stocks
January 2018 in Figures
January 31, 2018
The euro ranged from a low of $1.1914 to a high of $1.2583 in January, averaging $1.2195 in the month and closing 3.4% stronger than its end-2017 level. Against the yen, the dollar ranged between JPY 113.41 and JPY 108.28 during the month, with a mean value of JPY 110.92 and a 3.1% net drop […] 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
September and Third Quarter in Figures
October 1, 2017
The Fed, ECB, and BOJ did not change monetary policy during the third quarter, so short-term interest rates were very stable. But more hawkish talk from the Fed and ECB, a surprise Bank of Canada rate hike, and higher British inflation lifted longer-term rates in those economies during the quarter. A mixed dollar in August […] 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
June and the Second Quarter in Figures
July 1, 2017
As in the previous quarter, a slide in the price of oil was a key development during the second quarter, and half of this move occurred in June. Gold also lost value both in June and the whole quarter. A second theme of the period was a shifting view about future monetary policies in the […] More
May in Figures
June 1, 2017
U.S. and European sovereign debt yields fell during May. Short-term European interest rates also fell in contrast to a rise of the 3-month U.S. deposit rate. In Japan, rates rose at the long end but fell in short maturities. Stock markets improved in all markets examined here except Canada’s. The dollar climbed against sterling and […] More
April in Figures
April 29, 2017
In April, ten-year sovereign debt yields fell a little more sharply in the United States than other economies, but the dollar was mixed, falling against the euro, sterling, and Swiss franc but not the yen. The dollar advanced solidly against commodity-sensitive currencies, and West Texas Intermediate crude oil slipped back below the $50 per barrel […] More
