composite and service PMIs
Dollar Slides Back to End-2024 Levels
January 6, 2025
After rising in the initial business days of January, the U.S. currency hit a big bump overnight, dropping 1.4% against the Mexican peso, 1.1% versus the Australian and New Zealand dollars, 0.9% versus the Canadian dollar and euro, 0.8% relative to the South Korean won and sterling, 0.7% vis-a-vis the Swiss franc, but just 0.3% […] More
Further Big Rise in Bond Yields
January 4, 2024
Ten-year sovereign debt yields overnight rose by a further 13 basis points in Greece, 12 bps in Italy, 10 bps in Spain, 9 bps in France and Germany, 8 bps in the U.K. and seven basis points in the United States. Amid this backing up of long-term interest rates, equities remained on their back foot, […] More
Friday’s Sharp Market Shifts Remain Largely Intact
November 6, 2023
The markets saw a more dovish message from last Wednesday’s Federal Reserve press conference than I and were therefore preconditioned to react to Friday’s weaker-than-forecast U.S. jobs report and ISM services and composite purchasing manager survey results, which sent equities soaring and both the dollar and long-term interest rates falling. In the Pacific Rim, share […] More
