Oil

October in Figures

November 1, 2018

October was a¬†broadly strong month for the dollar but a bad one for global equities. Monetary policy rates did not change this past month in the U.S., Euroland, Japan, Great Britain or Switzerland, but 10-year sovereign debt yields rose in North America while falling in Europe, and staying unchanged in Japan. The price of West […] More

August in Figures

August 31, 2018

Many stock markets performed well in August as such had in July. Exceptions were those in the U.K., Switzerland, and Canada. The yen and Swiss franc rose against the dollar, which otherwise advanced against the other currencies examined in this monthly feature. The dollar also strengthened 33% against the Turkish lira during August. The Bank […] More

July in Figures

July 31, 2018

Net dollar movement against currencies in other well-developed economies was modest in July, but the U.S. currency extended gains against developing country monies. The rise in long-term U.S. interest rates pulled up other sovereign debt yields, blunting the impact on rate differentials. The Bank of Canada was the only central bank examined for this update […] More

June and Second Quarter 2018 in Figures

June 29, 2018

The dominant market themes in June and 2Q were a sharp rise in the price of oil and a strengthening dollar, neither of which belongs in a recipe to accomplish President Trump’s quest to reduce the U.S. trade deficit sharply if not to zero. Dollar appreciation was particularly pronounced against the Chinese yuan. The federal […] More

March and First Quarter 2018 in Figures

March 31, 2018

March was a difficult month for equities, largely because of Fed tightening, U.S.-inspired geopolitical uncertainty, and trade war fears. Nevertheless, U.S. share price losses in the first quarter of 2018 were generally smaller than declines recorded in other countries. Despite higher short-term interest rates during March especially in the United States and Great Britain, year-to-date […] More

2017 and December in Figures

January 1, 2018

2017 was a stellar year for equity and commodity prices. The dollar declined broadly, consistent with President Trump’s intent to trim the U.S. trade deficit and despite three tightenings of Fed policy implemented in March, June and December. The ten-year Treasury yield rose less sharply than 3-month rates, which flattened the yield curve. The dollar […] More

November in Figures

November 30, 2017

The dollar fell mostly during November, constituting a change in direction from movements in October. Nonetheless, U.S. stocks recorded impressive gains just as they had the month before. Japanese share prices also climbed sharply in November, but many European stock markets declined. Investors became more confident that the Federal Reserve would hike interest rates in […] More

October in Figures

November 1, 2017

Whereas September had experienced upward pressure on long-term interest rates, October had a slight downward bias. The rhetoric after central bank meetings in Japan and Euroland was a bit more dovish than expected, leaving an impression there will not be an initial interest rate hike in 2018 by either. Stock markets performed will during October, […] More

August in Figures

August 31, 2017

Ten-year sovereign debt yields feel pretty much in tandem during August except in Japan where the drop was less sizable but consistent with the Bank of Japan’s target. Short-term interest rates remained low and well anchored by ultra-loose monetary policy stances. The dropped significantly against the Chinese yuan and marginally against traditional “hard currencies” like […] More

July in Figures

July 31, 2017

On the final day of July, the Dow hit a record high, and the dollar touched its weakest level against the euro since January 14, 2015 and softest yen value since mid-June. July was a difficult month for the U.S. presidency, even by Trump standards. Also, the future path of Fed policy became less certain, […] More

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