Archive for August 8th, 2008

Currency Markets in the News

Feldstein on Contrasting ECB and Fed Credit Stances

August 8, 2008

Professor Martin Feldstein of Harvard, mentor to generations of influential economists including Fed Chairman Bernanke, argues in an Op-Ed piece in the Financial Times today, that the very different credit policy strategies of the ECB and FOMC this year are each appropriate despite similar growth and price trends in the two economies.  He justifies the […] More

Foreign Exchange Insights and Next Week

Foreign Exchange Insights

August 8, 2008

Dollar strength intensified sharply over the course of this past week in increasingly heavy short covering, as participants sensed a major reversal of trend.  From lows during the week to August 1st to the dollar’s highs through 14:30 GMT on August 8th, the U.S. currency advanced by 8.2% against the Australian dollar, 6.9% against the […] More

More Bad News For Canadian Economy

August 8, 2008

Canada lost 55.2 thousand jobs in July, the most since February 1991.  Jobs had also dropped modestly in June.  Average job growth during the first seven months of 2008 of 10K per month was only a third as much as their full-2007 pace.  Private employees plunged 95.3K in July to record an on-year increase of […] More

New Overnight Developments Abroad - Daily Update

New Developments Abroad: Dollar Soars, Chinese Equities Fall 4.7%

August 8, 2008

Overnight dollar gains amount to 1.7% against the kiwi, 1.5% against the Australian dollar, 1.2% against the Swissy and euro, 1.1% against sterling, 0.6% against the C-dollar and 0.6% against the yen.  EUR/USD sunk to lowest level since February. A$ dipped under 90 cents, kiwi under 70 cents. Sterling dipped under $1.93 for the first […] More