Muted Reaction to Large Downgrade of Irish Credit Rating

December 17, 2010

Moody’s credit rating service knocked down Ireland’s rating by five notches to Baa1, just three steps above investment grade, and left the outlook at “negative,” thus signaling the possibility of an additional downgrade.  The dollar nevertheless fell 0.5% against the euro and 0.4% relative to the Swiss franc.  The move reflects 1) a further improvement […] More

Stocks, Bond Yields and Commodities Higher, Dollar Lower

November 18, 2010

The dollar lost 1.0% against the euro and Australian dollar, 0.9% against the kiwi, 0.7% versus the Canadian dollar, 0.6% relative to the Swiss franc and 0.5% versus sterling.  The dollar is steady against the yuan and yen. The Japanese Nikkei advanced 2.1% and closed above 10,000 for the first time since June 22.  Equities […] More