U.S.-Minus-Ezone Manufacturing PMI Spread Widens to a Nine-Month High

December 3, 2013

The U.S. purchasing managers index increased 0.9 points to 57.3 last month, whereas Euroland’s measure of manufacturing activity went up only 0.3 points to 51.6.  The monthly average of the euro exceeded $1.3000 for a sixth straight month.  Because of a big export component in demand for manufactured goods, the relative competitiveness of Euroland manufacturing […] More

November PMIs: European Disadvantage Versus United States Narrows

December 3, 2010

In the United States and Europe, both manufacturing and non-manufacturing recoveries persisted into the latter half of the fourth quarter.  That’s signified in the table below by above-50 readings in all categories last month (the last row of the table).  However, the differential between the strength of the U.S. and Euroland recoveries narrowed. In manufacturing […] More

Peripheral Bond Premiums Sharply Lower; It’s Jobs Data Day in the U.S.

December 3, 2010

The dollar is mostly lower, with losses of 0.5% against the Australian dollar, 0.3% versus the yen and sterling, and 0.2% against the Canadian dollar, kiwi, and euro.  Dollar-Swiss is an exception, rising 0.1%, and the yuan is steady against the greenback. In the Pacific Rim, equities rose 0.7% in the Philippines, 0.5% in Pakistan […] More

U.S. Regains PMI-Manufacturing Lead From Europe

September 1, 2010

The U.S. minus euro area PMI differential in manufacturing swung to +1.2 in August from minus 1.2 in July.  The spread had been negative in July for only the first time since December 2008, averaging +3.0 in that 18-month span and peaking in January 2010 at +6.0.  The U.S. purchasing managers index rose 0.8 points, […] More

Stocks Rebound in Asia and Europe on Bottom-Fishing

July 6, 2010

U.S. traders returning after the Independence Day holiday weekend will find the dollar marginally softer than its closing levels last Friday, with drops of 0.8%  and 0.6% against the Australian and New Zealand dollars, 0.4% against the Canadian dollar, but just 0.3% versus the euro and 0.1% relative to the Swiss franc and sterling.  Dollar/yen […] More

More Signs of a Chinese Cool-Down

July 5, 2010

The U.S. market will be closed in observance of America’s 234th birthday. Currency movements have been mild in the absence of U.S. leadership.  The dollar gained 0.4% overnight against sterling, 0.2% relative to the euro, Canadian dollar and Aussie dollar and 0.1% against the Chinese yuan.  The dollar also slid 0.1% against the yen, Swissy, […] More

U.S. Minus Euroland PMI-Mf’g Spread Widened to 3.0 Points in March

April 1, 2010

Manufacturing expanded robustly and at an accelerated pace last month in both Euroland and the United States.  Euroland’s purchasing managers index advanced 2.4 points to 56.6, best since November 2006.  The output and orders sub-indices hit their highest respective levels since June 2006 and June 2000.  The United States managed to outperform Euroland’s stellar manufacturing […] More