Traders point to the fact that there is no sign that Europe’s credit markets are beginning to seize up as they did last spring, with banks worrying about each other’s counter-party risk. That’s evident from the fact that there is no spike in LIBOR, the interest rate at which banks borrow unsecured cash from each other on London's wholesale market.
The Egyptian military defends the country, but it also runs day care centers and beach resorts. Since the ouster last week of President Hosni Mubarak, of course, the military also runs the government. And some say it has already begun taking steps to protect the privileges of its gated economy, reports the New York Times.
The dollar delivers, and the pound takes a pounding. Here's your daily wrap of news getting attention in currency circles.
"While valuations are not yet stratospheric we question where the support may come from for continued earnings growth in 2012 and 2013," Pedro de Noronha, managing partner at Noster Capital in London, said.
Prices are rising in China and Britain, eurozone leaders are talking (and talking), and traders would like Americans to go shopping, already.