Euroland retail sales
Much to Absorb This Wednesday
March 6, 2024
Fed Chairman Powell’s semi-annual Humphrey-Hawkins testimony before the House Financial Services Committee begins today at 10:00 EST ((15:00 GMT). The Fed’s website already has published a summary of his opening statement. We believe that our policy rate is likely at its peak for this tightening cycle… The Committee does not expect that it will be […] More
Marking Time Ahead of Powell’s Speech at 13:00 EST
November 8, 2023
Federal Reserve Chairman Powell is scheduled to speak today at the central bank’s Research & Statistics Division centennial conference. Vice Chairman Jefferson also will be making remarks there. Remarks by Fed officials since Powell’s press conference on November 1 have tended to be more hawkish than the perceived message of the FOMC a week ago, […] More
Treading Water Ahead of July Jobs Data Release
August 4, 2023
The dollar is unchanged from Thursday closing levels against the Australian dollar and euro and up a mere 0.1% against the yen, loonie, peso, and sterling. Whereas 10-year sovereign debt yields are up five basis points in Spain and Switzerland and by four basis points in Germany, France and Italy, the 10-year JGB and U.S. […] More
World Financial Markets React to Hawkish FOMC Minutes and Worries About China’s Economy
July 6, 2023
In the first volatile day of the third quarter, share prices tumbled 3.0% in Hong Kong, 1.7% in Taiwan and Japan, 1.2% in Australia and 1.1% in Singapore. Equiities on all major European bourses have lost at least 1.0% so far including a 1.9% drop in the Paris CAC. U.S. stock futures were down around […] More
Weak European Data, Fizzled Oil Price Rally, and an Unexpected Australian Central Bank Rate Hike
June 6, 2023
Concerns about a global demand slowdown depressed the dollar, equities, and the prices of crypto and oil this Tuesday. The dollar fell 1.0% against the Aussie dollar, 0.6% versus the euro and yen, and 0.3% relative to sterling. An exception was the Turkish lira against which the dollar advanced by a further 1.2% overnight. Share […] More
Financial Markets Fixated on Latest Round of Price and Bank Earnings Data
April 11, 2023
Ahead of U.S. consumer price and producer price releases tomorrow and Thursday, respectively, investors are combing through a number of other inflation reports around the world. There is additional concern that quarterly U.S. bank earnings due shortly will accentuate recessionary risks, and ongoing IMF/World Bank meetings running all this week also may generate market-sensitive headlines. […] More
Slow Start to a Busy Week
March 6, 2023
The dollar is mostly higher so far today, with gains of 0.7% relative to the Australian and New Zealand dollars, 0.4% versus the Chinese yuan, 0.3% against sterling, 0.2% vis-a-vis the Japanese yen, Canadian dollar and and Mexican peso. That said, the euro has moved in lock-step with the dollar, the Swiss franc has risen […] More
Stocks and Bonds Down in Continuing Reaction to U.S. Jobs Leap Last Month
February 6, 2023
Equity markets fell this Monday by 2.0% in Hong Kong, 1.7% in South Korea, 1.3% in Taiwan, and 0.8% in China. The German, French and Spanish stock markets currently exhibit losses above 1.0%, and U.S. stock futures are down between 0.5% and 1.0%. 10-year sovereign debt yields jumped today by 12 basis points in Italy, […] More
Markets Unfazed So Far by Likelihood of a Big Republican Win in Today’s U.S. Midterm Election
November 8, 2022
The dollar strengthened overnight by 0.3% on a weighted basis. It went up 0.2% versus the Aussie dollar 0.3% against the euro, Swiss franc, Chinese yuan, New Zealand dollar and sterling and rose 0.7% relative to the Canadian dollar. There was also a 0.1% dip against the Japanese yen. The ten-year Treasury yield remains unchanged […] More
On Labor Day 2022, the Dollar Hits Fresh 20-Year High on DXY Weighted Index
September 5, 2022
U.S. and Canadian markets are closed for Labor Day observances. Former British Foreign Secretary Liz Truss has won the Conservative Party leadership vote and will succeed Boris Johnson as prime minister. She becomes the country’s third woman to hold that office, following Margaret Thatcher and Theresa May. Truss campaigned on an orthodox conservative agenda and […] More
