Currency Markets in the News
Broken Covenant
January 8, 2009
Thursday’s Wall Street Journal carries a lengthy front-page story on the damaged retirement savings of the baby boomer generation, which invested in 401(k)s and IRAs. Participants in these programs at least tried to save the old-fashioned way, diverting part of current income away from current consumption to wealth that would be drawn down in the […] More
Uncategorized
Many Data Releases Tomorrow
January 8, 2009
Markets are understandably focused upon the U.S. December labor statistics, which are expected to produce a 7-handle on the jobless rate for the first time since June 1993 and the largest decline in jobs since December 1974. There’s a considerable amount of other indicators being reported as well and not just from the United States. […] More
Currency Markets in the News
Bleak German Economic Statistics And That's Just a Start!
January 8, 2009
The German economy collapsed last quarter. Total industrial orders plunged 57.6% at a seasonally adjusted annualized rate (saar) in the three months between August and November. Domestic demand for capital goods, a leading indicator for business investment, fell by a similar 57.7%, while total foreign orders tumbled 60.8%. From cyclical peaks in the fourth quarter […] More
Central Bank Watch
Bank of England Rate Sliced to 1.5% From 2.0%
January 8, 2009
Sterling depreciation appears to have forestalled an even bigger easing of British monetary policy. The statement released today mentions that “substantial depreciation over recent months” will blunt any slowdown in net exports and boost the cost of imports in the future. While observing an intensifying economic contraction last quarter that will continue early in 2009, […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Very Weak European Data
January 8, 2009
The yen jumped 1.1% against the dollar, which otherwise rose 1.5% against the Australian dollar, 0.7% versus the Canadian dollar, 0.6% against the kiwi, and 0.4% against the euro and sterling. Markets await the Bank of England interest rate cut at 12:00 GMT. Stocks fell sharply overnight. The Nikkei lost 3.9%. Other drops in Asia […] More
