‘The pound is IRRELEVANT’ German financial giant Deutsche Bank in shocking Sterling swipe

Deutsche Bank

Deutsche Bank branded the pound ‘irrelevant’ [GETTY•ALAMY]

 

Britain’s currency is permanently tarred after the UK voted to leave the European Union (EU), according to one of the bank’s foreign exchange strategists.

As a result, the pound is set to lose its prized status as a leading international safe haven currency, said Robin Winklertold. Continue reading

Dollar to hit parity with euro in 2017

 

The dollar is likely to hit parity with the euro during 2017 driven by diverging paths for interest rates, according to Goldman Sachs’ chief economist.

The Federal Reserve is likely to hike interest rates three times in 2017, pushing it even further from the rate positioning stance of Europe during the course of the year, Jan Hatzius told CNBC at the Goldman Sachs Strategy Conference in London on Monday. Continue reading

EURO PLUNGE: Single currency could ‘COLLAPSE’ against dollar amid record losing streak

Investors have frantically dumped the single currency over 10 consecutive trading sessions – the worst performance since the euro was introduced in 1999.

Head of the European Central Bank (ECB) Mario Draghi failed to ease fears after warning that the eurozone recovery depends on action by monetary policymakers. Continue reading

War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches

Less than a week after India’s surprise move to scrap its highest denomination cash notes, another front in the War on Cash has intensified down under in Australia.

Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”

(How convenient that a bank would propose something that’s good for banks!)

This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else). Continue reading

TRUNEWS EXCLUSIVE: Orlando’s Walt Disney World may be target for July 4 terrorist attack

Stay safe on the Fourth of July… no matter where you go.

 

https://i0.wp.com/www.trunews.com/wp-content/uploads/2016/06/r-1155.jpeg

 

VERO BEACH, FL – (TRUNEWS) Orlando’s Walt Disney World may be the target of an Islamic terrorist attack on July 4. The stunning plot is allegedly financed by a man in the United Arab Emirates (UAE) identified as “Dr. Rice.” He is also referred to as “the Sheikh.”

According to emails to city and federal officials, the UAE man offered $25 million to a former law enforcement investigator in the United States to organize the operation.

The informant contacted a Florida-based private investigator who identified himself in an email as a “former FBI operative.” The informant is also a private investigator. TRUNEWS has verified the names and the current professional employment of both men as private investigators in Florida.

The informant contacted the private investigator on May 29, 2016. The date stamp on the email was 4:23 PM. The subject line said: “like to have you in this game.”
The email text stated:

“I have recently and inadvertently come into contact with an individual who purports to be located in the UAE. I have gotten a total of 4 telephone calls from him and a boatload of whatsapp text from an associate of his of which I’ve saved all the call I.D. notations and text. This man carries a thick Indian accent. He has admitted to financing the Manchester United football stadium bombing in the U.K.”

The informant said the UAE man called him on May 18 at 2:10 PM and offered a large amount of U.S. dollars to “do some major damage here in central Florida.” The informant also said “he wants it done on the 4th of July and tells that he has 3 operatives already paid if I am not interested.” Continue reading

The British pound shows that US stocks are about to fall hard: Technician

Video available at the source.

 

The euro’s considerable rise against the British pound signals trouble to come for U.S. markets, according to Evercore ISI technical analyst Rich Ross.

The euro and the pound fell against the dollar after the U.K. voters opted to leave the EU, but sterling fell further, hitting three-decade lows against the dollar. According to Ross, the relative weakness in the British currency mirrors the euro’s huge rally against the British pound from 2007 to 2009.

Continue reading

British pound could hit history-making dollar parity by end of 2016

Debate continues as some analysts predict $1.20-$1.30 could hold for sterling this year

Investors should prepare for the British pound to hit parity with the U.S. dollar by the end of the year or early in 2017, said at least one analyst — and should parity happen, it’ll be a first.

After last week’s surprise U.K. vote to exit the European Union trading bloc, sterling fell more than 12% against the dollar on Friday before trimming some of its unprecedented drop late in the U.S. trading day. But bears regained the upper hand on Monday, sending the currency to a fresh 30-year low at $1.3121. Continue reading

$1,001,000,000,000: China Just Flooded Its Economy With A Record Amount Of New Debt

https://i0.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/09/20160415_TSF.jpg

 

When China reported its economic data dump last night which was modestly better than expected (one has to marvel at China’s phenomenal ability to calculate its GDP just two weeks after the quarter ended – not even the Bureau of Economic Analysis is that fast), the investing community could finally exhale: after all, the biggest source of “global” instability for the Fed appears to have been neutralized. Continue reading

China’s Stealth Devaluation Continues Despite Lew Blasting “Unacceptable” FX Practices

https://i0.wp.com/www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/11/20160411_Yuan.jpg

 

The US Dollar has traded within a relatively “stable” band against the offshore Yuan for much of the last six weeks…

But when compared to the collapse of the Yuan “basket” – as PBOC devalued against the rest of the major trading partners – the ‘stealth’ devaluation is obvious… Continue reading

Canadians Panic As Food Prices Soar On Collapsing Currency

If you’ve been following FX rates for a while, you will remember that the USD/CAD has been very steady for the last 15 years or so — normally around 1.05 with a few spikes into the 20’s and 30’s. The current rate at this moment is 1.4385. It’s the largest spread in at least 12 years. That’s 1.4385 Canadian Dollars (CAD) for every U.S. Dollar (USD).

The pictured bottle of pepper is roughly $13.22 (USD).

This isn’t limited to Canada, either. A global crisis is unfolding, as you will see in the coming posts.

 

https://i2.wp.com/assets.bwbx.io/images/iblzWyM5z9MA/v1/488x-1.png

 

It was just yesterday when we documented the continuing slide in the loonie, which is suffering mightily in the face of oil’s inexorable decline.

As regular readers are no doubt acutely aware, Canada is struggling through a dramatic economic adjustment, especially in Alberta, the heart of the country’s oil patch. Amid the ongoing crude carnage the province has seen soaring property crime, rising food bank usage and, sadly, elevated suicide rates, as Albertans struggle to comprehend how things up north could have gone south (so to speak) so quickly. Continue reading

Russell Napier Explains How The Decline Of The Yuan Destroys Belief In Central Banking

From Russell Napier of ERI-C

It’s Not a Pet, It’s a Falcon: How the decline of the RMB destroys belief in central banking and a successful reflation

Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;

– The Second Coming- W.B. Yeats

First catch your falcon, as the formidable Mrs Beeton might have said if she was in need of a method of catching her main course (see Mrs Beeton’s Book of Household Management 1861- ‘Recipe for Jugged Hare’). Continue reading

“It’s Coming To A Head In 2016” – Why Bank of America Thinks The Probability Of A Chinese Crisis Is 100%

Some sobering words about China’s imminent crisis, not from your friendly neighborhood doom and gloom village drunk, but from BofA’s China strategist David Cui.

Excerpted from “2016 Year-Ahead: what may trigger financial instability“, a must-read report for anyone interested in learning how China’s epic stock market experiment ends. Continue reading

China ‘Stealth’ Devaluation Continues – Yuan Plunges For 6th Day, Default Risk Soars, Fosun Bonds Crash

https://i2.wp.com/www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/12/20151210_China_2.jpg

 

USDCNY broke above 6.4500 for the first time since the August devaluation, extending its post-IMF plunge to 6 days. This is the largest and longest streak of weakness since March 2014 as China seems to have taken the SDR-inclusion as blessing to devalue its currency drip by drip. Default risk is once again stomping higher as CDS surge from 94bps to 112bps (2-month highs). The biggest news in China tonight is the disappearance of Fosun International’s Chairman, China’s 17th richest man (and the collapse in the company’s bonds, since stocks are suspended). Continue reading

‘America is a bomb waiting to explode’

As anti-American as the state-owned (Kremlin) propaganda outlet RT is, there couldn’t be more truth behind this article:

 

https://cdn.rt.com/files/2015.10/original/56236f3fc36188d3498b456e.jpg

© Mario Anzuoni / Reuters

 

The United States is in decline. While not all major shocks to the system will be devastating, when the right one comes along, the outcome may be dramatic.

Not all explosives are the same. We all know you have to be careful with dynamite. Best to handle it gently and not smoke while you’re around it.

Semtex is different. You can drop it. You can throw it. You can put it in the fire. Nothing will happen. Nothing until you put the right detonator in it, that is.

To me, the US – and most of the supposedly free West – increasingly looks like a truck being systematically filled with Semtex.

But it’s easy to counter cries of alarm with the fact that the truck is stable – because it’s true: you can hurl more boxes into the back without any real danger. Absent the right detonator, it is no more dangerous than a truckload of mayonnaise.

But add the right detonator and you’re just one click away from complete devastation. Continue reading

John Kerry Warns “Dollar Will Cease To Be Reserve Currency Of The World” If Iran Deal Rejected

 

Scaremongery… or maybe the whole point, as Obama’s former chief economist noted, is to lose reserve status. Take That China!!

As Jared Bernstein previously explained…

There are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?

But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status. Continue reading