Euroland

Cheaper Dollar as U.S. Political Surprises Mount

May 17, 2017

The dollar fell overnight by 0.7% against the yen, 0.4% relative to the euro, Swiss franc and sterling, and 0.1% versus the kiwi. The dollar alternatively rose 0.4% against the peso, 0.3% versus the Aussie dollar, ad 0.2% relative to the loonie. Ten year German bund and British gilt yields are two basis points lower, […] More

Yen Weaker after G20 Statement’s Release

February 18, 2013

A statement from G20 finance ministers and central bank governors did not single out Japan.  Officials said competitive currency devaluations should be avoided by allowed domestic macroeconomic stimulus to promote growth and counter inflation that is too low are negative.  The yen fell to overnight lows of 94.23/USD and 125.93/EUR. China has reopened after the […] More

German Inflation

September 28, 2011

Consumer prices in Germany according to preliminary estimates advanced 0.4% seasonally adjusted in September, and the 12-month inflation rate climbed 0.2 percentage points to 2.6%, a three-year high.  Energy was responsible for somewhat over a third of all on-year inflation.  Moreover, the momentum of German inflation has been subsiding as attested by an annualized three-month […] More

A Busy Day of Data Releases, Events, and Market Movement

September 15, 2011

The dollar is lower, with overnight losses of 1.2% against the kiwi, 0.5% relative to the euro and sterling, 0.4% against the Swiss franc, 0.2% versus the Canadian and Australian dollars, and 0.1% against the yen.  The yuan is steady. Stocks are up by a strong 2.1% in Germany, 2.0% in France, 1.6% in Britain, […] More

Service Sector Activity Accelerated in the U.S. but Slowed in Euroland Last Month

June 3, 2011

U.S. service sector activity partly recovered in May according to the purchasing manager survey after a sharp slowdown in April.  In Euroland, however, there was a slower pace of positive growth in May with only marginally rising activity in Ireland, Spain and Italy.  The U.S. minus Euroland PMI spread for services therefore narrowed by 2.5 […] More

PMI Data Show Big Swing in Europe’s Favor

May 4, 2011

In January of this year, the United States purchasing manager survey indices in both manufacturing and services exceeded their Euroland counterparts by 3.5 points each.  Just three months later, it is Euroland’s service sector that enjoys a 3.5-point advantage over the United States, and the spread in manufacturing has narrowed by 1.1 points to +2.4 […] More

Stronger Euro and Commodity Prices

April 8, 2011

Gold at $1471.20 per ounce is at another record peak. Silver hit a 31-year high of $40.23 per ounce. Oil reached a 30-month high of $111.68 per barrel and is 1.1% stronger on the day. The ECB’s tightening yesterday has buoyed the euro, which at $1.4411 is 0.7% above yesterday’s closing level.  The dollar also […] More

Euroland PMI-Services Score Pulled Almost Even with U.S. PMI in March

April 5, 2011

Just a tenth of a point separated the U.S. and Euroland service sector purchasing manager readings in March.  That gap was down from 2.9 points in February and 3.5 points in January, and such constituted Euroland’s best relative position in six months.  Germany (60.1) and France (60.4) had significantly better readings than America’s score of […] More

Weaker Dollar at End-Quarter

March 31, 2011

The dollar fell overnight by 0.6% against the euro, 0.4% versus the Swiss franc, 0.2% against the Canadian dollar, and 0.1% relative to the yen, kiwi, Aussie dollar, yuan, and sterling.  The dollar has lost 5.8% against the euro since the end of 2010. Most Asian equities rose overnight, with gains of 1.0% in Indonesia, […] More

Euroland Data Point to ECB Rate Hike a Week from Tomorrow

March 30, 2011

The last rate hike at the European Central Bank was by 25 basis points in July 2008 and shrouded in controversy, coming just over two months before the collapse of Lehman Brothers triggered an intensifying global recession.  The refinancing rate has been at 1.0% since May 2009, some 325 basis points lower than the prior […] More

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