German industrial orders

Dollar Loses Ground

June 7, 2018

The dollar fell overnight by 0.9% against the euro, 0.5% versus the Swiss franc, 0.2% relative to the yen, and nearly 2% vis-a-vis the Turkish lira. The lira had been slumping this year on rising inflation, increasingly autocratic politics, and the central bank’s pressured neglect of its currency. A 75-basis point interest rate hike in […] More

WTI Oil Above $70 Per Barrel for First Time Since Thanksgiving 2014

May 7, 2018

Compared to closing levels before the weekend, the dollar has climbed 0.8% against the peso, 0.4% relative to the euro, 0.2% vis-a-vis the yen, Swiss franc and Australian dollar, and 0.1% vis-a-vis the yuan. Sterling and the Canadian dollar are 0.3% and 0.1% firmer, and the kiwi is unchanged. The Indonesian rupiah weakened through the […] More

The Fickle Nature of Investor Anxiety about a Trade War

April 5, 2018

Flip-flopping attitudes about the likelihood of a full-fledged intensifying trade war between China and the United States continues to be a big source of day-to-day changes in market behavior. There was panic earlier this week. Today, investors believe Trump and Jinping will negotiate a truce and forestall a trade meltdown. One problem with such optimism […] More

More Evidence of Strong Growth in the Euro Area

January 8, 2018

Economic sentiment in the euro area leaped 1.6 points to a December reading of 116.0, best since October 2000. Sentiment improved across the board — industry, households, services, retail, and construction. A separate measure, the business climate index, rose 1.7 points to the best score ever in this data series dating back to 1985. The […] More

Stocks Continue Week’s Retreat

December 6, 2017

Equities sold off 2.9% in Hong Kong, 2.0% in Japan, 1.6% in Taiwan, 1.4% in South Korea 1.2% in Singapore and 0.7% in New Zealand. Losses today in Europe so far amount to 1.0% in Germany, 0.5% in France and Spain, 0.4% in Italy and 0.3% in Switzerland. Technology has been hit hardest. With no […] More

Waiting for U.S. and Canadian Labor Market Statistical Releases

October 6, 2017

Investors await the U.S. Labor Department jobs report for September at 08:30 EDT, knowing that it will be badly distorted by the hurricanes that hit Texas and Florida. Canadian labor market figures are due also. Concern over Spain’s uncertain political tension continues to fester, tempering enthusiasm that otherwise would arise from upbeat data like today’s […] More

Markets Less Fearful

June 7, 2017

The troubled Banco Popular in Spain is being acquired by Banco Santander, easing concerns about the banking system in Euroland’s fourth largest economy. Donald Trump announced the nomination of a former assistant attorney general from the Bush43 administration, Christopher Wray, to be FBI Director. The timing of this revelation one day before the highly awaited […] More

Euro and Ezone Stocks Fall Despite Big Win for Macron

May 8, 2017

The centrist candidate for president of France, Macron, beat Le Pen by a rough margin of two to one.  Stock markets in Asia closed higher, but European markets are down 1.0% in France, 0.9% in Spain, 0.5% in Italy, and 0.3% in Germany. The dollar, moreover, rose 0.5% against the euro, 0.7% relative to the […] More

New Turn of Events on Several Fronts

April 6, 2017

At an unscheduled Czech National Bank policy meeting, the 27 koruna per euro ceiling imposed since November 2013 was lifted, and the currency strengthened marginally over 1.0% in response. The backdrop for the change is near-target inflation and sustaining growth. A discretionary role for intervention on an as-needed basis has been retained. Chinese President Xi […] More

Dollar Mostly Higher but Only Slightly So

March 7, 2017

The dollar shows overnight gains of 0.3% against the Swiss franc and sterling, 0.2% relative to the kiwi, and 0.1% vis-a-vis the yen, loonie and euro. The dollar fell 0.5% against the peso and 0.2% versus the Australian currency. The yuan is steady after unexpected news that Chinese international reserves, which in January dipped under […] More

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