gold
October in Figures
October 31, 2013
Share prices strengthened in October with the notable exception of Japan. Long-term interest rates subsided further, while short-term rates remained steady and well below the long rates. The dollar closed narrowly mixed, and gold posted a minuscule dip. Oil prices fell around 6% and swung back below $100 per barrel. 10-Yr Yield 09/30/13 10/31/13 Chg […] More
September and the Third Quarter in Figures
September 30, 2013
The dollar traded lower in September except against the yen. Share prices advanced pretty strongly, and bond yields settled back, spurred by the Fed’s surprise decision not to taper just yet. The prices of gold and oil fell. During the third quarter, equities climbed, but the dollar eased against the currencies covered in this feature. […] More
May in Figures
May 31, 2013
May was a difficult month for commodity-sensitive currencies and ten-year fixed income securities. The U.S. dollar rose against most currencies between the start and end of May. Abenomics, a Japanese policy strategy to keep long-term interest rates low, boost share prices and counter upward pressure on the yen, was challenged in May, which saw the […] More
Strengthening Aura Surrounding the Dollar
May 16, 2013
One hears increasingly the opinion that the dollar may be in a multi-year period of strength. Optimism rests on several pillars. One is the broadness of the dollar’s recent advance. Across-the board appreciation has transpired since this time last Thursday, and important barriers have been pushed aside during the statement week such as 100 yen, […] More
Doldrums for Dollar Watchers
April 25, 2013
It’s been another uneventful statement week for key dollar exchange rates. The Canadian and Australian currencies remain boringly close to parity with the greenback. The waiting game goes on for the euro, which has averaged $1.3154 thus far in 2013, to break decisively away from $1.3000. The euro, Swiss franc, sterling, Aussie dollar, Chinese renminbi, […] More
Across-the-Board Declines in the Dollar
April 25, 2013
The dollar has fallen 1.1% against sterling, 0.8% versus the kiwi, 0.5% relative to the yen, 0.4% against the euro and Australian dollar, 0.3% vis-a-vis the loonie and Swiss franc and 0.1% against the Chinese yuan. Holiday closures today are in Australia and New Zealand for Anzac Day, Italy for Liberation Day, and Portugal for […] More
Unresponsive Currencies
April 18, 2013
The wonderful thing about currency markets is the virtually limitless range of determinant factors, and these have been days full of unprecedented and unexpected developments. The continuing inertia of several key dollar relationships is thus surprising, and that suggests a structural reduction in the intrinsic volatility of currency movement. The table below compares current dollar […] More
March and 1Q13 in Figures
March 30, 2013
Short-term interest rates remained ultra-low in the first quarter of 2013. The Federal Reserve retained an aggressive program of quantitative easing, while the Bank of Japan prepared to undertake an even more forceful monetary stimulus under new leadership. A number of key equity markets performed very well, especially Japan’s where the Nikkei-225 index jumped almost […] More
America’s Overstated Inflation Scare
November 13, 2012
Just about everyone knows that the Federal budget deficit soared in the Great Recession when revenues plunged. Less widely understood is the fact that the gap has been subsequently grinding downward by about a percentage point per year and is now hovering around 7% of GDP. Monetary policy has accommodated America’s weak economic environment. Three […] More
September and 3Q12 in Figures
September 29, 2012
Aided by monetary stimulus, most long- and short-term interest rates fell during the third quarter including in September. Impressive stock market rallies happened in 3Q except in Japan where the Nikkei lost 1.5% on balance. The dollar fell across the board both in the latest month and quarter. Gold and oil rose sharply in the […] More
