German industrial production

Softer World Growth Troubling Stocks

September 7, 2023

In the Federal Reserve Bank Beige Book of regional economic conditions released yesterday, only the Dallas district had better than modest growth, and even that regional economy was tarnished by uneven activity across sectors. Four districts stagnated, and the Philly district experienced a modest contraction of activity. Second-quarter GDP in the euro area has been […] More

Stronger Dollar and Higher Bond Yields Ahead of U.S. Price Data to Be Released Thursday and Friday

August 7, 2023

U.S. consumer price and producer price figures will be reported Thursday and Friday. Several other countries release price data on those days as well including Japan, Russia, Norway, Denmark, Italy, the Czech Republic, Ireland, Portugal, France, Spain, Brazil, and Romania. In advance, the 10-year U.S. Treasury yield is six basis points firmer today, and European […] More

Bracing for U.S. Labor Market Data that Are Feared Likely to Be Too Strong

July 7, 2023

The ADP estimate that private U.S. jobs leaped around half a million in June cemented fears that today’s Labor Department employment situation report will leave the Fed no choice but to continue tightening, and more aggressively than rhetoric from officials have implied. Just minutes before the data’s release on Friday, U.S. share prices were modestly […] More

Large Additional Slide of the Turkish Lira

June 7, 2023

The dollar jumped 7.4% overnight against the Turkish lira. At the intra-day low of 23.1762 per USD, Turkey’s currency was 13.8% weaker than its close on May 26 just before the reelection of the autocratic President Erdogan. Against other currencies overnight, the dollar lost ground, dropping 0.7% against Australia’s currency, 0.5% versus sterling, 0.4% relative […] More

A Slow Monday: Few Data Releases and No Central Bank Policy Meetings

May 8, 2023

The dollar continues to look heavy but isn’t falling sharply. There have been drops of 1.3% and 0.7% against the New Zealand and Australian dollars. But losses compared to last week’s closing  levels have been limited  to 0.3% against the loonie, 0.2% relative to the Swiss franc, and 0.1% against the euro and sterling along […] More

Muted Financial Market Activity Ahead of Good Friday/Easter Holiday

April 6, 2023

Aside from 0.5-0.7% gains against the Australian and New Zealand currencies, overnight dollar movement has been scant, with 0.1% dips against the yuan, euro and sterling and 0.1% upticks relative to the yen and loonie. U.S. stock futures are similarly very close to Wednesday closing levels. So are the prices of gold and oil. In […] More

Dollar Trading at Highest Level Since the First Week of January

February 7, 2023

The softening dollar trend in the final quarter of 2022 had extended into January, but that month’s losses have been mostly reversed in recent days by heightened geopolitical strains between the U.S. and China and even more so by a rise in expectations about how high the federal funds rate will need to be raised […] More

Equities and Commodity Prices Higher; Bonds and Dollar Lower on Light Data Release Monday

January 9, 2023

Investor optimism had been buoyed strongly just prior to the weekend by a U.S. employment situation report that appeared consistent with a soft landing rather than a coming recession. A further boost has come from China’s promised economic policy support to quicken that economy’s return to pre-pandemic growth now that zero-Covid has been scrapped. The […] More

Equity Wobbles Continue

December 7, 2022

Warnack won the Georgia senatorial runoff election, giving the Democrats a narrow senate majority plus the presidency for the coming two years, but Republicans now control the U.S. House of Representatives and have a solid grip on the Supreme Court for the foreseeable future. The dollar overnight dropped 0.5% against sterling, 0.4% relative to the […] More

A Busy Wednesday as Central Banks Compete with Data for Market Attention

September 7, 2022

Dollar strength continues, with another 20-year high touched overnight by the weighted DXY index. At 144.98, the dollar climbed 1.4% overnight and to its highest Japanese yen value since August 1998 when the Asian debt crisis was raging. The greenback also has advanced 0.8% versus sterling and 0.3% vis-a-vis the Canadian, Australian and New Zealand […] More