Currency Markets in the News
A Big Say From Central Bankers But Not the Final Say
August 28, 2008
Currency movement is driven not merely by shifts in relative growth, but as the preceding post suggests, by the reaction of monetary policymakers to that growth. Weakening growth in Europe has not been met by an ECB cave-in. There was only one rate change in Euroland since the global credit crunch began, and that move […] More
Currency Markets in the News
Growth Trends Justify Dollar's Summer Correction
August 28, 2008
U.S. growth of 3.3% at a seasonally adjusted annual rate (saar) last quarter towered above annualized growth of 0.2% saar in Britain, -0.8% saar in the euro area and -2.4% saar in Japan. The biggest growth thrust came from net exports, which accounted for more than 93% of the rise in GDP, a sign that […] More
Widest Canadian Current Account Surplus in Nine Quarters
August 28, 2008
The C$ 6.758 billion current account surplus in the second quarter equaled roughly 1.7% of GDP, a tenth more than I expected despite a downward revision to the first-quarter surplus, which was 20% smaller than reported initially. This improvement reflected higher export commodity prices. Merchandise exports actually fell pretty significantly. The current account surplus had […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Dollar Down For Second Straight Day
August 28, 2008
The U.S. dollar lost 0.9% against the Aussie dollar, 0.5% against the kiwi and Swiss franc, 0.4% against the euro, 0.3% versus the yen and 0.1% relative to the Canadian dollar. The Nikkei and Ftse are up 0.1%. The Dax and Paris Cac eased by 0.3% and 0.1%. Bigger stock price changes occurred in Hong […] More
