Euroland GDP

A Day Potentially Fraught with Major Developments

June 8, 2017

First up is ECB President Mario Draghi’s press conference. The Governing Council didn’t change interest rates. No surprise there. But new macro-forecasts will be unveiled, and there are risks that the growth outlook will be made brighter but also that projected inflation may be lowered. Next comes former FBI Director Comey’s testimony before the Senate […] More

Another U.S. Gaffe Lifts Euro to a 6-Month High

May 16, 2017

President Trump is alleged to have┬ádivulged elements of classified information regarding a terrorist plot to the Russians. He claims to have broken no law in doing so, but the optics surrounding this incident compound an already very toxic climate in U.S. politics. The dollar fell overnight by 0.7% against the euro (to a half-year low), […] More

Waiting for the FOMC Statement Later Today

May 3, 2017

Markets were closed today in Japan (Constitution Day) and both South Korea and Hong Kong (Buddah’s birthday). Lower U.S. share prices are indicated likely in the wake of disappointing data released yesterday. All six automakers reported lower sales in April, and Apple’s 1Q earnings missed expectations. The yen’s recent slide continued. The dollar shows gains […] More

Dollar Mostly Higher but Only Slightly So

March 7, 2017

The dollar shows overnight gains of 0.3% against the Swiss franc and sterling, 0.2% relative to the kiwi, and 0.1% vis-a-vis the yen, loonie and euro. The dollar fell 0.5% against the peso and 0.2% versus the Australian currency. The yuan is steady after unexpected news that Chinese international reserves, which in January dipped under […] More

Dollar and Sterling Strengthen but Oil Steps Back

December 6, 2016

The dollar is unchanged against the pound but up 0.4% against the yen, loonie, kiwi and Australian dollar. The U.S. currency also rose 0.2% overnight relative to the euro and Swiss franc. An appeal is being heard in British courts regarding the legality of leaving the EU based solely on a voter referendum. Sterling has […] More

Message of Jackson Hole Didn’t Stick

September 6, 2016

Speeches and various comments emerging from the Jackson Hole Symposium late last month had been coordinated to plant in investors’ minds the notion that the Fed would be raising its interest rate sooner than assumed and that two hikes before yearend in fact remained possible. The shift in market psychology was only fleeting, however, and […] More

Markets Sustained by a Belief that Help is on the Way

August 12, 2016

Investors are confident that central banks won’t let bad things happen. The Central Bank of Chile kept a 3.5% interest rate benchmark and dropped language about future rate normalization. Like many other monetary authorities except perhaps the Fed, plans to tighten are getting delayed and in many cases like the Bank of England and BOJ […] More

Stocks Up, Sterling Up and Dollar Mostly Down

June 7, 2016

Sterling recovered around 1%. ┬áToday’s released polls showed voters narrowing favoring staying in the EU, whereas yesterday’s releases gave an edge to the “leave” camp. The dollar otherwise is down 1.0% against the Australian dollar, 0.4% versus the Swiss franc, 0.3% relative to the kiwi and loonie but unchanged against the euro and 0.1% higher […] More

Stocks, Commodities, Bond Yields Slip ahead of U.S. Data

May 13, 2016

Markets are ending the week on a risk averse note.  The yen advanced 0.9% against the dollar in spite of Bank of Japan Governor Kuroda’s assertion that the central bank is prepared to ease decisively further. A lower open is indicated in U.S. stock futures.  Downward momentum was fueled by yesterday’s gloomy report from Macy’s.  […] More

Weaker Yen and Gold, Firmer Dollar, and Soft Data

November 14, 2014

The yen dropped 0.6% against the dollar to a new multi-year low of 116.51 and fell also to a 10-month low of 145.09 per euro. The U.S. currency otherwise advanced 0.3% against the euro, Australian dollar and sterling, 0.2% versus the Swiss franc and kiwi and 0.1% relative to the yuan. The Swiss currency continues […] More

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