us government bank stress test

Stress test results out; GBP moves up

FXstreet.com (Córdoba) ? Federal officials announced that the 19 largest U.S. bank will have to raise $75 billon in extra capital by November; less than expected. Pound continued rising after the news against the dollar and the yen. GBP/USD rally to 1.5050. Hours early the pair bottomed at 1.4940. Then recover, first by going above 1.5000 and then passing a resistance level at 1.5015. To the yen, cable also got stronger and went over 149.00 again. The yen is

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Yen Moves Lower After Quiet Session in Region

The Japanese yen is weaker on Thursday in the aftermath of a relatively quiet session in the region.Bank of Japan Governor Masaaki Shirakawa warned lawmakers that purchasing bonds to finance government stimulus spending may be detrimental to markets. PBOC Governor Zhou Xiaochuan said the country's leading indicators suggest government stimulus is helping the economy to recover.Meanwhile, North Korea is gearing up for long range missile test sometime between April 4 and 8, according to regional newspapers.All data

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Fed's Hoenig: "Capitalism Without Failure is Like Religion Without Sin"

U.S. Federal Reserve Bank of Kansas City President Thomas Hoenig criticized recent U.S. government action to save ailing banking giants on Friday. In the future, a systematic plan should be created that is ready to address troubled institutions considered too big to fail, he said, including a replacement of management.Speaking in Omaha, Nebraska, Hoenig said the U.S. government's Troubled Asset Relief Program (TARP), enacted last year, failed because it began without a clear set of principles.

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Yen Mixed After BOJ Steps Up Government Purchase Plan

The Japanese yen is mixed against majors after the Bank of Japan lefts its key rate unchanged and stepped up its operations to buy government debt.As expected, the Bank of Japan left its key interest rate unchanged at 0.1% on Wednesday and unveiled plans to increase its monthly purchases of government bonds to ¥1.8 trillion from the ¥1.4 trillion previously announced. The central bank said that while tight financial conditions persist, with inflation falling into negative territory

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Fed's Lockhart Defends U.S. Government Stress Test and "Bad Bank" Plans

Federal Reserve Bank of Atlanta President Dennis Lockhart applauded the U.S. government on Wednesday, namely the forthcoming bank stress testing and its bad bank program.Speaking in Miami, Lockhart said the market should take comfort in the stress tests, calling them comprehensive. U.S. Treasury Secretary Timothy Geithner recently announced that 19 of the largest U.S. banks will have to undergo the test to see how they would perform if the recession worsened.Lockhart defended the government in taking its

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Fed's Plosser Says Firms Posing a Risk to the Financial System Should Pay For It

U.S. Federal Reserve Bank of Philadelphia President Charles Plosser said the U.S. government's response to failing banks has to be revamped. New regulation could include upping the costs to firms that choose to grow in size or take on systemic risk, he said.Speaking at New York University, Plosser said government regulators need to take a step back. Making major policy reforms in the 'heat of battle' risks adopting policies that have unintended consequences, he said.Notably, he criticized

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Yen Soars After Fed Actions; Talk of More Government Spending

In the aftermath of the Fed's surprise decision on Wednesday to begin purchasing Treasuries, along with promises of more government spending in Japan, the yen is stronger against majors.On Wednesday, the Federal Reserve took unprecedented action to pump $300 billion into the purchase of long term U.S. Treasuries. The announcement sent the greenback plummeting against majors. According to CNBC on Thursday, Japan is working on a $15.6 billion plan to spur employment growth in the region.The Bank

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Hectic Day Ahead; Boe At 13h00, Ecb At 13h45 And 14h30, And Stress Test At 23h00

Hectic day ahead; BoE at 13h00, ECB at 13h45 and 14h30, and Stress test at 23h00 What’s new?United States: 491'000 job lost in private sector (ADP) in April.Central Bank of China sees risks of depreciation for major currencies, including the dollar. UK: Halifax house prices in April -1.70%. Euro zone: PMI services index 43.8 in April. Switzerl

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EUR/USD: Euro should test resistance at 1.3553 this month, says Mizuho

FXstreet.com (Barcelona) ? The Euro has reached a 1-month high at 1.3435 on its recovery from 1.2985 low on April 28, and, according tio Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair could continue climbing during the current month.Elliot advances that the Euro could test 1.3553 level later in May: ?Slow work last month as the Euro holds in a ?flag? formation. It is trying to break higher and should test trendline resistance and the 26-week moving

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ECB's Trichet Sees No Further Need for Stimulus Boost

Frankfurt - Europe isn't in need of further increases in spending to counteract the current global financial crisis, European Central Bank President Jean-Claude Trichet said.Speaking in an interview with the Wall Street Journal published on Monday, the central banker said that, instead, governments should act more quickly on measures already announced, making partial reference to the delays in the U.S. government's bank rescue.Nothing will really work until the financial sector is back on track and ready to lend

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