ECB

Facebook Plunges, ECB and OPEC Review Things, and a U.S.-EU Trade Accord Is More Truce than Agreement

July 26, 2018

The ballooning credibility gap of Facebook finally hit the company’s share price, which has tumbled 19.4% so far today from $217.50 to $178.28. Alphabet, the parent of Google, is down 4.3%, but the DOW is up 0.5%. The ECB Governing Council reviewed its policy stance and decided not to change such. The ECB interest rate […] More

Modest Market Retrenchment Ahead of ECB Announcement

April 26, 2018

The ECB Governing Council is holding a policy review to be followed by Draghi’s press conference. The Bank of Japan Board began a two-day meeting whose results will be revealed Friday. The BOJ also releases a quarterly Outlook for Economic Activity and Prices tomorrow, which will update its macroeconomic forecasts. After meetings with U.S. President […] More

Thursday Round-Up

March 8, 2018

The dollar rose against the euro, Swiss franc and sterling but closed little changed today on the yen. Equities firmed, but commodities, Treasury yields, and other sovereign debt yields declined. Trump imposed tariffs of 25% on steel and 10% on aluminum but with exemptions for now in the case of Nafta partners and flexibility in […] More

Dollar Extends January Losses

January 25, 2018

The dollar declined overnight by 0.5% versus the yuan, 0.4% relative to the Swiss franc and sterling, and 0.2% against the euro, yen, and peso. President Trump arrived in Europe to attend the Davos World Economic Forum. His threat of protectionism is now transitioning into actual action. The Governing Council of the European Central Bank […] More

European Central Bank

December 14, 2017

ECB officials continue to strike a fine balance between hailing a better functioning economy but without encouraging markets to anticipate higher interest rates. The end-year policy review retained a negative 0.4% deposit rate and reiterated that “we continue to expect [rates] to remain at their present levels for an extended period of time, and well […] More

Central Bank Policies in the Spotlight

October 26, 2017

The Governing Council of the European Central Bank left its interest rate structure including a negative 0.4% deposit rate as is. The current monthly purchases of securities at a pace of 60 billion euros will continue this quarter and be reduced by half to 30 billion euros per month as of January. Quantitative stimulus at […] More

Euro Strengthens With ECB in the Spotlight

July 20, 2017

The euro advanced 0.6% against the dollar and is not far beneath $1.16. The dollar otherwise climbed 0.4% relative to sterling, 0.3% versus the yen and Aussie dollar, 0.2% relative to the yuan and 0.1% versus the peso. The dollar dipped 0.1% against the Swissy and loonie. WTI crude oil rose 0.4% to $47.31 per […] More

Focus Shifting to Upcoming ECB and BOJ Monetary Policy Reviews

July 19, 2017

Yesterday’s story centered on the failed U.S. healthcare repeal and replace bill, which sent the dollar sharply lower. The dollar today has declined a further 0.4% against the yen and Australian dollar, 0.3% relative to the loonie and kiwi, and 0.1% vis-a-vis sterling and the Swiss franc. But the dollar recovered 0.2% against the euro […] More

ECB Officials Becoming More Optimistic But Not Enough So to Reduce Stimulus

April 27, 2017

A statement released after today’s meeting of the European Central Bank Governing Council proclaims, “that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished” but goes on to say “underlying inflation pressures continue to remain subdued and have yet to show a convincing upward trend. […] More

Three Central Bank Meetings, Weaker Oil, and Several Data Releases

April 27, 2017

The dollar is up 0.5% against the kiwi, 0.4% relative to the loonie, and 0.3% against the euru and Aussie dollar but flat against sterling and softer versus the peso. Stocks are slightly lower in the U.S., Europe and Japan. Ten-year sovereign bond yields fell six basis points in Germany, France and Italy and by […] More

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