Forex Flash: Cliff edges closer, Silvio flip flops and Syria troubles – Deutsche Bank

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FXstreet.com (Barcelona) - Jim Reid of Deutsche Bank has noted in his daily report that yet another day has passed without any significant progress on the fiscal cliff situation in the US.

Reid begins by noting that House Speaker Boehner told the media yesterday that republicans have "some serious differences" with Obama´s budget plan. In reference to a phone call he had with President Obama on Tuesday, Boehner said that he and the President were frank about "how far apart we are". Reid feels that cliff uncertainty is taking a toll on corporates´capex plans with a survey conducted between 12-30 November finding that 23% of US CEOs (up from 19% in September) expect their firms to reduce capex over the next six months.

Looking to Italy, ex PM Berlusconi has turned yet another corner and told the press that he would now support PM Monti if he agreeed to run as the candidate for a centre right coalition. The Italian stock market outperformed the rest yesterday at 1.15%, alongside a 8bp decline in the BTP 10 year yield. In other news, reid notes that Syrian President Bashar al-Assad's forces have fired 6 Soviet-designed Scud missiles at rebel fighters inside Syria ( NYT ). Syria is a worry for 2013.



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This article appears in: Investing , Forex and Currencies

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