deplete over a period of about 8 months, Geithner says, and the blockage from the US side will cease completely after June 8.
Under current law, the United States public debt cannot exceed $14.29 trillion. The U.S. Treasury was $14 trillion by Q1. 251 billion. 174.5 million dollars, according to the Ministry of Finance. For the first time in the history of the country, the US national debt exceeded 14 trillion dollars at the beginning of this month.
The failure to raise the limit will have "catastrophic consequences", the head of the Ministry of Finance warned. Specifically, in his view, it will lead to a sharp rise in lending rates and create "a financial crisis, possibly worse than the one we are just now beginning to deal with". Geithner also told Republicans that if Congress fails to raise the ceiling, the government will suspend or delay payments to citizens' pensions and military salaries, freeze spending on social and health insurance, suspend payments of interest payments, and cancel unemployment benefits and income support.
Another prominent figure in the financial world, the head of the Federal Reserve, Ben Bernanke, earlier called on lawmakers to address the situation. The situation in Congress became tense due to the tensions between the Republicans and the Democrats over public finance policy. Some of the Republican leaders in Congress have said they intend to use the debt ceiling increase as an important factor to promote a reduction in government spending and a more balanced budget, as they believe.
The difficult situation in the U.S. fiscal sphere may change because of the plan drawn up by the Republicans to reduce the expenditure part of the budget by $ 5.8 trillion in the next 10 years. A congressman's representative told Reuters. According to him, the document provides for radical changes to the Medicare and Medicaid programs and the introduction of severe limitations on government spending and lower taxes. More detailed information is expected to be available during the official announcement of the bill.
U.S. Treasury Secretary says country may default
The USA will reach the statutory governmental debt limit not later than on the 16th of January. U.S. Treasury Secretary Tymote Geithner said in a letter to members of Congress, Reuters reported.
"The US default is unacceptable," the finance minister voiced. - The longer Congress continues to resist action, the greater the risk that investors in the US and abroad will lose confidence in our ability to fulfil our obligations.
The US Treasury has the right to take extraordinary measures if the limit is reached in order to postpone the country's default, the minister said. These extraordinary sums will deplete over a period of about 8 months, Geithner says, and the blockage from the US side will cease completely after June 8.
Under current law, the United States public debt cannot exceed $14.29 trillion. The U.S. Treasury was $14 trillion by Q1. 251 billion. 174.5 million dollars, according to the Ministry of Finance. For the first time in the country's history, the US national debt exceeded 14 trillion dollars at the beginning of this month.
The failure to raise the limit will have "catastrophic consequences", the head of the Ministry of Finance warned. Specifically, in his view, it will lead to a sharp rise in lending rates and create "a financial crisis, possibly worse than the one we are just now beginning to deal with". Geithner also told Republicans that if Congress fails to raise the ceiling, the government will suspend or delay payments to citizens' pensions and military salaries, Freeze spending on social and health insurance, suspend payments of tax deductions and cancel unemployment benefits and tax benefits.
Another prominent figure in the financial world, the head of the Federal Reserve, Ben Bernanke, earlier called on lawmakers to address the situation. The situation in Congress became tense due to the tensions between the Republicans and the Democrats over public finance policy. Some Republican congressional leaders have said they intend to use the debt ceiling increase as an important factor in pushing for a reduction in government spending and the creation of what they consider to be a more balanced budget.
The difficult situation in the U.S. fiscal sphere may change because of the plan drawn up by the Republicans to reduce the expenditure part of the budget by 5.8 trillion dollars in the next 10 years. A congressman's representative told Reuters. According to him, the document provides for radical changes to the Medicare and Medicaid programs and the introduction of severe limitations on government spending and lower taxes. More details are expected to be available at the time of the official announcement of the bill.
On Friday I posted a link on this topic, look for the 3rd.
http://spydell.livejournal.com/2011/04/05/
Posted a link on this topic on Friday, look for the 3rd.
http://spydell.livejournal.com/2011/04/05/
A few days before the technical default of the USA
As of March 31, 2011 the USA had a national debt of 14,270,114,530,800.3 dollars (to the nearest cent!). The debt limit is 14.294 trillion, i.e. only 24 billion before the technical default. April has traditionally been a surplus month in the USA due to tax payments, at least 27 times in 30 years. The only deficits in April were in 1983 (-3.3 billion), 2009 (-20.9 billion) and 2010 (-82.7 billion). Considering that the new reality began in 2008, we may therefore assume that April 2011 will be in deficit again, just like the 29 previous months and all the following ones )) Based on the experience of 2010, the treasury's biggest transactions are scheduled for the 8th, 15th and 30th of April.
This all means that a technical default could occur sometime on Friday 8 April 2011, since it will probably be over the limit of 24 billion. But each of you realises that this can never be voluntary. First of all: the Ministry of Finance has a 200bn cushion in case of emergency. And secondly: the debt limit itself is a purely formal bureaucratic procedure.
You just have to look at the chart to see that.
http://spydell.livejournal.com/2011/04/03/
You, you got yourself figured out?
I'm fine. I guess you're not.)
See the triangle section in the books ;)