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The oil currency—Norwegian Krone; is it undervalued? Hmmm…

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Posted by Jack Crooks - Currency Currents

on Monday, 12 December 2016 10:41

Quotable

“I saw a report yesterday. There's so much oil, all over the world, they don't know where to dump it. And Saudi Arabia says, 'Oh, there's too much oil.' They - they came back yesterday. Did you see the report? They want to reduce oil production. Do you think they're our friends? They're not our friends.”

                                                                                          --Donald Trump

Commentary & Analysis

The oil currency—Norwegian Krone; is it undervalued?  Hmmm…

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Currency

All of the World’s Money and Markets in One Visualization

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Posted by Visual Capitalist

on Friday, 09 December 2016 03:02

Screen Shot 2016-12-09 at 1.54.26 AMAll of the World’s Money and Markets in One Visualization

How much money exists in the world? 

Strangely enough, there are multiple answers to this question, and the amount of money that exists changes depending on how we define it. The more abstract definition of money we use, the higher the number is.

In this data visualization of the world’s total money supply, we wanted to not only compare the different definitions of money, but to also show powerful context for this information. That’s why we’ve also added in recognizable benchmarks such as the wealth of the richest people in the world, the market capitalizations of the largest publicly-traded companies, the value of all stock markets, and the total of all global debt.

The end result is a hierarchy of information that ranges from some of the smallest markets (Bitcoin = $5 billion, Silver above-ground stock = $14 billion) to the world’s largest markets (Derivatives on a notional contract basis = somewhere in the range of $630 trillion to $1.2 quadrillion).

In between those benchmarks is the total of the world’s money, depending on how it is defined. This includes the global supply of all coinage and banknotes ($5 trillion), the above-ground gold supply ($7.8 trillion), the narrow money supply ($28.6 trillion), and the broad money supply ($80.9 trillion).

All figures are in the equivalent of US dollars.



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Currency

Euro swings to steep decline as ECB’s Draghi holds news conference

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Posted by Marketwatch

on Thursday, 08 December 2016 07:47

MW-EZ963 100 do 20161110112602 ZHIn a bout of intense volatility, the euro swung from a sharp gain to a steep decline Thursday after the European Central Bank said it would begin tapering its massive monthly bond-buying program in April. 

The ECB’s decision surprised many market strategists and investors who had expected the central bank to extend its program of buying public and private eurozone debt at its present pace of €80 billion ($80.6 billion) for most of 2017. Instead, the central bank announced it would taper the program to €60 billion ($64 billion) beginning in April. The central bank also left interest rates unchanged, as expected. 

Looking ahead, the Federal Reserve is widely expected to raise interest rates at the close of its two-day policy meeting on Wednesday. Fed-funds futures, used by investors to speculate on the direction and pace of rising interest rates, were pricing in a more than 97% probability of a hike next week. 

....continue reading HERE

 

...also: How Italy’s ‘no’ vote might be the ECB’s silver lining



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Currency

Central Banks Overwhelmed by Market Forces

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Posted by Steven Saville

on Wednesday, 07 December 2016 09:51

weak-dollarEvery central bank wants a weaker US$

Every central bank in the world, including the US Federal Reserve, now wants a weaker US$, which proves that central banks can be overwhelmed by market forces even when they are united in their goals.

Central banks outside the US want a weaker US$ due to the long-term consequences of the actions that they themselves took many years ago to strengthen the US$. To put it another way, they now want to strengthen their own currencies against the US$ because their economies are suffering from the inevitable ill-effects...

......continue reading HERE

 

....related: James Dines on the US Federal Reserve:

The Legend Jim Dines



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Currency

Here’s What Oil Did the Last Time OPEC Cut Production

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Posted by Frank Holmes - US Global Investors

on Tuesday, 06 December 2016 08:05

COMM-Heres-What-Oil-Last-OPEC-Cut-Production-12022016

It finally happened. For the first time since 2008, the Organization of Petroleum Exporting Countries (OPEC) agreed to a crude oil production cut last week, renewing hope among producers and investors that prices can begin to recover in earnest after a protracted two-year slump, one of the worst in living memory.

The last three times the cartel agreed to trim output—in 2008, 2001 and 1998—oil rallied in the following weeks and months. Of course, there’s no guarantee the same will happen this time around, as other market forces are at play, but it’s helpful to look at the historical precedent.

OIl Historically Rallied in the Two Years Following OPEC's Agreement to Cut Production
click to enlarge

OPEC’s decision follows a strong endorsement from Goldman Sachs, which upgraded its rating on basic materials to overweight for the first time in four years. Analysts see commodities gaining 9 percent on average over the next three months, 11 percent over the next six months.

As reported by TheStreet’s Paul Whitfield, Goldman’s change of heart was prompted by “the recent acceleration in global PMIs (purchasing managers’ indexes),” which “suggests commodity markets are entering a cyclically stronger environment.” 

The JPMorgan Global Manufacturing PMI rose slightly in November to a 27-month high of 52.1, extending sector expansion for the sixth straight month—very encouraging news.



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