Service sector PMIs

Weaker Yen and Australian Dollar

February 5, 2013

The U.S. currency rose overnight by 1.1% against the yen and 0.5% versus the Aussie dollar.  The greenback lost 0.3% to the euro, 0.2% to the loonie and 0.1% relative to the yuan and Swiss franc.  The buck is 0.1% firmer against the kiwi and sterling.  French President Hollande wants a coordinated regional exchange rate […] More

U.S. Service-Sector Purchasing Managers Survey Advantage Widened Last Month Versus Ezone

January 4, 2013

The U.S. and Ezone service-sector purchasing manager survey results for December were released today.  Each improved significantly from November readings. The U.S. 56.1 reading was 1.4 points better than in November and above the 50 no change threshold and also above 55.0 for the first time in nine months.  Analysts had mistakenly expected the index […] More

Busy Data Day

December 5, 2012

The dollar is narrowly mixed, with gains of 0.3% against the Swiss franc and yen and 0.2% versus the euro, no change relative to the Australian dollar, and slight losses of 0.2% against the kiwi and 0.1% versus the loonie, yuan and sterling. Hopes that the new Chinese government plans an urban infrastructure stimulus goosed […] More

Judgement Day in America

November 6, 2012

Today’s U.S. presidential election outcome is generally considered too close to call.  Representing world opinion, the Economist and Financial Times endorsed Obama despite reservations about his first term. In a surprise to many analysts, the Reserve Bank of Australia declined to cut the 3.25% Official Cash Rate further.  The Aussie dollar has climbed 0.7% against […] More

Mixed European Data… U.S. Market Closed

July 4, 2012

There will be no U.S. market trading today because of the Independence Day holiday. Retail sales in the euro area rose 0.6% in May following April’s 1.4% decline.  Sales volume in April-May together was 1.0% below the first-quarter average.  Sales in May, although stronger than assumed, were down 1.7% from a year earlier. Euroland’s composite […] More

Markets in a Risk-Averse State of Mind as Easter Break Nears

April 4, 2012

The Nikkei tumbled 2.3%, and the German Dax, Paris Cac, and British Ftse show drops of 1.8%, 1.2%, and 1.1% so far.  Stocks fell 1.9% in Indonesia, 1.1% in Thailand, 1.0% in Singapore, 1.5% in South Korea, 0.5% in Malaysia, 0.6% in India and 0.4% in The Philippines. Investor caution was fanned by weakly subscribed […] More

U.S. Advantage in Service Sector Activity Trimmed

December 5, 2011

The U.S. Institute of Supply Management reported a non-manufacturing purchasing managers score of 52.0 in November, 1.6 points less than forecast and 0.9 points lower than October’s reading.  In Euroland, by contrast, the service-sector PMI rose 1.1 points to 47.5.  Such constituted an upward revision from a preliminary estimate of 47.2 and beat initial estimates […] More

Hoping for Strong Action at EU Summit

December 5, 2011

Markets for now are giving the benefit of the doubt to an agreement at week’s end by European politicians to take stronger action to save the euro. Equities are 1.1% firmer in Paris and show gains of 0.5% in Germany and Great Britain.  In the Pacific Rim, share prices were mixed, with declines of 1.4% […] More

U.S. Activity Still Increasing as Ezone PMI Readings Drop Below 50

October 5, 2011

Economic conditions have deteriorated much faster in the euro area than the United States according to September purchasing manager survey results.  Readings above 50 imply expansion, while those below 50 signify contracting activity.  As scores move further from 50, the rate of change or second derivative becomes more pronounced.  A drop in the U.S. services […] More