Week's News (Dec. 12-- Dec. 16)

The upcoming week is very busy, and consists of a rate decision and yet another European Summit. This week will begin with a conference in Athens on Debating on Europe and its currency. In Europe tension between highly indebted "peripheral" countries and the big European economies that are expected to rescue them threatens the future of the euro itself.

Interest rate decisions on Thursday will be key to how things develop for the rest of December in Europe. December has started out with a bang and if the Santa Claus rally kicks in, we could be moving to higher ground over the next several weeks. The Paris-based Organization for Economic Cooperation and Development (OECD) on Oct. 31 lowered its growth forecast for the euro area to 1.6 percent for 2011 and 0.3 percent for 2012. Standard & Poor's has placed sovereign ratings on 15 euro-zone countries on CreditWatch negative which could result in a downgrade in the next few months.
The BOE (Bank of England) intends to investigate how bankers' pay is calculated and how banks work out how much capital to hold against certain types of assets as part of its efforts to safeguard financial stability. Worries about banks' access to funds have mounted as the sovereign-debt crisis in the euro-zone has intensified. The OBR has downgraded growth forecasts until 2014, including a steep revision from 2.5% to 0.7% for 2012.
The GDP growth is expected in USA. The Obama administration will weigh how countries treat gays and lesbians in making decisions about foreign aid. There is a ‘Neutral’ forecast for the US dollar over the coming week.

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