Wishes all Muslim a safe fasting Month.

Ramadhan is a month of fasting for Muslims all over the world. It is the ninth month on the Islamic calendar. Muslims will refrain themselves from drinking and eating during daylight hours and is intended to teach Muslims about patience, spirituality, humility and submissiveness to Allah.

Muslims believe Ramadan to be an auspicious month for the revelations of God to humankind, being the month in which the first verses of the Qur'an were revealed to the Islamic prophet, Muhammad.

ForexNewsPaper wishes all muslims around the globe a happy and safe fasting during Ramadhan.

Yen Rises as U.S. Debt Impasse Encourages Demand for Refuge; Euro Slumps

The yen rallied against most of its major counterparts and the Swiss franc touched a record high against the dollar as the U.S. budget impasse encouraged demand for a refuge.

Japan’s currency traded stronger than 78 versus the dollar for a third day after Economy Minister Kaoru Yosano indicated intervention to weaken the yen the foreign-exchange market was unlikely before the outcome of the U.S. debt-ceiling debate. The euro weakened after a report showed European economic confidence fell this month more than forecast.

“With all this uncertainty, the yen should do relatively OK,” said Paul Robson, a senior foreign-exchange strategist at Royal Bank of Scotland Group Plc in London. “It’s a decent place to put money in, the Swiss franc as well.”

The yen appreciated 0.9 percent to 111.04 versus the euro at 9:15 a.m. in New York, from 112.04 yesterday, after touching 110.83, the strongest level since July 18. The yen gained 0.2 percent to 77.84 per dollar, from 77.98, after advancing yesterday to 77.57, the strongest since it hit a postwar high of 76.25 on March 17. The dollar was little changed at 80.21 Swiss centimes after touching a record low 79.90. The euro slid 0.7 percent to $1.4267 after dropping 1 percent yesterday.

The dollar briefly pared its drop against the yen after the Labor Department reported that U.S. initial jobless claims fell more than forecast, dropping to 398,000 during the week ended July 23 from 422,000 in the previous week. The median forecast of 44 economists in a Bloomberg News survey was for a drop to 415,000 from a previously reported 418,000.

Global Economic Calendar (29-July-2011)

Global Economic Calendar for 29th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Declines as Germany’s Schaeuble Says Region’s Rescue Fund Has Limits

The euro dropped against most of its major counterparts after Germany’s Finance Minister Wolfgang Schaeuble said his country opposes a “blank check” for the euro-area rescue fund to purchase bonds on the secondary market.

The dollar touched a record low versus the Swiss franc as a vote on U.S. House Speaker John Boehner’s plan to cut the deficit was postponed. The Australian dollar was the biggest winner versus the greenback among major currencies as consumer prices rose more than forecast. The 17-nation euro fell from a three-week high against dollar on renewed concern politicians are struggling to contain the region’s sovereign-debt crisis.

“The immediate crisis has passed, but it hasn’t fixed the underlying problems, and that’s why the market has been less than excited about holding euros,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp. “The Republicans and Democrats will find a compromise that cuts spending and is unlikely to lead to a debt downgrade, and then the focus will once again turn to Europe.”

The euro dropped 0.6 percent to $1.4430 at 10:17 a.m. in New York, from $1.4511 yesterday, after touching $1.4536, the highest level since July 5. The shared currency weakened 0.6 percent to 112.38 yen, from 113.01. The dollar traded at 77.85 yen after touching 77.57, the lowest level since March 17. The dollar was little changed versus the Swiss franc at 80.09 centimes after reaching a record low 79.96.

Aussie, Kiwi Dollars Rise to Records After Inflation, Confidence Reports

The Australian dollar surged to a record after a government report showed consumer prices rose more in the second quarter than economists had forecast, prompting traders to slash bets on an interest-rate cut.

New Zealand’s currency also climbed to the highest since it was freely floated in 1985 after a private survey showed business confidence improved in July. Both reports added to pressure for the nations’ central banks to tighten monetary policy, increasing demand for their assets among investors seeking a haven from the U.S.’s debt deadlock. The Reserve Bank of New Zealand will hold a policy meeting tomorrow.

“The money market will take out most, but probably not all, of the rate cuts that it’s got priced in for the next 12 months,” said Joseph Capurso, a currency strategist in Sydney at Commonwealth Bank of Australia, the nation’s biggest lender. “Not just the Reserve Bank of Australia, but U.S. dollar weakness across the board will boost the Aussie.”

Australia’s currency advanced to as high as $1.1063, the strongest since it was floated in 1983, before trading at $1.1051 as of 4:56 p.m. in Sydney from $1.0956 in New York. The so-called Aussie climbed 0.6 percent to 85.87 yen.

New Zealand’s dollar rose 0.5 percent to 87.51 U.S. cents after earlier reaching a record 87.65 cents. The currency gained 0.3 percent to 68.01 yen.

Australia’s consumer price index rose 0.9 percent from the previous three months, the Bureau of Statistics said today. That was more than the 0.7 percent median estimate in a Bloomberg News survey of 25 economists. Prices were 3.6 percent higher than a year earlier, compared with the median forecast of 3.4 percent.

Global Economic Calendar (28-July-2011)

Global Economic Calendar for 28th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Dollar Falls to Record Versus Franc as U.S. Struggles With Debt Deadlock

The dollar fell against all of its major counterparts as politicians struggled to agree on raising the U.S. debt limit and reducing its deficit.

The greenback slid below 78 yen for the first time since March and fell to a record versus the Swiss franc on concern America may default and face a reduction in its credit rating. The pound rallied from a two-week low against the euro after the U.K.’s economic growth matched forecasts. Sweden’s currency gained as producer prices increased.

“Clearly the debt ceiling debate is weighing on the U.S. dollar, and it’s causing widespread weakness across a range of crosses,” said Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York. “The dominant theme is the U.S. dollar and the apparent stalemate in terms of raising the debt ceiling.”

The dollar fell 0.3 percent to 78.07 yen at 10:02 a.m. in New York, from 78.29 yesterday, after sliding to 77.90, the lowest level since March 17. The greenback dropped 0.4 percent to 80.29 Swiss centimes after touching the all-time low of 79.98. The dollar slid 0.6 percent to $1.4468 versus the euro after reaching $1.4522, the weakest since July 5.

Sterling erased its drop versus the 17-nation euro, trading at 88.32 pence on a sign of economic resilience. The pound earlier slid to 88.84 pence, the weakest level since July 11.

Global Economic Calendar (27-July-2011)

Global Economic Calendar for 27th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (25-July-2011)

Global Economic Calendar for 25th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Rises to Two-Week High on Bets Greek Default May Contain Debt Crisis

The euro advanced to the highest in two weeks against the dollar as officials said European governments may expand the region’s bailout fund and accept a temporary Greek default, reducing contagion concern.

The dollar briefly pared its drop versus the yen on a New York Times alert that President Barack Obama and House Speaker John Boehner have reached a budget accord, which White House spokesman Jay Carney discounted. The Swiss franc fell against most of its major counterparts as the prospects for an agreement at today’s summit in Brussels reduced demand for a refuge.

“Whatever it is and any imperfections that are in it, we’ve got a deal,” said Greg Anderson, a senior currency strategist at Citigroup Inc. in New York. “The euro isn’t going to break apart this weekend, or anything like that. We’ve got a short-covering rally that removes the break-up premium from the euro.” A short is a bet a currency may decline.

The euro gained 1.1 percent to $1.4374 at 1:03 p.m. in New York, from $1.4215 yesterday, after touching $1.4402, the highest level since July 6. The euro climbed 0.9 percent to 112.94 yen, from 111.99. The dollar dropped 0.3 percent to 78.53 yen, from 78.78.

Carney said there has been “no deal” with House Republicans and the administration is continuing discussions with lawmakers. Boehner’s office also said there has been no agreement.

Global Economic Calendar (22-July-2011)

Global Economic Calendar for 22nd July 2011

**Time is with respect to Singapore Time (GMT+8:00)

FX Concepts’ Taylor Predicts Risk Rally Before Recession Worse Than 2008’s

European leaders’ efforts to calm the region’s debt crisis will probably pave the way for a rally in higher-yielding currencies before a recession that’s worse than 2008 starts to bite, according to FX Concepts LLC.

Policy makers “are going to kick the can further down the road” at a summit aimed at ending the debt crisis tomorrow, chairman and founder John Taylor, whose firm manages $8 billion, said today in an interview in London. “It looks like we’re going to have a sort of risk rally,” which will lift commodity prices, supporting the Australian and Canadian dollars, he said. Gold may reach $1,900 an ounce by October, Taylor said.

Euro-area leaders are preparing for their second meeting in a month as they strive to resolve a crisis that pushed the 17- member currency to $1.3837 last week, the lowest level since March. Officials are considering steps previously rejected by Germany, including the use of precautionary credit lines, to prevent the crisis spreading, a person close to the talks said.

While FX Concepts is “back in” so-called carry trades, where higher-yielding assets are bought against lower-yielding currencies, the time frame for the trade is “pretty short” because of a looming recession, which will boost the dollar, Taylor said.

Global Economic Calendar (21-July-2011)

Global Economic Calendar for 21st July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Advances on Speculation Debt Agreement Will Be Reached; Franc Falls

The euro gained against the dollar and rose from almost a record low versus the Swiss franc on bets European officials are approaching an agreement over measures designed to contain the region’s sovereign-debt crisis.

The 17-nation currency pared gains as Germany’s Chancellor Angela Merkel told reporters that debt turmoil can’t be resolved “in one step” at a July 21 summit and the International Monetary Fund said the Greek crisis risks infecting the rest of the euro region. The Canadian dollar advanced to an 11-week high after the central bank’s policy statement. President Barack Obama endorsed a deficit-cutting proposal by a bipartisan group of senators as “broadly consistent” with the approach being worked on by his administration.

“You’re seeing a little less adverse view about the outcome of the meeting on Thursday,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., the world’s largest custodial bank, with more than $20 trillion in assets under administration. “There’s no question European leaders are doing everything they can to keep Greece in the euro zone.”

The euro rose 0.3 percent to $1.4156 at 2:12 p.m. in New York, from $1.4112 yesterday. The euro advanced 0.3 percent to 111.85 yen and strengthened 0.8 percent to 1.1636 Swiss francs after touching a record low 1.1374 yesterday. The yen was little changed at 79.01 per dollar.

The Canadian dollar appreciated as much as 1.2 percent to 94.82 versus the U.S. currency, the strongest level since May 3. The Bank of Canada kept its target rate for overnight loans between commercial banks at 1 percent and said borrowing costs will increase as the economy recovers. Policy makers dropped the word “eventually” to describe the timing of their next move.

Global Economic Calendar (20-July-2011)

Global Economic Calendar for 20th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Declines Before Summit on Debt Concern; Swiss Franc Rises to Record

The euro fell to a record versus the Swiss franc and slid the most in almost a week against the dollar on concern European leaders will fail to agree on a way to contain the region’s debt crisis at a summit this week.

The franc reached an all-time high versus the dollar on demand for safety after European Central Bank President Jean- Claude Trichet repeated his opposition to any restructuring of Greek debt. Italian and Spanish bond yields surged to euro-era records. The yen rallied against most of its major peers and gold surged to a new high. Sweden’s krona dropped to a seven-month low against the euro on speculation Europe’s debt turmoil will curb the Scandinavian nation’s growth.

“The euro’s drop seems to still all be predicated on the concern over the euro-zone debt crisis,” said Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA in New York. “Italian bond yields have traded higher. It’s peripheral euro-zone crisis, fears of contagion.”

The euro dropped as much as 1 percent to $1.4014 in the biggest intraday decline since July 12 before trading at $1.4058 at 12:15 p.m. in New York, compared with $1.4157 on July 15. The shared currency slid 0.8 percent to 111.09 yen and weakened 0.5 percent to 1.1485 Swiss francs after tumbling to a record low 1.1374. The franc was 0.3 percent weaker against the dollar at 81.80 centimes after reaching 80.33, the strongest on record. The dollar was little changed at 79.09 yen.

Gold for immediate delivery gained as much as 0.6 percent to $1,603.40 an ounce. The Standard & Poor’s 500 Index decreased 1.3 percent.

Global Economic Calendar (19-July-2011)

Global Economic Calendar for 19th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (18-July-2011)

Global Economic Calendar for 18th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Dollar Gains After Bernanke’s Inflation Comments

The dollar gained against the yen after Federal Reserve Chairman Ben S. Bernanke told Congress inflation has moved higher, boosting speculation the central bank won’t take further steps to support the U.S. economy.

The greenback erased losses against the euro after Bernanke said inflation is “higher” and “closer” to the central bank’s informal target than was the case in August 2010. Gold reached records in London and New York as investors sought reprieve from volatility. New Zealand’s dollar rose to a record against the dollar after a larger-than-forecast gain in gross domestic product.

“Everything is coming off following Bernanke’s speech, the market is doing a double take,” said Paresh Upadhyaya, head of Americas G-10 currency strategy at Bank of America Corp. in New York. “Yesterday, Bernanke did not follow through with what would it take for them to implement a third round of quantitative easing and that’s what may have created some confusion in markets and why markets perceived him to be dovish. Today he’s trying to make that clear.”

The dollar rose 0.1 percent against the yen to 79.06 at 1:22 p.m. in New York, from 78.98. It was little changed against the euro at $1.4146 from $1.4167. It earlier fell as much as 0.8 percent.

Global Economic Calendar (15-July-2011)

Global Economic Calendar for 15th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Dollar Weakens as Bernanke Says the Fed Will Respond If Stimulus Is Needed

The dollar weakened against all its most-traded counterparts as Federal Reserve Chairman Ben S. Bernanke said policy makers will provide economic stimulus if needed and investor demand for higher-yielding assets increased.

The greenback fell the most in six months versus the euro as Bernanke said central bank is prepared to take additional action, including buying more government bonds, if the economy appears to be in danger of stalling. The Australian and New Zealand dollars led earlier gains against the currency after China’s economic growth exceeded analysts’ estimates. The euro advanced as Italian and Spanish bonds rose for a second day.

“The markets are weighing the trade-off between the potential for liquidity injections and worsening in global growth prospects,” said Aroop Chatterjee, a currency strategist at Barclays Plc in New York. “For the time being liquidity is winning out. Bernanke’s comments may take some of the focus off what markets have been trading on, which have been largely linked to European news.”

The dollar weakened 1.4 percent against the euro to $1.4166 at 12:38 p.m. in New York, its biggest drop since Jan. 13. It reached $1.3837 yesterday, the strongest level since March 11.

The Standard & Poor’s 500 Index rose 1.2 percent and the yield on 10-year Treasuries increased seven basis points to 2.95 percent.

Global Economic Calendar (14-July-2011)

Global Economic Calendar for 14th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Weakens on Concern Debt Crisis Will Reach to Italy; Yen Strengthens

The euro dropped to the lowest level in four months versus the yen and traded near a record low against the Swiss franc amid investor concern the region’s debt crisis will spread to Italy, the euro-area’s largest debtor.

The 17-nation currency erased losses against half its major counterparts including the dollar as Italian bonds and U.S. equities reversed earlier declines. The yen reached its strongest level against the dollar since the Group of Seven nations jointly intervened to weaken the currency. New Zealand’s dollar fell against all 16-major counterparts as currencies linked to global growth weakened.

“Some people are trading on reality and some are trading on hope, so the euro doesn’t have a lot of direction,” said Brian Taylor, chief currency trader a Manufacturers & Traders Trust in Buffalo, New York. “The major negative affecting the euro is the worry of contagion to Italy and what that means. There’s no resolution from the finance ministers, which doesn’t help.”

The euro fell as much as 2.7 percent to 109.58 yen, the least since March 17, before trading at 111.34 at 2:05 p.m. in New York. The 17-nation currency touched $1.3837, the weakest since March 11, before trading 0.1 percent lower at $1.4012. The dollar touched 79.17 yen, the lowest level since March 18.

Global Economic Calendar (13-July-2011)

Global Economic Calendar for 13th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Best Currency Forecasters Say Dollar Slump Over

The best currency forecasters say the dollar’s 12 percent slide over the past year is coming to an end as Europe’s deepening debt crisis discourages bets against the world’s reserve currency.

Led by Schneider Foreign Exchange Ltd., the five most- accurate firms during the six quarters through June 30 as measured by Bloomberg see the dollar trading at $1.42 per euro on average by year-end, compared with $1.43 on July 8. Against the yen, they predict the greenback will rise to 83 from 80.64.

While Moody’s Investors Service added to Europe’s woes last week by lowering Portugal’s credit ranking to junk, the dollar is regaining its status as a haven after the worst performance over the past year among 10 developed-market currencies based on Bloomberg Correlation-Weighted Indexes. The dollar is up 5.9 percent from a 17-month low on May 4 against the euro.

“There’s not a lot of room left for it to weaken beyond $1.50 to the euro, and we still see it recovering to about $1.40 by year-end,” said Stephen Gallo, head of market analysis at Schneider in London, who had an average margin of error of 5.05 percent across all currency pairs. “The risk of a disorderly default is, for now, much higher in Europe than in the U.S.”

Global Economic Calendar (12-July-2011)

Global Economic Calendar for 12th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (11-July-2011)

Global Economic Calendar for 11th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canadian Dollar Climbs Versus Greenback, Euro, on U.S. Employment Report

Canada’s dollar strengthened against the greenback and the euro to the highest levels in more than a month after an ADP Employer Services report showed U.S. companies added more jobs in June than forecast.

The Canadian dollar, also known as the loonie, topped all 16 of its most-traded peers, appreciating more than 1 percent versus the yen after the European Central Bank raised interest rates and as gains in copper and crude oil made currencies linked to raw materials more attractive.

“If the U.S. does better, then countries linked to it are expected to outperform,” Sebastien Galy, a foreign-exchange strategist at Societe Generale SA in London, wrote in an e-mail. “The Canadian dollar and the Mexican peso were immediate recipients of fast-money flows on the back of the ADP.”

The Canadian currency rose 0.8 percent to 95.77 cents per U.S. dollar at 8:07 a.m. in Toronto, the strongest since May 11. One Canadian dollar buys $1.0442.

The loonie strengthened 1 percent to C$1.3782 per euro at, the strongest since May 16. It rose 1.1 percent to 84.76 cents per yen, the strongest since May 19.

Crude oil futures rose 2.1 percent to $98.71 a barrel in New York. Crude is Canada’s largest export. Copper for September delivery advanced 3.1 cents, or 0.7 percent, to $4.366 a pound on the Comex in New York. Canada derives about half its export revenue from raw materials.

Global Economic Calendar (8-July-2011)

Global Economic Calendar for 8th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canada’s Dollar Depreciates After China Raises Benchmark Interest Rates

Canada’s dollar fell versus its U.S. counterpart, touching the lowest in almost a week, after the Chinese government increased interest rates to cool its economy, sapping demand for higher-yielding currencies.

Canada’s dollar rose for a second day against the euro as traders sold the 17-nation common currency after Moody’s Investors Service cut Portugal’s credit rating to junk yesterday.

“Risk is off the table certainly this morning, given the move by China to raise interest rates,” said Neil Mellor, a currency strategist at Bank of New York Mellon Corp., by phone from London. “Markets had already come under a little pressure overnight because of the downgrade of Portugal by Moody’s. When risk is taken off the table, people buy the U.S. dollar back.”

The Canadian currency dropped 0.3 percent to 96.61 cents per U.S. dollar at 9:28 a.m. in Toronto, compared with 96.34 cents yesterday. One Canadian dollar buys $1.0352. It rose 0.4 percent to C$1.3844 per euro.

Investors should short the euro against the Canadian dollar because “lingering uncertainty” over peripheral countries will drag down the 17-nation common currency, Valentin Marinov and Andrew Cox, strategists at Citigroup Inc., wrote in a note to clients today.

Global Economic Calendar (07-July-2011)

Global Economic Calendar for 7th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Pound Strengthens Against Euro After U.K. Services Data Exceeds Forecasts

The pound strengthened against the euro and the dollar after a report showed a measure of U.K. service industries exceeded economists’ forecasts in June, alleviating concerns about the recovery.

Sterling advanced versus all but one of its 16 major peers monitored by Bloomberg, climbing most against the yen. A gauge of U.K. services growth based on a survey of companies rose to 53.9 from 53.8 in May, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today in a report. The median forecast of 26 economists polled by Bloomberg predicted a decline to 53.5. A level above 50 indicates expansion.

“The focus from the market right now is very much on the growth numbers, and positive data outcomes will tend to be supportive of sterling,” said Chris Scicluna, deputy head of economic research at Daiwa Capital Markets Europe in London.

The pound appreciated 0.7 percent to 89.80 pence per euro as of 1:09 p.m. in London, the first time in three days that it has traded stronger than the 90 pence level. Sterling rose 0.1 percent to $1.6099, a third consecutive day of gains.

The pound has slumped this year against 12 of 16 major currencies tracked by Bloomberg as Conservative Prime Minister David Cameron’s austerity measures to shrink the budget deficit crimp growth and inflation squeezes incomes at the fastest pace since the 1970s. Efforts to eliminate the bulk of the fiscal shortfall by 2015 involve the deepest spending cuts since World War II and more than 300,000 state-employee job losses.

Global Economic Calendar (06-July-2011)

Global Economic Calendar for 6th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Falls Versus Yen After S&P Says Greece May Be In ‘Selective Default’

The euro weakened versus the yen after Standard & Poor’s said a debt-rollover plan for Greece may prompt a “selective default” rating for the country.

The 17-nation currency had risen to the highest level since June 8 against its Japanese counterpart on speculation the European Central Bank will increase rates this week. The Swiss franc slipped after retail sales slumped. The Thai baht rose after an election win by allies of former premier Thaksin Shinawatra spurred optimism foreign investors will return.

“Sentiment was undermined with those S&P comments,” said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. “Markets are reluctant to aggressively sell the euro, though. We need to see what the other rating agencies are going to suggest.”

The shared currency fell 0.1 percent to 117.27 yen as of 9:52 a.m. in Toronto. The euro was little changed at $1.4515, after advancing to $1.4578, the strongest since June 9. The dollar traded at 80.79 yen, from 80.83 on Friday in New York.

Europe is inching toward a goal of getting banks to replace 30 billion euros ($44 billion) of maturing Greek bonds with new securities. French banks, with the biggest exposure to Greece, worked out a rollover formula that is serving as an example.

Global Economic Calendar (05-July-2011)

Global Economic Calendar for 5th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (04-07-2011)

Global Economic Calendar for 4th July 2011

**Time is with respect to Singapore Time (GMT+8:00)

S&P Would Lower U.S. Credit Rating to D on Failure to Increase Debt Limit

Standard & Poor’s would cut the U.S. credit rating to its lowest level and Moody’s Investors Service said it will probably reduce its ranking if the government fails to increase the debt limit, leading to a default.

S&P would lower its sovereign top-level AAA ranking to D, the last rung on its scale if the U.S. can’t pay its debt, John Chambers, chairman of the company’s sovereign rating committee, said today. Moody’s said it would probably assign a position in the Aa range, or within three steps of its highest level.

“If any government doesn’t pay its debt on time, the rating of that government goes to D,” Chambers said today in an interview with Erik Schatzker on Bloomberg Television’s “Inside Track”. “Having said that, we think the government will raise the debt ceiling. They’ve raised it 78 times more or less since 1960, often at the last moment, and we think that will be the case this time.”

President Barack Obama, a Democrat, is trying to reach a compromise with Republican lawmakers who are seeking spending cuts before they agree to raise the nation’s borrowing limit, currently capped at $14.3 trillion. The Treasury has said it has until Aug. 2 before its ability to pay the U.S. debt expires.

One-year credit-default swaps are rising this year as investors seek insurance in case of a U.S. default.

Global Economic Calendar (01-July-2011)

Global Economic Calendar for 1st July 2011

**Time is with respect to Singapore Time (GMT+8:00)