Japanese corporate service prices
Marking Time Monday
February 26, 2024
Today has been another Monday, with scant news to act upon and investors looking ahead to events later in the week with market-moving potential. The dollar has settled back 0.2% on a weighted basis, dipping 0.3% against the euro, 0.2% versus sterling and 0.1% relative to the Canadian currency but edging 0.1% higher against the […] More
Perfect Storm of Dysfunctional Congress, Hawkish Fed, Elevated Oil Prices Depresses Equities and Bond Prices but Dollar Stays Well-Bid
September 26, 2023
The U.S. is careening toward a government shutdown that could tarnish its credit rating. Kashkari and Bowman are the latest Fed officials to warn of likely interest rate hikes next quarter. Although down 0.7% so far today, the high price of WTI oil, which touched $91.5 per barrel last week, remains a threat to the […] More
Weighted DXY Dollar Index Touched an 11-Week High Overnight Ahead of Powell’s Speech Today
August 25, 2023
Fed Chairman Powell’s speech at the annual Jackson Hole Monetary Policy Symposium begins in about 15 minutes. He’s expected to stress the themes that there’s no alternative to the goal of restoring sustained in-target inflation, that more work has to be done, that quite a while longer must pass before officials can even think of […] More
FOMC Rate Announcement at 18:00 GMT to Be Followed By Powell’s Press Conference
July 26, 2023
Investors are positioned for a further 25-basis point hike in the federal funds target later today and will pay particular attention to what is said about likely rate decisions over the balance of 2023. U.S. CPI inflation has slowed more rapidly than was expected to 3.0% from a peak of 9.1%, but labor market conditions […] More
Higher Equities, Weaker Bonds, and a Mixed Dollar
March 27, 2023
The tone of equities began weakly overnight in Asia where share prices closed down 1.8% in Hong Kkong, 0.8% in Indonesia, 0.5% in Taiwan and 0.4% in China but brightened in Europe and U.S. stock futures. The German, French, British, Italian and Spanish stock exchanges currently show gains of 0.9% or more this Monday, and […] More
Investors Marking Time Ahead of Several U.S. Data Releases Today Including the First Estimate of GDP Last Quarter
January 26, 2023
In U.S. stock market futures trading overnight, the S&P 500 and DOW are hardly changed, while better-than-expected reported Tesla profits goosed the Nasdaq. Hong Kong’s stock market reopened with a 2.4% advance, but China remains shut until next week. Japan’s Nikkei dipped 0.1%. In Europe, the Dax is off less than 0.1%. The British Ftse […] More
No Significant Developments Amid Widespread Extended Xmas Holiday Observances
December 26, 2022
The U.S. dollar is unchanged against the euro, yen, and sterling and up 0.1% versus the Swiss franc and Australian and Canadian dollars. Markets are closed today throughout most of Europe, Latin America, Australia, New Zealand, and the Western Hemisphere. In Asia, Japan, China, South Korea, India, Taiwan, Thailand, Indonesia, Vietnam, and Pakistan are open, […] More
Convergence of Fed-ECB Interest Rate Biases Sends Dollar Lower
October 26, 2022
The dollar has prospered throughout 2022 largely because the Federal Reserve had been seen as more aggressive in raising interest rates than the European Central Bank and other central banks. Today’s main market theme is that perhaps the monetary policy gap will not be as wide as thought previously. The ECB Governing Council will likely […] More
Tough Day for the Euro
July 26, 2022
The dollar strengthened 0.8% overnight against the euro and also rose by 0.5% versus the kiwi and sterling as well as 0.2% relative to the Australian dollar, peso, Turkish lira, and Canadian dollar. The Swiss franc only dipped 0.1% against the dollar, and the yen held unchanged. Today’s forex market action reflects concerns about Europe […] More
Long-Term Interest Rates Edge Higher
April 26, 2021
Ten-year sovereign debt yields this Monday are three basis points higher in the U.K. and United States, two bps higher in German and up a basis point in Japan. The dollar is marginally softer but above its overnight low on a weighted basis. The key EUR/USD and USD/JPY relationships are unchanged. The peso is also […] More
