New Zealand GDP

More Concern than Hope in Thursday’s Marketplace

June 18, 2020

It’s been a busy day for central bank watchers, as monetary policy was reviewed in the U.K., Norway, Switzerland, Brazil, Taiwan, and Indonesia. Released statements and some new data adhere to the baseline view that economic activity contracted even more sharply in the second quarter than the first but that the rate of slide began […] More

Softer Dollar

September 20, 2018

The dollar fell overnight by 0.8% against the kiwi, 0.6% relative to sterling, 0.4% vis-a-vis the euro and 0.2% versus the currencies of America’s NAFTA partners. The yen and yuan are unchanged. China partly matched Trump’s latest round of tariff hikes. While the 10-year German bund and British gilt yields settled back a basis point […] More

BOJ and Fed Leadership Stake Out Contrasting Monetary Policy Stances

September 21, 2017

FOMC officials still expect to hike the fed funds rate one more time in 2017 and three times next year. The current range of 1-1.25% was not changed, but balance sheet reduction begins next month. Lower-than-expected inflation has been a mystery, but the economy and U.S. labor markets are behaving well enough not to deter […] More

Softer Dollar but Firmer Oil Price

December 22, 2016

On this last full session before the Christmas break, the dollar fell 0.5% against the euro and 0.4% relative to the Swiss franc. Dollar/yen is steady and the dollar has strengthened against sterling, the Aussie and Canadian dollars, and Mexican peso. West Texas Intermediate crude oil advanced 1.1% to $53.07 per barrel following news of […] More

Narrowly Mixed Dollar Ahead of FOMC Decision

September 17, 2015

There’s been an 8.3 earthquake off the coast of Chile and an ensuing tsunami.  In last night’s Republican debate, Trump’s rivals escalated their attacks on the front-runner. This FOMC day could produce the first federal funds rate hike since a 25-basis point increase in June 2006, so there’s excitement in the air.  A Janet Yellen […] More

Dollar Climb Resumes with a Vengeance

March 19, 2015

The post-FOMC selloff of the dollar was reversed quickly.  Overnight gains in the U.S. currency topped 1.0% against the euro (1.7%), Swissie (1.3%), and Australian dollar (1.2%).  The greenback also advanced by 0.9% against the loonie, 0.8% versus the kiwi, 0.6% relative to sterling, and 0.5% vis-a-vis the yen, but it’s 0.5% softer against the […] More

Firmer Dollar and European Share Prices

June 19, 2014

Investors perceived a dovish message in Janet Yellen’s press conference yesterday.  The Swiss and Norwegian central bank statements fortified that risk on mood. Share prices have climbed 1.6% in Japan and Australia, 1.1% in Italy, 0.9% in Spain and France, and 0.8% in Britain and Germany.  China’s market fell another 1.5%, however. The dollar has […] More

Broadly Stronger Dollar in Wake of Yellen’s Press Conference

March 20, 2014

The dollar shows overnight advances of 1.4% against the Swiss franc, 1.3% versus the kiwi, 1.2% vis-a-vis the euro and Australian currency, 0.9% against the loonie, 0.8% versus sterling, 0.7% against the yen, and even 0.6% relative to the Chinese yuan. Share prices fell by 2.5% in Indonesia, 1.8% in Hong Kong, 1.7% in Japan, […] More

Data Releases Mixed and Plentiful

June 21, 2012

The formal Declaration of G20 Leaders, who met earlier in Los Cabos, Mexico, is big on general objectives but sparse on detailed actions. The FOMC Statement accentuated the U.S. economy’s increasing softness, but the stimulus of a 6-month continuation of Operation Twist did not surpass expectations.  Stocks were mostly lower overnight. New Democracy leader Samaras […] More

Risk Aversion Fanned by Preliminary March PMI Readings

March 22, 2012

In Europe, share prices have tumbled 1.5% in Paris, 1.4% in Germany, and 0.9% in Britain.  There were some big tumbles in the Pacific Rim including drops of 1.4% in Thailand, 2.3% in India, and 0.9% in Singapore.  But equities rose 1.0% in Taiwan, 0.5% in Australia and 0.4% in Japan.  Chinese stocks dipped 0.2%. […] More