Ecofin
A Weak Yen and Lackluster PMI Reports
April 22, 2016
The yen has declined 1.0% on balance against the dollar on unconfirmed reports that the Bank of Japan will announce fresh stimulus next week including the expansion of sub-zero interest rates to its lending to banks. Against other currencies, the dollar lost 0.5% against sterling and by 0.2% relative to the loonie and Aussie dollar. […] More
Dollar Drifts Downward along with the Snow
December 10, 2013
Much of the U.S. is blanketed with the white stuff, including the Northeast which is experiencing wintry weather for a second straight day. The dollar fell overnight by 0.3% against the yen, 0.2% versus the New Zealand and Australian dollars and 0.1% relative to the euro, Swiss franc, loonie and sterling. The Chinese yuan was […] More
Soaking in Yellen Testimony and Awaiting U.S. Industrial Production
November 15, 2013
The dollar shows no overnight net change against the yuan, loonie and sterling. The greenback is up 0.2% versus the Swiss franc and 0.1% relative to the euro but has fallen by 0.2% against the Australian and New Zealand dollars. Janet Yellen’s confirmation hearing yesterday affirmed the likelihood of the existing pro-growth policy continuing. The […] More
Strong Reactions in Stocks, Bonds, Oil and the Dollar
September 14, 2012
Overseas markets overnight continued to react to the Fed’s announced QE3 plan, which will be more open-ended than its two predecessors. The euro is trading near its daily high of $1.3097 and also stronger on its crosses. The U.S. currency is 0.8% weaker against the common European currency since Thursday’s close and shows other losses […] More
Big EU Meeting as First Quarter Ends
March 30, 2012
The dollar is softer at the New York opening on this final day of the calendar quarter with drops of 0.5% against the kiwi, 0.4% versus the yen and Swissie, 0.3% relative to the euro and sterling, 0.2% against the yuan and 0.1% against the Australian dollar. Stocks performed better than earlier this week. Equities […] More
Focus on Policy Support
September 16, 2011
Stocks in the Pacific Rim advanced by 3.7% in South Korea, 2.6% in Taiwan, 2.3% in Japan, 1.9% in Australia, 1.6% in Indonesia, 1.4% in Hong Kong, 0.8% in Singapore but just 0.3% in India and 0.2% in China where containing inflation remains the top priority. In Europe, the German Dax so far is up […] More
Now Italy’s in the Cross-Hairs
July 11, 2011
As European Finance Ministers meet, contagion fears have turned to Italy. While estimates released in late April put the third largest Euroland economy’s fiscal deficit-to-GDP at 4.6% in 2010, less than half the relative size the Portuguese, Greek, Irish or Spanish imbalances, Italy’s massive debt-to-GDP ratio climbed from 103.6% in 2007 to 119.0% in 2010. […] More
Aid Tranche to Greece Still Not Approved
June 20, 2011
The meeting in Luxembourg of EU finance ministers postponed paying Greece EUR 12 billion, the next part of the EUR 110 billion package. They’ll try again in July but insist that Greek politicians must first legislate more austerity. Prime Minister Papandreou faces a confidence vote this week. All things considered, the euro’s overnight losses were […] More
EU Officials Scrambling to Defuse Irish Financial Strains
November 17, 2010
In a second day of meetings, Ecofin, EU finance ministers, seemed to be making progress on aid for Ireland. Irish talks with the EU, IMF, and ECB start tomorrow. Overnight movements of the dollar were minuscule. The euro is unchanged but remains softer than $1.35. The greenback is also unchanged on balance against the Canadian, […] More
Waiting for Results of FOMC and Ecofin Meetings
March 16, 2010
The dollar is down 0.3% against the kiwi and sterling, 0.2% against the Canadian and Swiss currencies, and off 0.1% against the euro and Aussie dollar. It firmed 0.1% against the yen, EU Finance ministers (Ecofin) have reportedly agreed in principle on some technical details for pooling funds that will be given directly to Greece […] More
