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Market Reaction Muted to Missile Strike in Poland

November 16, 2022

A Russian-made missile struck a grain facility inside Poland, but it remains unclear who fired that round or from where such came. World leaders were fortunately already assembled in Bali, Indonesia, for the Group of Twenty annual summit, and an emergency meeting to forestall a direct Nato-Russian military conflict has so far prevented an outsized […] More

Inflation and Russian Invasion of Ukraine Casting Longer Shadows

March 17, 2022

Equities behaved in a widely diverse way overnight after the Fed enacted the first of many rate hikes. Share prices closed up by 7.0% in Hong Kong, 3.5% in Japan, 3.0% in Taiwan, 1.8% in India, 1.7% in China, and 1.1% in Australia. But stock markets so far are down this Thursday by 1.0% in […] More

China Reports Economic News; U.S. MLK Birthday Holiday Squelches Market Response

January 17, 2022

The U.S. observance of Martin Luther King Jr.’s birthday points to light market trading volume this Monday and will limit any immediate reaction to the release of Chinese data covering fourth-quarter GDP and capacity usage, December retail sales, industrial production, property prices, fixed asset investment, unemployment or the first interest rate cut by the People’s […] More

Many Data Already Reported… Now Waiting for U.S. CPI and FOMC Minutes

October 13, 2021

The dollar slipped overnight by 0.3% against the Swiss franc and sterling, 0.2% versus the euro, peso and on a DXY weighted basis, and 0.1% relative to the Canadian dollar, Chinese yuan, and Turkish lira. Ten-year sovereign debt yields have dropped four basis points in Germany and five bps in the U.K. but only a […] More

Dollar Starting Week on a Rising Note, whereas Share Prices and Sovereign Debt Yields Move Lower

July 12, 2021

The dollar climbed 0.6% against the Mexican peso and New Zealand dollar, 0.5% versus the Australian dollar, 0.4% vis-a-vis the loonie, 0.3% relative to sterling an 0.1% against the yen but is steady versus the euro and yuan. Stocks in the Pacific Rim had closed up 2.3% in Japan, 0.9% in Taiwan, 0.8% in Australia […] More

Awaiting U.S. Import Prices, Jay Powell’s Speech and Fed’s Beige Book

April 14, 2021

The dollar fell 0.7% overnight against the New Zealand dollar and 0.5% relative to the Turkish lira and Australian dollar. But more senior dollar relationships such as the euro, yen, Swiss franc, sterling, and yuan, the dollar is barely changed and down just 0.1% in weighted terms. For the first time in years, markets have […] More

Tension on Several Fronts but Market Moves Muted Overnight

January 14, 2021

President Trump has been impeached by the House of Representatives for the second time in 13 months. The Senate trial will commence soon after he leaves office. New Covid cases and deaths remain highly elevated in many countries. The British daily death toll set a record yesterday. Bank of Japan Governor Kuroda said monetary stimulus […] More

Optimism from the Vaccine and Policy Developments

December 9, 2020

Once again stocks have risen and the dollar fallen from optimism that the arrival of vaccines means the beginning of a return to a better normal. The focus on vaccines coincides with difficult trends in Covid cases, deaths and hospitalizations. New cases in theĀ  past 24 hours exceed 600k globally and 216k in the United […] More

Lower Bond Yields, Mixed Dollar and Softer Equities in Face of Relentless Covid

November 12, 2020

Covid cases in the last 24 hours exceeded 600k and 140k globally and in the United States. Global and U.S. deaths from the illness over the past two days averaged more than 10k and 1.45k per day. While vaccine development seems to be making good progress, a new worry is that Covid’s ability to mutate […] More

Monetary Efforts to Counter Covid-19 Economic Damage All in Vain

March 16, 2020

The contagion news over the weekend was very bad. Italy suffered a bigger daily jump in deaths than even China had, and all evidence suggests that governments that did not test extensively for the virus at the first sign of trouble have brought upon their countries larger humanitarian disasters. The United States seemingly falls into […] More

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