PMIs

A Weak Yen and Lackluster PMI Reports

April 22, 2016

The yen has declined 1.0% on balance against the dollar on unconfirmed reports that the Bank of Japan will announce fresh stimulus next week including the expansion of sub-zero interest rates to its lending to banks. Against other currencies, the dollar lost 0.5% against sterling and by 0.2% relative to the loonie and Aussie dollar.  […] More

A Day to Remember

December 16, 2015

The Federal Open Market Committee is expected to raise the federal funds rate later today.  Such will be the first increase since a hike to 5.25% from 5.0% in June 2006 ended a sequence of 17 straight meetings in which the key policy rate was lifted by 25 basis points.  The main uncertainty to be learned […] More

Still Awaiting News on Greek Talks

February 20, 2015

Today is a self-imposed D-day on talks between the newly elected Greek government and its creditors.  Led by Germany, the latter insist that Greece abide by all previously agreed policy conditions or aid will be shut off at the end of this month.  The Greeks want a bridge loan, not a mere debt extension. Preliminary […] More

Stronger Yen

January 23, 2015

Saudi Arabian King Abdullah has died.  Former Crown Prince Salman is the new king. The dollar has depreciated 0.8% against the yen while rising 0.9% versus the Aussie dollar, 0.5% relative to the euro, 0.3% vis-a-vis the yuan, 0.2% against the kiwi and 0.1% versus the loonie and Swiss franc. Sterling is 0.1% firmer against […] More

Extremely Volatile Markets

December 16, 2014

A  650-basis point hike in the Central Bank of Russia’s one-week auction rate to 17% stemmed the ruble’s plunge only momentarily, and the currency posted its greatest daily drop since the 1998 default.  Earlier today, it approached 80 per dollar, having only traversed the 40 level in October.  There is talk that capital controls or […] More

Volatile Markets in Aftermath of Republican Big Win

November 5, 2014

Republicans retook control of the Senate and will hold at least 52 of the 100 seats.  Republicans defended the House of Representatives where they will hold at least 56% of the seats.  Republicans also will control 5/8ths of the state governorships.  In more cases than not where Republicans won, the margin of victory was greater […] More

Economic Data and Central Bank Plans Occupy Most Attention

August 21, 2014

The Jackson Hole Symposium for central banking begins today. July 30 FOMC minutes released yesterday expressed surprise over the speed of improvement in the U.S. labor market and noted that Fed exit strategy will be anchored around the fed funds target.  Chair Janet Yellen speaks Friday at the Symposium. ECB President Draghi also addresses the […] More

Steady Dollar as Ezone CPI Report Reinforces Need for ECB Easing

June 3, 2014

The dollar is unchanged against the yen, kiwi and sterling, up by 0.2% versus the loonie and 0.1% relative to the yuan, and down 0.1% overnight relative to the euro, Swiss franc and Australian dollar. Share prices climbed 0.7% in Japan and India, 0.9% in Hong Kong, 0.6% in Indonesia, 0.5% in Taiwan, and 0.3% […] More

Several Preliminary Purchasing Manager Surveys Support Cautious Optimism

May 22, 2014

Late Wednesday, investors were heartened by the dovish tone of the FOMC minutes.  News that China’s HSBC-compiled purchasing managers index for manufacturing had risen 1.6 points to a 5-month high of 49.7 provided another upbeat impulse to the mood.  In other PMI news, Japan’s factory PMI rose 0.5 points to a 2-month high of 49.9.  […] More

No Kidding Around: Many PMIs, Japan’s Tankan, and Interest Rate Decisions in Australia and India

April 1, 2014

Currency markets have hardly reacted to a ton of data on this April Fool’s Day.  The dollar has edged 0.1% higher against the yen, loonie, sterling and Australian dollar and 0.1% lower versus the euro, Swiss franc and yuan.  The Australian dollar is down 0.4% after the RBA’s announcement of an unchanged 2.5% Official Cash […] More

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