Euro bulls might have to curb their enthusiasm after the rush to buy the single currency may have left it vulnerable in the short term, particularly given the uncertainty about many global central banks’ interest rate plans.
The euro hit its highest in 10 months against the dollar earlier this month, having gained 13% from late September’s 20-year low of $0.9528.
The prospect of a milder recession thanks to falling energy prices and plentiful supplies of natural gas, coupled with China finally emerging from three years of harsh COVID restrictions, have ignited investor appetite for European assets generally.
However, that enthusiasm has left the euro looking vulnerable, at least in the short term. The euro is set for a second straight week of declines and is currently around $1.075. “I’m still positive on the euro, but if I look at our positioning data, it shows that current longs in euro, or what we call ‘current over-held positions’, reached a record high,” BNY Mellon EMEA strategist Geoffrey Yu said.
“The bar is extremely high for additional longs, or to add fresh euro exposure at current levels.” Such extreme positioning in an asset is often seen as a negative, as it suggests there are comparatively few investors left to buy and plenty who could decide to sell.
Proprietary iFlow positioning data from the custodian bank showed its clients’ long euro positions against all other currencies (i.e. bets the euro will rise) are almost four times greater than the average position over the last 20 years, a record for the series.
Yu said some recovery was needed from September when “everyone was quite negative on the eurozone economy”, but “this is overpricing things”. Underweight positions in the euro were almost three and a half times their usual size in September, according to the data.
The Commodity Futures Trading Commission’s Commitment of Traders report shows a similar picture. The latest data, for the week to Jan. 24, shows an increase in net long euro positions to $18.3 billion.
The euro’s gains have not just been at the expense of the dollar. Against the pound, it rose to its highest in over five months last week and hit a near 14-year high against the Swedish crown this week.
The euro got an extra boost versus the dollar as investors prepared for the possibility that the U.S. Federal Reserve would stop raising rates before the European Central Bank. The Fed is also expected to cut rates sooner than the ECB.
“As long as gas prices were such an important driver for the euro, then higher or lower interest rates didn’t matter. Now lower gas prices are allowing markets to look at interest rate differentials between Europe and the U.S.,” said Francesco Pesole, currency strategist at ING.
In theory, a currency that boasts higher interest rates tends to attract more investment than a lower-yielding one. By early February, when the euro reached a 10-month high against the dollar, derivatives markets showed the smallest premium in dollar lending rates over euro rates since late 2021.
This premium widened out last week however after very strong U.S. jobs data drove expectations the Fed has scope to raise interest rates further, causing the euro to retreat. Medium-term however, ING still thinks the Fed will cut rates aggressively in the second half of this year, and rate differentials will once again drive the euro/dollar pair. That, they say, will push the euro to around $1.15 by the end of the second quarter of 2023.
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After winning his Aston Martin DB5 in a poker game and seducing Dimitrios’ wife Solange, Bond pursues Dimitrios to Miami
and kills him, then chases down the new attacker Dimitrios has hired.
Location filming took place in the Czech Republic, the Bahamas, Italy, and the United Kingdom
with interior sets built at Barrandov Studios and Pinewood Studios.
The film begins a story arc that continues through all of Craig’s Bond films,
culminating in No Time to Die (2021).
The plot has Bond on an assignment to bankrupt terrorist financier Le
Chiffre (Mads Mikkelsen) in a high-stakes poker game at the Casino Royale in Montenegro; Bond falls in love with Vesper Lynd (Eva Green),
a treasury employee assigned to provide the money he needs
for the game. Directed by Martin Campbell and written by Neil Purvis, Robert
Wade and Paul Haggis, it is the first film to star Daniel Craig as the fictional MI6 agent James Bond, and it was the first Eon-produced Bond film to be co-distributed by Columbia Pictures.
In 1999, following the Columbia/MGM/Kevin McClory lawsuit on ownership of the Bond
film series, the rights were transferred to Metro-Goldwyn-Mayer (whose sister company United
Artists co-owns the franchise) as a condition of the settlement.
Variety declared the film to be “a conglomeration of frenzied situations, ‘in’ gags and special effects, lacking discipline and cohesion. Some of the situations are very funny, but many are too strained.” Bosley
Crowther of The New York Times considered Casino Royale had
“more of the talent agent than the secret agent”. Casino Royale had its world premiere in London’s Odeon Leicester Square on 13 April 1967, breaking
many opening records in the theatre’s history.
The scene shifts to Uganda, where the terrorist group known as the Lord’s Resistance Army is meeting with Le Chiffre, a private banker to terrorist groups around the world.
The frame instantly shifts to the series’ iconic “gun barrel” sequence.
In Prague, Czech Republic, James Bond has
tracked down an MI6 section chief, Dryden, who was selling secrets to enemies
for profit. Bond must defeat a private banker funding terrorists in a high-stakes
game of poker at Casino Royale, in Montenegro.
At the 2007 Saturn Awards, the film was declared to be the Best Action/Adventure/Thriller film of 2006.
At the 2006 British Academy of Film and Television Arts Awards,
Casino Royale won the Film Award for Best Sound
(Chris Munro, Eddy Joseph, Mike Prestwood Smith,
Martin Cantwell, Mark Taylor), and the Orange Rising Star Award, which was won by Eva Green.
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Nach dem Ende des Kriegs gingen die Geschäfte schlechter,
die SBM und damit auch das Spielcasino gerieten erneut in eine finanzielle
Schieflage. Während des Zweiten Weltkriegs standen die
Räder im Spielcasino niemals still. Von da ab kaufte Zaharoff über
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de Mer, die unter anderem das Casino betreibt,
auf. Zuvor und auch später hatten sich nizzaische Bürger
und etliche Zeitungen aus moralischen Gründen immer
gegen das Spielcasino ausgesprochen. Der Staatshaushalt Monacos wurde
von da an für etliche Jahrzehnte allein durch das Spielcasino gedeckt.
Juli 1866 erhielt das Gebiet um das Spielcasino den Namen Quartier de
Monte Carlo.
Unter Friedrich Barbarossa und Heinrich VI wurde Monaco schließlich unter
die Herrschaft der Republik Genua gestellt. Jahrhundert wiederum
von barbarischen Völkern verdrängt. Dazu kommt das unvorhersehbare Wetter
zu dieser Zeit des Jahres.
Doch es war der Aston Martin – genauer gesagt der Aston Martin von 007
–, der Monacos ohnehin schon faszinierenden Ruf steigerte .
Viele Touristen bleiben stehen, um Fotos von der Prozession fein getunter
Ferraris, Lamborghinis, Bentleys und Rolls-Royces zu machen, in denen die Reichen vorbeirollen. In der Vergangenheit wurden dort die
Leichen verzweifelter Spieler aufbewahrt, die ihr Vermögen verloren und sich sofort mit
einem Pistolenschuss umbrachten, während sie noch an den Spieltischen saßen.
References:
https://online-spielhallen.de/spinanga-casino-cashback-dein-ruckerstattungs-vorteil/
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