Euroland M3

Market Churning and in Search of New Direction

July 27, 2017

A mixed day for the dollar this Thursday with a rebound of 1.1% against the Swiss franc and 0.3% relative to the euro and loonie. The dollar also edged up 0.1% versus the peso, yen and kiwi but has lost 0.2% against the yuan and 0.1% versus sterling. Stocks advanced 0.9% in Taiwan, 0.8% in […] More

It Ain’t Over ‘Til It’s Over

September 27, 2016

Clinton was at first perceived as the clear debate winner last night, which spurred a rally of stocks in Asia and emerging market currencies like the Mexican peso. She was deemed the winner overall but also on virtually all issues discussed. Narrowest margin was on likely handling of the economy. Donald Trump reserved one of […] More

Sterling and European Stocks Extend Slide

June 27, 2016

European markets staggered further from all the political and economic uncertainties unleashed by the Brexit referendum result last week.  Britain has a political vacuum.  PM Cameron speaks to parliament today.  He’s resigned by wants to stay until a Tory successor is chosen at the Conservative annual conference in October.  Markets do not seem to be […] More

Muted Market Reaction to European Bank Stress Test Results

October 27, 2014

The stress test results were officially announced Sunday but largely leaked on Friday and hence did not carry an element of surprise.  Moreover, no German, French or Spanish banks were listed, and about three-fourths of the collective extra capital needed to be raised by banks has been done.  The dollar is unchanged against the euro, […] More

Concerns about Rising Chinese Interest Rates

October 25, 2013

Short-term Chinese money market rates climbed higher overnight to multi-month highs.  The People’s Bank of China introduced a new prime lending rate. Key data releases this Friday include Japanese consumer prices, the German IFO business climate index, British 3Q GDP, and Euroland money and credit. Comments from the governor of the Reserve Bank of New […] More

Yen Strengthens after BOJ Meeting… European Stocks Lower

April 26, 2013

After a Policy Board meeting lasting four hours and 28 minutes, the Bank of Japan left its interest rate target at zero to 0.1% and did not initiate any new quantitative easing initiatives beyond those unveiled at the prior meeting.  The monetary base will be increased by 60-70 trillion per year, and policy easing will […] More

Dollar Strengthening on Penultimate Day of 2011

December 29, 2011

The dollar advanced 0.6% against the yen, 0.4% versus the euro and sterling, 0.3% relative to the Swissie and Australian dollar, 0.2% against the kiwi, and 0.1% versus the loonie.  The yuan is 0.1% firmer.  Stocks closed mixed in the Pacific Rim.  Share prices fell 1.2% in India, 0.7% in Hong Kong, 0.4% in Australia […] More

Six Days and Counting

July 27, 2011

No discernible progress has been reported in the U.S. debt ceiling talks, yet markets are not falling apart. The dollar recovered 0.3% against the euro and edged up 0.1% against the yuan and sterling.  The dollar fell 0.2% against the yen and loonie but is unchanged against the Swiss franc.  Former Japanese Prime Minister Sakakibara […] More

Dollar and Sterling Lower

December 29, 2010

As end-2010 approaches, the dollar fell overnight by another 0.9% against the yen, 0.6% against the kiwi, 0.4% versus the Australian dollar and 0.1% relative to the Canadian dollar.  There was no further change against the Swiss franc or euro and a gain of 0.8% relative to sterling.  Over the past week since December 22, […] More

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