Brexit
Difficult Session for Indian Stocks and the Rupee… Key Vote on Brexit… Florida Watching Dorian Warily
September 3, 2019
The Sensex index of Indian share prices fell 2.1%, its worst daily session of 2019, and the rupee has fallen over 0.5% against the dollar. Investors reacted to a 6-year low in Indian on-year GDP growth and a 15-month low in the economy’s manufacturing purchasing managers index. British MPs in the House of Commons across […] More
Stronger Dollar
July 16, 2019
The dollar strengthened overnight by 0.9% against sterling, 0.6% relative to the peso, 0.4% versus the euro and Swiss franc, 0.3% vis-a-vis the yen, 0.2% against the Aussie dollar and 0.1% versus the kiwi. In other euro cross-rate developments, sterling weakened to a half-year low against the common currency, but the Swiss franc is hovering […] More
Stronger Dollar, Flat U.S. Share Prices and Lower Commodity Prices
April 11, 2019
Compared to Wednesday’s closing, the dollar has strengthened 0.6% against the Aussie dollar, 0.5% versus the kiwi, 0.4% relative to the yen and loonie, 0.2% vis-a-vis sterling and 0.1% against the euro and yuan. Share prices overnight fell in China, Hong Kong and Australia but rose in Europe. The DOW initially rose but now shows […] More
ECB Left Policy Unchanged, and Now Investors Await FOMC Minutes
April 10, 2019
At noontime in NY, the dollar was trading at Tuesday’s closing level against the euro and loonie but had drifted lower by 0.4% against the Australian dollar, 0.3% relative to sterling, and 0.2% vis-a-vis the yen and kiwi. The dollar is down more sharply against the peso but up 0.2% versus the Swiss franc and […] More
Brexit and Tariff Man Leading the Overnight News
April 9, 2019
A decision is needed tomorrow on whether and how long to grant Britain another extension on Brexit talks. In the meantime, Prime Minister May today will be holding talks with her German and French counterparts. She wants a short extension to June 30th but seems no closer to forging a parliamentary coalition behind any plan. […] More
Jobs Day in America
April 5, 2019
The dollar marked time overnight as investors await today’s release of U.S. March labor market data. The dollar slipped 0.2% against the euro but moved even less on balance against other key currencies. The price of gold, $1,294.10 per ounce, also is unchanged from Thursday’s close. U.S. employment growth in the prior two months was […] More
Quarter-End Finds Focus on Brexit, Sino-U.S. Trade Talks and a Data Shower
March 29, 2019
Today was to have been Brexit Day, but it appears the Prime Minister May’s plan will be defeated in parliament for a third time. More confusion ahead. The United States and Chinese trade talks haven’t yet sealed a deal, but one seems to be getting a lot closer. Many pundits on such matters doubt it […] More
Weaker Turkish, South African and British Currencies
March 28, 2019
The Turkish lira slumped 5% against the dollar overnight when Turkish reserves data showed a large drop from previous intervention to support that currency. Still no word from the South African Reserve Bank’s monetary policy review, but analysts aren’t anticipating a rate hike. However, there is concern ahead of Moody’s sovereign debt call on South […] More
Share Prices and Sovereign Debt Yields Rebound… Brexit Situation Remains Muddled
March 26, 2019
In futures trading, the 10-year treasury yield rose five basis points to 2.44%. The 10-year German bund and Japanese JGB yield firmed two bps, while their British counterpart is 3 basis points firmer. Share prices rebounded 2.2% in Japan, 1.1% in India, 0.9% in Indonesia, 0.8% in Taiwanand 0.6% in Singapore. European equity markets are […] More
A Fresh Wave of Risk Aversion
March 22, 2019
There’s been a big move into safe assets, reflecting three developments since Wednesday: The Fed’s decision was more dovish than expected, putting interest rate normalization on hold for all of 2019 and ending the balance sheet rundown after September. EU leaders put Britain on a short leash to decide on its Brexit plan. While March […] More
