German current account

Post-Election Rise in Sterling ahead of U.S. Jobs Report

May 8, 2015

Britain’s election did not result in a hung parliament as had been feared.  The Conservatives were reelected with a majority of 323 seats, gaining 22 on balance.  The Scotch National Party carved support away from Labour, whose seat tota fell by 23 to 229.  The Liberal Democrats lost 85% of its seats to a mere […] More

Markets Watching Greece and China Anxiously

February 9, 2015

Who’s going to flinch first in the standoff over Greek debt.  Prime Minister Tsipras and his finance minister Varoufakis spoke more emphatically about a break with austerity.  The prime minister reaffirmed his campaign promises to boost the minimum wage.  Greece’s creditors continue to insist that there can be no watering-down of Greece’s debt obligations.  Greek […] More

Setback Extended in Share Prices

December 9, 2014

Monday’s slide in equities continued overnight in Europe and Asia.  Stocks slumped 4.5% in China, 2.3% in Hong Kong, 1.7% in Australia, 1.2% in India and 0.7% in Japan.  Equities are so far down 1.5% in Spain, 1.4% in Italy, 1.2% in France, 1.1% in Britain and 0.9% in Germany. Also consistent with the risk […] More

A Mixed Bag of Data Leaves Dollar Little Changed

July 8, 2014

The dollar edged up 0.1% against the euro and Swiss franc but has slipped by 0.3% versus the Australian and New Zealand dollars, 0.2% vis-a-vis the yen and 0.1% relative to the loonie.  Sterling and the yuan are steady. Stocks are mostly lower, with drops of 2.0% in India, 1.2% in Italy, 0.7% in Spain, […] More

Euro Weakens Further in Post-Draghi Reaction

May 9, 2014

The takeaway from yesterday’s ECB press conference is that it’s a matter of what kind of stimulus the ECB will announce next month, rather than whether something is going to be introduced then.  A big part of this preparation stems from mounting frustration with the euro’s prior appreciation and how the currency’s strength could promote […] More

Slow Day So Far

March 11, 2014

The U.S. dollar gained 0.2% overnight against the euro, Swissie and sterling and 0.1% versus the yen and loonie.  The greenback is unchanged relative to the Australian dollar and yuan and down 0.1% against the kiwi. Share prices in the Pacific Rim rose 1.1% in Thailand, 0.7% in Japan, 0.6% in Indonesia, 0.5% in China […] More

Firmer Australian Dollar after Data

October 8, 2013

The Australian dollar advanced 0.5% against its U.S. counterpart, buoyed by upbeat Aussie data showing a 1.1% jump in September job ads, a 31-month high in business confidence, and a 4-month high in business conditions.  Prospects for further monetary relief are fading in Australia. There’s no sign of any progress toward a U.S. budget deal, […] More

Divergent Equities in Europe and Asia

July 8, 2013

In the Pacific Rim, stocks dropped sharply by 3.7% in Indonesia, 2.8% in China and the Philippines, 1.3% in Hong Kong, 1.4% in Taiwan and 0.9% in South Korea and India.  Australian share prices closed 0.7% lower, and Japan’s Nikkei dropped 1.4%.  But in Europe, equities have risen 2.3% in Germany, 2.0% in France, 1.6% […] More

Yen Surprise

February 8, 2013

The Japanese yen rose 1.1% against the dollar, strengthened by the remarks of Finance Minister Aso that the currency’s fall from 78 through 90 had been faster than expected.  There was confusion around the translation of exactly what he said.  Make no mistake, however, officials led by Aso and Abe had previously engaged in verbal […] More

Stocks Fall Following One-Week Closure of Chinese Markets

October 8, 2012

China’s whole-week National holiday is over, but markets are closed today in the United States for Columbus Day, Canada for Thanksgiving, and Japan for Health-Sports Day. The World Bank downgraded projected Chinese GDP growth in 2012 and 2013 by a half-percentage point each to 7.7% and 8.1%, respectively.  Other Asian growth forecasts have also been […] More

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