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By Yali N’Diaye WASHINGTON (MNI) – French Finance Minister Francois Baroin Friday said there is no need to implement a different strategy than the one decided in July by EMU leaders to ensure the stability of public finances in the Eurozone, the “epicenter” of the current crisis. During a press conference following the G20 Ministerial [...]

WASHINGTON (MNI) – The following is the communique issued after the G20 Ministerial Meeting on Development Friday: 1. We, the G20 Finance Ministers and Ministers in charge of development and international cooperation, met today for the first time to address development challenges as part of the global economic agenda. With developing countries acting as key [...]

WASHINGTON (MNI) – The following is the second and final section of the text of the statement Saturday on behalf of the European Commission to the IMFMC by EU Commissioner for Economic and Monetary Affairs Olli Rehn, published Friday night: International cooperation will be critical to ensuring the longevity and sustainability of financial reforms and, [...]

WASHINGTON (MNI) – The following is the text of the statement Saturday on behalf of the European Commission to the IMFMC by EU Commissioner for Economic and Monetary Affairs Olli Rehn, published Friday night: The current outlook for the global economy is subject to high uncertainty and elevated risk aversion in the financial markets. GDP [...]

An official at the Ministry of Finance is quoted on Reuters saying the Swiss approach on FX is not an option because it would mean abandoning monetary policy. He said as long as deflation continues, upward pressure on the yen will be sustained.

WASHINGTON (MNI) – Rapidly rising risks of contagion are threatening financial stability and growth prospects in the Eurozone, European Central Bank President Jean-Claude Trichet said Friday. To keep the crisis in check, all authorities must take decisive and swift action, Trichet said. “Risks to the stability of the EU financial system have increased considerably,” he [...]

The week ends like the horror movie it was… with one final scare letting you know the sequel is coming. Some charts are showing huge moves at the close like a 150 pip drop in the last minute in cable but the trades aren’t real anywhere I’m seeing. Closing bids: EUR/USD 1.3496 USD/JPY 76.58 GBP/USD [...]

Rumors of a French TARP Reports suggest plan to speed up permanent €500B EFSF replacement Talk of EU sponsored Greek debt exchange Speculation of an ECB rate cut Trichet: no risk of materialization of inflation or deflation risks Greek Fin Min: 50% haircut on bonds is one of three options; others quick to deny BNP [...]

Sovereign stress has spread to larger econs Rapidly rising risk of contagion threatens financial stability Decisive action needed from all More… Authorities should take EFSF cash to recapitalize banks Sees no risk of materialization of inflation or deflation risks ECB stands ready to provide unlimited liquidity up to 3 months  

–Citigroup’s Pandit: Can’t Assure Sys Safety Just Thru High Cap Reqmnt By Brai Odion-Esene WASHINGTON (MNI) – While regulatory reform might be moving at different speeds around the world, the goal must still be to achieve a level playing field across jurisdictions, as to do otherwise would spark a “race to the bottom,” New York [...]

Worst week since Lehman went bankrupt for the big caps, down 6.4%. S&P500 down 6.6% Nasdaq -5.5% On the day, S&P500 up 0.6% to 1136 Closed below 200-week moving avg

A quick look at the report: EUR shorts increased 46%, largest net short since July 2010 JPY long up about 25% GBP short +34K to 59.7K, largest net short since Feb 2010 AUD still long but cut back 14K to +23K CAD short trimmed by 1K to 5K CHF still net long but open interest [...]

I hate to see my currency fall but I can't ignore this chart showing a massive breakout to the upside in USD/CAD. Hard to buy here though, we need to go back and retest around 1.0050, or maybe that's hope talking. Beyond that, it looks like 1.0850 at least (probably when the BOC starts talking [...]

A big order of GBP/USD just rolled through, pushing the pair up 40 pips to 1.5480. NY high is 1.5487.

Either they’re solvent or stupid. Could help EUR and ‘risk’. Update: It was the CEO on CNBC, not CNBC reporting. God forbid CNBC do any journalism. It’s less trustworthy in this case.

–Retransmitting 14:47 ET Story, Fixing Typo in 14th Paragraph –Hill Dems Say They Will Agree To GOP’s Disaster Funding Request –Sen. Reid: Dem Plan ‘Averts A Government Shutdown’ –Rep. Pelosi: Democrats Are Offering ‘A Very Excellent Compromise’ –Rep. Hoyer: Democrats Proposal Would Pass The House Easily By John Shaw WASHINGTON (MNI) – Senate Majority Leader [...]

By Steven K. Beckner WASHINGTON (MNI) – San Francisco Federal Reserve Bank President John Williams said Friday that the Fed has a proven ability to lower long-term interest rates through large-scale asset purchases, but said the economic impact of those purchases is uncertain. Williams said the $400 billion “maturity extension program” launched Wednesday by the [...]

–Hill Dems Say They Will Agree To GOP’s Disaster Funding Request –Sen. Reid: Dem Plan ‘Averts A Government Shutdown’ –Rep. Pelosi: Democrats Are Offering ‘A Very Excellent Compromise’ –Rep. Hoyer: Democrats Proposal Would Pass The House Easily By John Shaw WASHINGTON (MNI) – Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi Friday [...]

By Steven K. Beckner WASHINGTON (MNI) – New York Federal Reserve Bank President William Dudley Friday blamed the United States “unusually anemic recovery” on the severity of the financial crisis and its aftermath. Speaking two days after the Fed’s policymaking Federal Open Market Committee adopted new measures to lower long-term interest rates, Dudley said the [...]