Archive for October 24th, 2008

Foreign Exchange Insights and Next Week

Weekly Foreign Exchange Insights: October 24th

October 24, 2008

In this mother of all liquidating markets, anything is possible. Economic fundamentals impose no constraints, and the myriad of policy initiatives have lacked sustaining potency. Foreign exchange is just one of many financial markets to exhibit historic volatility, and one theme has risen to the top: sell everything. The EUR/JPN cross rate captures the unwinding […] More

Currency Markets in the News

Reflections on Europe's Recession

October 24, 2008

The PMI gauge of manufacturing activity in Euroland plumbed to a record low for this 11-year-old indicator of 41.3 in October, 3.7 points lower than in September, 7.9 points less than at mid-2008 and 15.5 points below the level in July 2007 just before the outbreak of the financial crisis. The new orders component has […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Severe Market Turbulence and Bad European Data

October 24, 2008

The dollar plunged 5.0% against the yen but has soared otherwise by 8.6% against the Australian dollar, 7.6% against the New Zealand kiwi, 4.9% against sterling, 3.0% against the euro and 1.6% against the Canadian dollar.  Dollar/Swiss is unchanged. Huge risk aversion play. In Asia, Japan’s Nikkei tumbled 9.6% to 7,649. Stocks also tumbled 11.0% […] More