Euroland construction output

Brexit Deal Reached, Congressman Cummings Dead, and Beige Book Reflects Slowdown

October 17, 2019

Several big stories hit the wires this morning. First, Congressman Elijah Cummings of Maryland, Chair of the House Oversight and Reform Committee and a leading figure in the investigation of President Trump, has died at age 68. He’d had several health problems, but exact details of cause of death were not provided. Second, British Prime […] More

Yesterday’s Rebound in Sovereign Debt Yields Trimmed

August 20, 2019

Ten-year sovereign debt yields slipped Tuesday by five basis points in Germany and the United States, three bps in Great Britain and a basis point in Japan. Yields had dropped very sharply earlier in August but staged a rebound yesterday. Without government stimulus, investors fear a continuing global growth slowdown and possibly even a recession. […] More

More Brexit Confusion, Brighter Data, and an FOMC Meeting

March 19, 2019

The dollar stayed in neutral gear overnight, dipping 0.1% against the euro, sterling, and kiwi, holding flat relative to the yen, yuan and Swiss franc, and nudging up 0.1% vis-a-vis the Aussie dollar. Slightly bigger dollar dips occurred of 0.4% relative to the loonie and 0.2% versus the Mexican peso. Asian stock markets likewise didn’t […] More

Few Data Releases, Firmer Share Prices and Metals, Steady Oil and Sovereign Debt Yields

August 20, 2018

Dollar/yen is unchanged. The dollar is down 0.3% against the yuan but has risen 0.3% against the euro, 0.2% relative to the Australian dollar, kiwi, and Mexican peso, and 0.1% versus the Swiss franc, loonie and sterling. Equities climbed Monday by 1.9% in Indonesia, 1.5% in Hong Kong, 1.1% in South Korea, 0.9% in India […] More

Intensifying Fear of a Trade War Generating Stampede from Risky Assets

June 19, 2018

Today’s story lies in market movement, not fresh economic news. The DOW, German Dax and Paris Cac have dropped over 1.0%. Chinese share prices plunged 3.8%. The Hang Seng lost 2.8%. Japan’s Nikkei closed down 1.8%, and the South Korean Kospi fell by 1.5%. The 10-year Treasury yield slid another 3 basis points and is […] More

Little Change Overnight in Most Dollar Forex Values

May 17, 2018

Against other major currencies, the dollar is unchanged against the loonie and yuan, up 0.1% relative to the euro, Swiss franc and kiwi, up 0.3% versus the yen, but down by 0.1% against the Australian dollar and sterling. Bigger dollar moves have occurred against emerging market currencies. The greenback dropped 0.3% against the Indonesian rupiah […] 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

Dovish Remarks from a Federal Reserve President

February 17, 2016

Boston Fed President Eric Rosengren gave a speech overnight that warned of long-lasting effects on inflation from the plunge of energy prices and predicted that such could impeded efforts to raise U.S. interest rates.  Rosengren is one of the more dovish FOMC members. ECB Governing Council member Nowotny of Austria struck a very different tone, […] More

Dovish Rhetoric

October 17, 2014

Markets have a better tone. aided by some dovish remarks from Fed’s Bullard (maybe QE3 shouldn’t end now), Coerce (ECB to start buying assets very soon), Nowotny (euro depreciation constructive), Haldane (British data point to later rate hike rather than sooner), and Kuroda (BOJ easing to continue until 2% inflation secured).  The 10-year Treasury futures […] More

Sterling Boosted by Robust U.K. Retail Sales Data

January 17, 2014

British retail sales leaped 2.6% on month in December, lifting the 12-month increase threefold to 5.3%.  Non-auto sales went up 2.8% from November and by 6.1% from a year earlier. The Japanese cabinet upgraded its assessment of the economy to “recovering at a moderate pace” from December’s view that the “economy is on the way […] More

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