U.S. durable goods orders

Dollar Falters Further and Price of Gold Blows Past its Historic High

July 27, 2020

The dollar weakened to a 22-month trade-weighted low overnight, with losses of 1.0% against the Swiss franc, 0.7% relative to sterling and the euro, 0.8% versus the peso, 0.6% vis-a-vis the yen, kiwi and Australian dollar, and 0.3% against the loonie. The Covid pandemic intensified over the weekend both globally and in the United States, […] More

Partial Unwind of Monday’s Sharp Market Moves

January 28, 2020

Markets in China, Hong Kong and Taiwan remained closed on Tuesday. Stock exchanges in the Pacific Rim extended Monday’s losses with declines of 3.1% in South Korea, 1.8% in Singapore, 1.4% in Australia, and 1.1% in New Zealand. However, in European trading, Italian equities  have jumped 1.6%, and there’s been a recovery so far of […] More

Sterling Looking a Touch Fragile

December 23, 2019

The weakest major currency this Monday has been sterling, which has slipped below $1.30 and by 0.4% in all from Friday’s close. The U.S. dollar otherwise has been mixed, dipping 0.2% against both the Australian and New Zealand dollars and 0.1% relative to the yen and euro. The dollar alternatively shows slight gains of 0.2% […] More

U.K. in Greater Danger of a No Deal Brexit

April 2, 2019

The British House of Commons still cannot find sufficient agreement on the terms of withdrawing from the EU. Faced with binary scenarios of withdrawal without a deal or a lengthy delay in leaving, the first option is looking more and more likely. The 10-year British gilt yield dropped five basis points in response overnight, but […] More

An Unrepresentative Day

November 21, 2018

Equities have rebounded but just partly from earlier steep losses this week. Moreover, being the day before the U.S. Thanksgiving, trading is distorted and should probably not be viewed as representative of either economic and political fundamentals or of the state of investor psychology. U.S. stocks are up less sharply than those in Germany, Canada […] More

Bond Selloff Gathers Impetus

October 27, 2016

Investor caution has shifted from stocks to bonds. Dollar changes against currencies of other advanced economies have been limited. Several emerging market currencies — e.g. the rand and won — have depreciated. Economic data released today have generally accentuated the positive. The dollar lost 0.2% against the euro overnight and 0.1% relative to the loonie […] More

Dollar Buoyed by Strong U.S. Durable Goods Orders

August 26, 2015

U.S. durable goods orders, which had been projected flat or slightly lower, instead rose 2.0% in July on top of a 4.1% June advance.  Demand for non-defense, non-aircraft durables climbed 2.2% last month after a 1.4% increase in June.  A separate report revealed a 0.2% uptick last week in U.S. mortgage applications but a 3-basis […] More

Christmas Eve All Silent

December 24, 2013

Europe is now closed for the Christmas break, and trading desks in North America will shut early. Overnight movements in the dollar were minimal.  The greenback firmed 0.3% against the Swiss franc, 0.2% relative to the euro, and 0.1% against the yen and commodity-sensitive Canadian, Australian and New Zealand dollars.  Sterling edged 0.1% higher against […] More

New Frustrations over Global Growth

August 24, 2012

Share prices continue to be depressed by growth prospects in China, Europe, and the United States.  Investors wonder what central banks might do to promote activity.  The People’s Bank of China did not cut interest rates or reserve requirements overnight.  A key focus next week are the speeches at the Jackson Hole Symposium of Fed […] More