French business sentiment
Better European Data, More Leaked Allegations on Trump, and a Terrorist Bomb Attack
May 23, 2017
The German business climate index compiled by the IFO Economic Institute increased 1.6 points in May to the highest level since German unification, a reading of 114.6. Current conditions went up 1.9 points, and expectations climbed 1.3 points in the latest month, prompting IFO officials to call the business mood euphoric and the pace of […] More
Stocks Fall and Dollar Rally Pauses
August 25, 2016
Today’s shocker came from the German IFO Institute’s monthly business climate index, which dived 2.1 points in August to a 6-month low of 106.2. Current conditions (down 2.0 points to a 7-month low) and business expectations (off 2.0 points to a 6-month trough) shared equally in this considerably weaker than expected outcome. Several data reports […] More
Sharply Weaker Yen
July 11, 2016
The yen lost 2.1% against the dollar, notching its biggest daily decline in 11-1/2 weeks. There has not been reported intervention, but Sunday’s upper house parliamentary election, won strongly by Prime Minister Abe’s LDP Party, clears the way for more aggressive macroeconomic stimulus there. Half of the 242 seats in Japan’s House of Councillors were […] More
Pound Up on Reduced Brexit Fears
May 24, 2016
A new phone poll by Daily Telegraph revealed a widening margin of voters favoring Britain staying in the European Union (55% to 42%), and sterling rose 0.9% against the dollar in response. The U.S. currency otherwise climbed 0.9% against the Aussie dollar, 0.6% versus the kiwi, 0.3% vis-a-vis the euro and yen, 0.2% relative to […] More
Several Trade Reports and an OECD Semi-Annual Outlook
November 9, 2015
The dollar is mostly softer. Stocks are mostly lower, but gold, oil, and some bond yields are up. The dollar depreciated overnight by 0.4% against the euro and kiwi, 0.3% versus sterling and the Swiss franc, and 0.2% relative to the loonie and Aussie dollar. The U.S. currency, in contrast, rose 0.2% against the yen […] More
Weaker-than-Expected PMIs and a Market-Moving Comment from John McDermott
April 23, 2015
The kiwi slumped 1.4% after Reserve Bank of New Zealand Assistant Governor McDermott said that policymakers are not currently contemplating a further rise in the official cash rate. Otherwise the U.S. currency fell overnight by 0.6% against the Swiss franc and 0.1% versus the euro but rose by 0.4% relative to the Australian dollar, 0.2% […] More
Dollar’s Recent Gains Trimmed
August 27, 2014
The dollar has declined overnight by 0.5% against the Canadian and New Zealand dollars, 0.4% versus the Aussie dollar, 0.2% relative to sterling and the Swiss franc and 0.1% vis-a-vis the yuan, yen and euro. While not a big day for scheduled data reports and despite an open-ended ceasefire agreed in Gaza, minor European confidence […] More
Stronger Yen and Kiwi
June 10, 2014
The dollar fell 0.1% relative to the Australian dolar, 0.2% against the yen and 0.3% versus the the kiwi but shows overnight gains of 0.3% relative to the euro and Swiss franc and 0.1% vis-a-vis the loonie and sterling. Ten-year Japanese JGB and British gilt yields are unchanged, while the 10-year German bund has dipped […] More
Several Preliminary Purchasing Manager Surveys Support Cautious Optimism
May 22, 2014
Late Wednesday, investors were heartened by the dovish tone of the FOMC minutes. News that China’s HSBC-compiled purchasing managers index for manufacturing had risen 1.6 points to a 5-month high of 49.7 provided another upbeat impulse to the mood. In other PMI news, Japan’s factory PMI rose 0.5 points to a 2-month high of 49.9. […] More
Chinese and Ezone Flash PMI Surveys Highlight Weakness
April 23, 2013
HSBC reported a 1.1 decline in China’s manufacturing purchasing managers index. At 50.5 in April, the second quarter began with just marginal growth and reversed an encouraging improvement in March. Preliminary readings on the German, French and Ezone composite, manufacturing and service-sector PMI surveys also were released overnight, and they suggest that the region’s downturn […] More
