German factory orders
Dollar Marking Time Ahead of U.S. September Jobs Report
October 6, 2023
The DXY weighted dollar is unchanged. The U.S. currency rose overnight by 0.4% against the yen and 0.1% relative to the Aussie and Canadian dollars but fell by 0.2% versus the euro and sterling and by 0.1% against the Swiss franc. Based in part by the sharp recent retreat in oil prices and a very […] 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
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
Service Sector Purchasing Manager Surveys and Some Central Banking Developments
April 5, 2023
The dollar overnight traded 0.6% higher against the Australian dollar, 0.5% lower versus the Japanese yen, and held steady on balance against the euro and Canadian dollar. Equities closed down 1.7% and 0.7% in Japan and Hong Kong and up 0.8% and 0.6% in India and South Korea. In Europe, the German Dax is down […] 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
Marking Time Ahead of Friday’s U.S. Employment Situation Report… Bank of England Projects Recession
August 4, 2022
The dollar edged 0.1% lower against the euro, Swiss franc, and on a weighted DXY basis. The dollar also fell 0.5% versus the New Zealand dollar and 0.3% relative to the Australian dollar. There was no net dollar movement overnight versus the Japanese yen, Chinese yuan or Canadian dollar. The weakest major currency has been […] More
Following the Fed’s Lead to an Extent
May 5, 2022
Wednesday saw a post-FOMC rally in U.S. equities and commodity prices but a drop in the dollar and 10-year Treasury yield. The 50-basis point interest rate hike and the details regarding Fed balance sheet reduction were aligned with market expectations, but Powell’s press conference was more dovish than expected, especially his quelling of the possibility […] More
Continuing Market Reverberations from FOMC Minutes
January 6, 2022
FOMC minutes released yesterday afternoon, which served notice that the federal funds rate is likely to rise further in 2022 than implied earlier and that central bank balance sheet reduction will commence sooner too, have helped allay concerns that monetary officials are treating the threat of inflation too lightly. Given this change, investors on the […] More
Ezone Producer Price Inflation Leaps; Bank of England Defers Hiking its Bank Rate
November 4, 2021
The intensity of recent inflation has become an all-pervasive concern on numerous fronts. A 2.7% monthly leap in Euroland producer prices during September (led by a 7.7% increase in energy costs) lifted the 12-month rate of producer price inflation by 2.6 percentage points to 16.0%. The monthly and yearly comparisons were each the greatest in […] More
Dollar and U.S. Equity Futures Up After Wednesday’s Coup in Washington Fails
January 7, 2021
The U.S. Congress shortly before 04:00 today confirmed that the ticket of Biden/Harris won the 2020 election and will take office at noon on January 20th. This ordinarily ceremonial act of power transition was anything but ordinary this time after a mob stormed the Capitol building yesterday to prevent the process. Taking his cue from […] More
