German retail sales
Solid U.S. Employment Report and Soft European Data
January 5, 2024
Just before U.S. jobs figures were released this morning, The dollar showed modest overnight gains of 0.3% against the yen, Swiss franc, Turkish lira and Australian dollar, 0.2% versus the euro and kiwi, and 0.1% relative to sterling and the Canadian dollar. Ten-year sovereign debt yields were 7 basis points higher in the U.K. and […] More
Slew of Data Released on Final Day of August
August 31, 2023
U.S. personal income and consumption expenditure growth in July defied expectations in opposite ways. Personal spending climbed 0.8% on month (0.6% adjusted for inflation), while income growth slowed to 0.2%. Downtrends in total and core U.S. inflation according to the PCE price deflator partly reversed with the former increased 0.3 percentage points to 3.3% and […] More
Factory Purchasing Manager Surveys, An Australian Central Bank Rate Hike, and Much More
May 2, 2023
It’s been a busy Tuesday from an event and data-release standpoint, but financial market movements have been more measured. Drops of 1.0% against the Australian dollar and 0.7% versus the New Zealand dollar followed the Reserve Bank of Australia’s 25-basis point rate hike after having paused tightening in March. Against other currencies, however, the dollar […] More
August Kicks Off With Signs of a Global Slowdown and a Further Drop in the Dollar
August 1, 2022
The dollar fell overnight by a further 0.5% on a weighted basis and is 3.6% below last month’s multi-decade high. Dollar losses so far this Monday amount to 2.0% against the kiwi, 1.0% versus the yen, 0.7% relative to the Australian dollar, 0.6% vis-a-vis sterling, 0.4% against the euro and peso, and 0.2% versus the […] More
Uneven Manufacturing Trends Around the World
February 1, 2022
The dollar slipped 0.2% overnight on a weighted basis, losing 0.6% against the Swiss franc, 0.4% relative to the yen, Aussie dollar, Mexican peso and sterling, but just 0.2% versus the euro and 0.1% against the loonie. Stock markets in those Pacific Rim countries that were open and in Europe rallied robustly, taking their cue […] More
Dollar Climbed 0.9% against Yen and to a Two-Week DXY Weighted High
January 4, 2022
Although steady overnight against the euro, Swissie, loonie, yuan, and Australian dollar, the greenback advanced 0.3% against its DXY weighted index, mainly reflecting a 0.9% advance to a 5-year high of 116.35 yen per dollar. The dollar’s buoyancy to within a half percent of its 52-week high mirrors the advance of U.S. long-term interest rates. […] More
Hawkish Remark from Powell and Plenty of More Data to Absorb as December Kicks Off
December 1, 2021
Fed Chairman Powell signaled that a faster tapering of Fed quantitative stimulus will be considered at this month’s FOMC meeting. The U.S. economy is showing resilience, and the risk is rising of higher inflation expectations. The dollar dipped 0.1% on a weighted basis overnight. Equities, 10-year sovereign debt yields, and the prices of oil and […] More
Summits and Manufacturing PMI Releases
November 1, 2021
All Saints Day 2021 marked the end of one summit and start of another and the release of manufacturing purchasing manager surveys for a number of economies. In overnight market action, Equities rallied 2.6% in Japan, over 1% in India, and so far between 0.8% and 1.2% in Germany, France, Italy and Spain. U.S. stock […] More
Inflation Worries Continue to Rattle Financial Markets
October 1, 2021
The week-long Chinese national holiday began Friday, but elsewhere in the Pacific Rim equities closed down 2.3% in Japan, 2.2% in Taiwan, 2.0% in Australia, 1.7% in South Korea and 1.2% in Singapore. Share prices so far in the U.K., Germany, France, Spain, Italy, and Switzerland have lost 0.6-1.0% on this first trading day of […] More
Afghanistan, Covid, and August Purchasing Manager Surveys
September 1, 2021
On this 82nd anniversary of the start of World War II, U.S. military forces have left Afghanistan, creating a whole new source of geopolitical uncertainty. The rapidly spreading Delta Variant of the Covid-19 pandemic remains the dominant economic and political wild card. There were over 160k newly identified U.S. cases of Covid yesterday, and almost […] More
