Archive for July 2013

New Overnight Developments Abroad - Daily Update

Five Central Banks Share Spotlight

July 17, 2013

Federal Reserve Chairman Bernanke delivers his semi-annual monetary policy report before the House Financial Services Committee today.  Formerly known as the Humphrey-Hawkins testimony, Bernanke is expected to draw a distinction between reducing quantitative easing and raising ultra-low interest rates.  But the issue is not the lowness of the shortest end of the spectrum, which the […] More

New Overnight Developments Abroad - Daily Update

Central Bank Surprises in India and Australia

July 16, 2013

Published minutes from the Reserve Bank of Australia reflected a tilt away from additional monetary easing.  At the policy board meeting earlier this month, officials observed that past rate cuts were positively impacting housing and other aspects of the economy and believed that this support had not yet run its course.  Aussie dollar depreciation was […] More

New Overnight Developments Abroad - Daily Update

Stronger Dollar Early Monday

July 15, 2013

The dollar has risen 1.0% against the yen, 0.7% versus the Swissie, 0.6% relative to the kiwi, 0.5% against the euro and sterling, 0.3% versus the loonie and 0.1% against the Australian dollar.  The yuan is steady. Share prices climbed 1.4% in China following the release of several indicators there.  Equities otherwise haven’t moved much, […] More

Foreign Exchange Insights and Next Week

Dateline July 14

July 14, 2013

On this Bastille Day, twenty eight weeks into 2013, my main takeaway from the foreign exchange markets thus far is the isolation of key currency pairs from the volatility of bonds and stocks.  Dollar values against the euro and Swissie are just 0.4% and 0.9% from their year-to-date averages.  The distance from the yearly averages […] More

Foreign Exchange Insights and Next Week

Next Week

July 14, 2013

The two main highlights in the week to July 19 will be the release of several Chinese economic indicators and the Humphrey-Hawkins testimony of Federal Reserve Chairman Bernanke before the House on Wednesday and the senate on Thursday. Aside from June estimates of industrial production, fixed investment, and retail sales, Chinese 2Q GDP arrives, too.  […] More

Larry's Blog

Getting Well

July 12, 2013

A nasty bout of bronchitis has come between me and the reliably useful steady flow of timely information that can be found on Currency Thoughts.  Doing the heavy work required by this blog and restoring health are not a realistic combination of priorities.  For now, getting well will have to take precedence, and Currency Thoughts […] More

New Overnight Developments Abroad - Daily Update

Some Interesting Data

July 9, 2013

Growth in Japan’s monetary base is seeping into the money supply.  A 3.8% on-year rise in M2 money in June was the most in over a decade.  M2 growth accelerated to 3.5% in the second quarter from 2.9% in 1Q and 2.5% in 2012.  Broad liquidity climbed 3.2% in the year to June, up from […] More

New Overnight Developments Abroad - Daily Update

Divergent Equities in Europe and Asia

July 8, 2013

In the Pacific Rim, stocks dropped sharply by 3.7% in Indonesia, 2.8% in China and the Philippines, 1.3% in Hong Kong, 1.4% in Taiwan and 0.9% in South Korea and India.  Australian share prices closed 0.7% lower, and Japan’s Nikkei dropped 1.4%.  But in Europe, equities have risen 2.3% in Germany, 2.0% in France, 1.6% […] More

Foreign Exchange Insights and Next Week

Next Week

July 5, 2013

Central banks in Japan, South Korea, Indonesia, Brazil, Mexico, Chile, Thailand, Malaysia, and Serbia have scheduled intrest rate policy meetings in the week to July 12.  FOMC minutes, the ECB Bulletin, and the Bank of Japan’s monthly economic assessment get published.  ECB Pdt Draghi testifies in the EU Parliament on Monday, Fed Chairman Bernanke gives […] More

Deeper Analysis

Comments on U.S. and Canadian Jobs Data

July 5, 2013

The wire service headlines told the good news from the U.S. jobs report.  Employment in June, up 195K, was 30K more than forecast, while revisions to April and May levels identified 77K more workers than counted previously.  Growth in private-sector employment exceeded 200K in both May and June.  Jobs grew by a decent 1.7% over […] More

css.php