Little Overnight Change in the Dollar

June 24, 2014

It’s been another quiet summer session in the dollar, which has changed on net by 0.3% or less.

Share prices rose 1.4% in India and 1.0% in South Korea but hardly at all elsewhere.  The Nikkei closed up 0.1%, and the German Dax is off 0.1%.

The 10-year British gilt yield of 1.74% is sharply higher.  There’s been scant change in other 10-year sovereign debt yields.

Gold slipped 0.5% to $1324.50 per ounce.  Oil ticked up 0.1% to $106.32 per ounce.

Ukraine has a tentative cease-fire.  Tensions have also eased marginally in Iraq.

Hungary’s central bank as expected cut its benchmark interest rate by another ten basis points.

The Turkish central bank’s one-week repo rate was slashed by a greater-than-forecast 75 basis points to 8.75%, but the overnight borrowing and lending rates were not adjusted.

The German IFO business climate index remained at 114.8 in June instead of rising marginally as forecast.  Both expectations and current conditions softened a bit.

The U.S. Case Shiller and FHFA housing price indices exhibited decelerating pressure.  The Case Shiller index slowed to a 10.8% on-year rise in April from 12.4%, and the FHFA index was unchanged on month.

According to the British Bankers Association, mortgage applications slipped 0.4% on month to 41,757.

Czech consumer confidence and business sentiment respectively printed better at -2.8 and 11.1, best since April 2008 and July 2011.

The Swiss trade surplus of CHF 2.774 billion last month was 13.3% wider than in April.

China’s index of leading economic indicators went up 0.7% last month versus a 1% rise in April.

Producer prices in Finland and Ireland posted 12-month declines of 1.1% and 3.1% in May.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.




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