German industrial production
Awaiting U.S. Labor Market Figures for January
February 7, 2025
The dollar is standing firm ahead of this morning’s release by the Labor Dept of last month’s jobless rate, growth in employment, and wage inflation. The greenback rose overnight by 0.3% against the yen and Swissy, 0.2% versus the euro and loonie, and 0.1% relative to the Australian and New Zealand currencies. Sterling is unchanged. […] More
Disparate Stock Market Moves
October 8, 2024
The dollar was mixed overnight, sliding 0.2% against the yen and euro, but rising 0.5% relative to the Chinese yuan, 0.4% against the Australian dollar, and 0.1% versus the Swiss franc, kiwi, peso and Turkish lira. 10-year sovereign debt yields dipped a basis point in the U.S. and Japan, held steady in Germany and Great […] More
Divergent Central Bank Signals
May 8, 2024
Three European central banks have now cut interest rates this month: the Czech National Bank by 50 basis points last Friday, the National Bank of Moldova by 15 bps yesterday and, most tellingly, the Swedish Riksbank today by 25 basis points to 3.75%. These announcements are a harbinger of coming reductions elsewhere in the region. […] More
Softer Dollar and Sovereign Debt Prices as Central Banks Not Rushing to Ease but Equities Showing Some Resilience
February 7, 2024
The dollar slid overnight by 0.3% against sterling and 0.2% relative to the euro, Canadian dollar and as measured by the DXY weighted index. A further rise in sovereign debt yields today — 4 basis points in British 10-year gilts, 3 basis points in 10-year U.S. Treasuries, and 2 basis points in German, French, Italian […] More
Middle Eastern Upheaval Taking a Toll on Global Financial Markets
October 9, 2023
The war between Israel and Hamas is expected to exact extensive repercussions affecting not only those combatants but also the policies of Saudi Arabia, Ukraine, Russia, Iran, the United States, China, and NATO. Despite holiday closures today in the United States (Columbus Day), Japan (Sports/Health Day), Canada (Thanksgiving), South Korea (Hangul Day), and Taiwan (National […] More
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
