Foreign Exchange Insights and Next Week
Next Week
January 9, 2009
The coming week will not be quite as full with central bank meetings and significant data as the past one, but there will will be ample news to follow. Japan is closed Monday for Coming of Age holiday, and U.S. markets will shut early on the 16th for the Martin Luther King 3-day weekend. The […] More
Foreign Exchange Insights and Next Week
Weekly Foreign Exchange Insights: January 9th
January 9, 2009
The dollar advanced against the euro today even though the U.S. Labor Department released data showing a double-digit 10.4% augmented unemployment rate, the highest regular jobless rate (7.2%) in 191 months, and employment losses of 510K per month during the fourth quarter. At this morning’s euro low of $1.3471, the common currency had retraced 52.3% […] More
Canadian Labor Market Hit By Big Loss of Construction Jobs
January 9, 2009
A 44.3K plunge in construction jobs accounted for the entire 34.4K decline in Canadian employment last month. The 34.4K decrease was over 50% greater than expected and followed an outsized 70.6K decline of employment in November. Job losses in the last two months of 2008 were akin to a 417K monthly pace of decline in […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Weak French, British and German Industrial Output Data
January 9, 2009
As markets brace for news of a big drop in U.S. jobs due at 13:30, news came of monthly drops of 2.4%, 2.3%, and 3.1% in November industrial production. The dollar slid 0.3% against the yen, 0.2% against sterling, and 0.1% against the Swiss franc. Commodity currencies are softer: Ozzie dollar off 0.7%, kiwi down […] More
Central Bank Watch
Bank of Korea Cuts Base Rate By 50 Basis Points
January 9, 2009
A fifth rate cut since October 9th has been engineered. It’s 50-basis point size met expectations and brought the cumulative drop to 275 basis points. In a statement released by monetary officials, rapidly declining growth on all fronts, a continuing credit crunch, and a likely continuing drop in goods and real estate prices were cited […] More
