Foreign Exchange Insights and Next Week
Weekly Foreign Exchange Insights: October 24th
October 24, 2008
In this mother of all liquidating markets, anything is possible. Economic fundamentals impose no constraints, and the myriad of policy initiatives have lacked sustaining potency. Foreign exchange is just one of many financial markets to exhibit historic volatility, and one theme has risen to the top: sell everything. The EUR/JPN cross rate captures the unwinding […] More
Currency Markets in the News
Reflections on Europe's Recession
October 24, 2008
The PMI gauge of manufacturing activity in Euroland plumbed to a record low for this 11-year-old indicator of 41.3 in October, 3.7 points lower than in September, 7.9 points less than at mid-2008 and 15.5 points below the level in July 2007 just before the outbreak of the financial crisis. The new orders component has […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Severe Market Turbulence and Bad European Data
October 24, 2008
The dollar plunged 5.0% against the yen but has soared otherwise by 8.6% against the Australian dollar, 7.6% against the New Zealand kiwi, 4.9% against sterling, 3.0% against the euro and 1.6% against the Canadian dollar. Dollar/Swiss is unchanged. Huge risk aversion play. In Asia, Japan’s Nikkei tumbled 9.6% to 7,649. Stocks also tumbled 11.0% […] More
