Push it. Push it real good.

July 1 -5, 2013

AMERICAS

Markets:  Short week this week, between Canada day and American independence day. Yet, strong unemployment data from the US on Friday cause the greenback to gain. The U.S. dollar hit a five-week high versus the yen and a six-week peak against the euro. The dollar index hit its highest in three years. Bond yields fell, and US stocks gained on average 1%. 

Back to Bitcoin mania: the Winklevoss Bitcoin Trust may be an ETF coming to you. Cameron and Tyler Winklevoss, the twins linked to Facebook, submitted a plan to set up a Bitcoin fund. 

EMEA 

The past week revealed a stronger than expected Britain. New data showed an increase in the demand for mortgages, improved business confidence, and manufacturing and services indices increasing at the fastest rate in two years. All this gave a boost to Mark Carney, who started as Bank of England governor this week. 

The European Parliament voted to delay issuing carbon credits. The number of credits on the market already has caused prices to fall drastically, reducing firm's incentive to reduce carbon emissions. 

In politics: there was concern mid-week that the Portuguese government may collapse, this caused local markets to fall. There is also an ongoing power struggle in Egypt, causing oil prices to rise. Watch this space. 

*Push it. Push it real good by Salt 'n' Peppa. Chosen to reflect the British economy pushing forward, and Egyptians pushing against Morsi.