Euroland retail sales

No Sino/U.S. Trade Deal, Falling Turkish Lira, and U.S. Jobs Day

May 4, 2018

U.S. Treasury Secretary Mnuchin has left Beijing with no agreement on trade. Investors wonder how soon tit-for-tat tariffs may follow. The Turkish lira tumbled by more than 1% overnight, moving past 4.28/USD and bringing cumulative depreciation to almost 5% over the past four sessions. Turkey has double-digit inflation and an autocratic government that’s dissuading the […] More

Many Data Released But Market Attention Focused on U.S. Congress

December 5, 2017

Purchasing manager surveys are among a slew of economic statistics reported around the world today. A highly partisan U.S. Republican tax bill grinded further toward approval, and so did the Senate confirmation process of Jay Powell as the next Federal Reserve Chairman. There were two central bank meetings. The National Bank of Poland and Reserve […] More

Korea, Saudi Arabia, Central Bank Meetings, and More Data

November 7, 2017

Market Action: The dollar rose overnight by 0.5% against the Australian dollar, 0.4% versus the loonie, peso and euro, 0.3% relative to the yen and sterling, 0.2% against the Swiss franc and 0.1% against the yuan. EUR/USD is at a 4-month low. Stocks climbed 1.7% in Japan on Tuesday, 1.5% in Hong Kong, 1.0% in […] More

Back to Business

July 5, 2017

U.S. markets reopened after the long Independence Day holiday break. Investors were greeted by the release of many more June purchasing manager survey results and have a number of events to get through. FOMC minutes will be released today. President Trump is embarking on his second trip abroad as president. He will be attending the […] More

Flight to Safety

June 6, 2017

Investment safety is taking precedent over investment return this morning. Sovereign debt yields are considerably lower, including drops of five basis points in 10-year Treasury futures and British gilts. The 10-year German bund yields is down 3 bps, and its Japanese counterpart has dipped a basis point. The yen climbed 1% against the dollar to […] More

Euro Climbs against Dollar and Yen

May 4, 2017

Several themes were in play on Thursday. A contentious French presidential candidate between centrist Macron and the far-to-the-right Le Pen was considered won by Macron, who already leads in polls. A victory for him in this Sunday’s run-off election would prevent Frexit. Service sector purchasing manager survey results in April show Euroland growing at an […] More

Gold and Yen Stronger but Stocks, Bond Yields, and Emerging Market Currencies Decline

April 5, 2016

The yen is 0.6% stronger on balance, powered by a fresh wave of safe-haven seeking capital flows.  Many service sector PMI reports were disappointing.  Japan’s index and its composite PMI fell to one-year lows, for example.  The yen touched 110.26 per dollar, its most appreciated level since October 2014.  Comex gold rose 1.3% to $1,231.59.  […] More

Stronger Euro, Weaker Yen

March 3, 2016

The dollar rose as high as JPY 114.28 overnight, its strongest level since February 15.  It’s off that high currently but still up 0.4% on balance.  At the same time, the U.S. currency shows overnight losses of 0.6% against the New Zealand and Australian dollars, 0.4% versus the euro, 0.3% relative to the Swiss franc […] More

An Informing Day with Some Surprises

November 5, 2015

U.S. labor productivity unexpectedly rose last quarter and substantially so at that.  A gain of 1.6% on top of a 3.5% second-quarter increase resulted in a significantly smaller quarter-over-quarter 1.4% climb in unit labor costs.  Nonetheless, the big productivity picture remains soft, with a rise of just 0.4% between 3Q14 and 3Q15 versus 0.8% in […] More

Service Sector Purchasing Manager Survey Results Announced

May 6, 2015

The dollar fell 0.3% against the euro and loonie and 0.2% relative to sterling but is unchanged relative to the yen and yuan.  A 0.9% advance against the New Zealand dollar contrasts with a 0.7% drop relative to the Australian dollar. Asian stock markets are showing red on the screens, with drops of 2.6% in […] More

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