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Germany: VW slashes spending and postpone projects – Deutsche Bank

FXStreet (Delhi) – Jim Reid, Research Analyst at Deutsche Bank, notes that the new VW CEO Matthias Mueller said in a statement to the company’s employees yesterday that the carmaker is prepared to slash or postpone any projects or spending that ‘is not absolutely necessary’ and that VW would ‘save massively to manage the consequences of the crisis’.

Key Quotes

“In a separate interview with German newspaper FAZ, the CEO states that if all goes to plan, the company expects to start recalling cars in January with all cars fixed by the end of 2016.”

“In the meantime, VW’s top US executive is due to meet with the US Energy and Commerce Committee tomorrow in Washington which formally kicks off the congressional probe.”

“On top of this, we’re also expecting the carmaker to submit to Germany’s transport authority plans showing that VW’s diesel vehicles will be set to comply with exhaust regulations going forward.”

JPY: No imminent signal of easing from BoJ – MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that BoJ has failed to provide markets with any hints of imminent easing as it left its monetary policy stance unchanged and remains committed to increasing the monetary base at an annual pace of about JPY80 trillion.
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AUD/USD could visit the 0.7230 level – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt to reach the 0.7230 level...
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