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