Larry's Blog
Obama's Afghan Speech, a Notable Anniversary, and What War Does to the Dollar
December 1, 2009
From leaked reports, we know that President Obama will explain in prime time tonight why a 30K troop buildup is necessary to West Point cadets, the American public and the wider world community. He will lay out quantitative reality checks that will determine America’s future commitment in Afghanistan to ensure that the war doesn’t degenerate […] More
Currency Markets in the News
U.S. Minus Ezone PMI-Mf’g Spread Halved
December 1, 2009
Two-thirds of October’s rise in the U.S. manufacturing PMI was reversed last month, whereas the euro zone counterpart gauge got revised upward to 51.2 from 51.0 reported initially last week. That compared favorably to a 50.7 reading in October. The U.S. outcome was over a point lower than forecast. Euroland’s result was near expectations. As […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Dubai Scare Subsiding
December 1, 2009
Risk aversion has ebbed as investors conclude that Dubai doesn’t represent a systemic threat. Typical currency pattern with yen and dollar on back foot. The greenback gained 0.6% against the yen but has lost 1.6% versus the kiwi, 0.9% against the Canadian and Australian dollars, 0.7% relative to sterling, 0.5% against the Swiss franc and […] More
Central Bank Watch
Third 25-Basis Point Hike This Quarter in Australian Cash Rate
December 1, 2009
The Reserve Bank of Australia Policy Board raised the cash rate to 3.75% from 3.5%. A solid majority of analysts were expecting this outcome but with less confidence than a week ago. A statement from the central bank said their November quarterly policy statement’s conclusions and recommendation of a gradual lessening of stimulus remain intact. […] More
