GBP News 

JPMorgan CEO Dimon issues stark warning about ‘catastrophic’ events if Italy leaves the euro

“Because of the way it has been designed, the European Monetary Union would be hard to reverse without causing catastrophic events,” Dimon told the paper” writes Will Martin for businessinsider.com. Official policy is that the government backs remaining in the European Union, but Matteo Salvini, the Lega Nord’s leader, is an avowed eurosceptic, and is believed to privately back an exit.JPMorgan boss Jamie Dimon has warned Italy’s populist government of the likely “catastrophic” consequences that would come from attempts to pull the country out of the eurozone. Source: businessinsider.com Share This:

Read More
News 

Finland’s Nokia signs 1 billion euro deal with China Mobile

“(Reuters) – Nokia has signed a one billion euro ($1.17 billion) deal to support China Mobile, the Finnish network gear maker said on Tuesday” writes Midwest Communications Inc for 95kqds.com. Under the terms of the one-year deal, which was signed at Sino-German Economic Forum, Nokia will provide the Chinese operator with seamless connectivity and transition support.Shares in Nokia were up 1.3 percent following the deal announcement. Source: 95kqds.com Share This:

Read More
News 

US tariffs are an ‘unnecessary test’ to Europe’s economic recovery, top finance chief says

“Higher trade tariffs coming from the U.S. are not what the euro zone needs right now following several years of a promising recovery, a high-ranked European official told CNBC. The 19-member region that shares the single currency has been growing at a gradual pace over the last two years following a sharp downturn due to the sovereign debt crisis of 2011” writes Silvia Amaro for cnbc.com. But the current threat of higher tariffs with key trade partners, especially the U.S., could prove a challenge for the euro area’s fragile recovery.…

Read More
News 

US tariffs are a ‘necessary test’ to Europe’s economic recovery, top finance chief says

“The International Monetary Fund (IMF) also warned in June that higher trade tariffs are the biggest single risk to the euro zone economy” writes Silvia Amaro for cnbc.com. Lagarde also warned that if the trade tensions escalate further, then the direct impact on the economy will become more substantial.The European Union is currently studying ways to prevent an escalation in trade tensions with the White House. Source: cnbc.com Share This:

Read More
Markets News 

EUR/USD back near the highs again to start the session

“The risk for trading today will come in the form of the PMI readings, although they may not individually have a large impact” reports forexlive.com. The dollar is staying weaker across the board and fresh lows against the yuan is seeing the euro also taking advantage of that.But the collective message that it could send may have some influence on euro price action during the day. Source: forexlive.com Share This:

Read More
News 

Dollar slides as euro rises after German political crisis averted for now

“Sterling was given a boost after Bank of England policy setter Michael Saunders said rates U.K. interest rates may go up faster than expected” writes Markets Reporter for marketwatch.com. The euro EURUSD, +0.0773%  rose to $1.1654 from $1.1641 late Monday in New York.The Chinese yuan USDCNY, -0.2565%  was trading close to an 11-month low against the dollar as the Washington-Beijing dispute on trade continued. The Japanese yen USDJPY, -0.06%  was largely flat against the dollar, with the buck buying ¥110.89 compared with ¥110.90 late Monday in New York. Source: marketwatch.com Share…

Read More
Markets News 

Dollar supported by sagging euro, bubbling trade tensions

“Trade tensions also supported the dollar against commodity currencies, like the Australian dollar, and emerging market currencies whose economies are most vulnerable to a downturn in trade” writes unknown author for cnbc.com. “A currency of a country with a large current account deficit is not usually a choice destination during risk aversion, but the dollar is high in liquidity, which is a draw.”. That said, the dollar has managed to gain only as emerging market and commodity currencies have slid due to risk aversion,” said Masafumi Yamamoto, chief forex strategist…

Read More
News 

Here’s why efforts to reduce the dollar’s dominance won’t work anytime soon

“Before the euro, global exchange reserves included the individual currencies of today’s Eurozone members, particularly the Deutsche mark” writes Wolf Street for businessinsider.com. And now there are efforts underway to elevate the Chinese renminbi to a global reserve currency.US-dollar-denominated assets among foreign exchange reserves continued to dominate in Q1 at $6.5 trillion, or 62.5% of “allocated” reserves (more on this “allocated” in a moment).But watching grass grow is breathtakingly exciting compared to watching the RMB gain status as a reserve currency. Source: businessinsider.com Share This:

Read More
News 

Euro slips as German coalition crisis deepens, Mexican peso firms

“The euro had gained on Friday after European Union leaders hammered out an agreement on migration that investors hoped would eased pressure on Merkel” writes unknown author for cnbc.com. The euro slipped back in early Monday trade after German Chancellor Angela Merkel was dealt a fresh blow when her interior minister offered to quit in an escalating row over migration policy.The common currency last stood traded at $1.16690, down 0.2 percent from late U.S. trade on Friday. Source: cnbc.com Share This:

Read More