Currency Markets in the News
U.S. Joblessness and Retraining
July 6, 2009
A front-page article in the Monday New York Times by Michael Luo cites recent studies and presents anecdotal evidence that cast doubt on the effectiveness of job retraining courses as a strategy for reducing unemployment. I’m not surprised. Similar findings surfaced periodically during the second half of the 20th century. The process of creative destruction, [...] More
Currency Markets in the News
PMI-Services Again Favor U.S. Over Euro Area
July 6, 2009
PMIs U.S. Ezone U.S. Ezone Sum of Services Services Spread Mf’g Mf’g Spread Spreads Feb 2008 49.7 52.3 -2.6 48.8 52.3 -3.5 -6.1 March 49.9 51.6 -1.7 49.0 52.0 -3.0 -4.7 April 51.9 52.0 -0.1 48.6 50.7 -2.1 -2.2 May 51.2 50.6 +0.6 49.3 50.6 -1.3 -0.7 June 48.8 49.1 -0.3 49.5 49.2 +0.3 0.0 July 49.6 48.3 +1.3 49.5 47.4 +2.1 +3.4 August 50.4 48.5 +1.9 49.3 47.6 +2.1 +4.0 Sept 50.0 48.4 1.6 43.4 45.0 -1.6 0.0 October 44.6 45.8 -1.2 38.7 41.1 -2.4 -3.6 November 37.4 42.5 -5.1 36.6 35.6 +1.0 -4.1 December 40.1 42.1 -2.0 32.9 33.9 -1.0 -3.0 Jan 2009 42.9 42.2 +0.7 35.6 34.4 +1.2 +1.9 Feb 41.6 39.2 +2.4 35.8 33.5 +2.3 +4.7 March 40.8 40.9 -0.1 36.3 33.9 +2.4 +2.3 April 43.7 43.8 -0.1 40.1 36.8 +3.3 +3.2 May 44.0 44.8 -0.8 42.8 40.7 +2.1 +1.3 June 47.0 44.7 +2.3 44.8 42.6 +2.2 +4.5 The U.S. non-manufacturing PMI reading rose three points in J une to 47.0, best by more than two points since last September. Euroland’s PMI slid a tenth in contrast, so the spread between the two indices swung to a 2.3 point advantage favoring the United States from a 0.8 points favoring the [...] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Stocks and Sterling Falter
July 6, 2009
Stock markets around the world continued to move lower, and a drop is indicated by U.S. futures. India’s Sensex tumbled 5.8% on a forecast of the biggest budget gap since 1994 (6.8% of GDP). Equities also decined 1.4% in Japan, 1.9% in Indonesia, 1.5% in Singapore, 1.2% in Hong Kong, and 1.2% in Australia. In [...] More
