PMIs
TGIF
December 15, 2023
After an exhausting but satisfying week that featured a more dovish message from the Fed, mounting hopes for a non-recessionary U.S. return to price stability from a high inflation, a slew of other central bank policy reviews, and a significant shift into riskier asset classes, Friday is a welcome site. The dollar rebounded more than […] More
Markets Assuming Powell Getting Named Fed Chair
November 2, 2017
President Trump will formally announce his choice of Federal Reserve chairperson today at 15:00 EDT. The worst kept secret is that Jerome Powell will likely get the nod. Although a lawyer by training, his career has been immersed in financial markets. Other top news: Euroland’s October purchasing managers index rose 0.4 points to an 80-month […] More
Final Quarter of 2017 Kicks Off With a Bang
October 2, 2017
Spain’s Catalan region is closer to a declaration of independence after the weekend’s vote, which the national government considered illegal, evoked widespread police violence directed at people trying to vote. Spanish equities tumbled 1.5% in response, and Spain’s ten-year sovereign debt yield leaped ten basis points. The euro was dragged 0.6% lower against the dollar. A […] More
U.S. Labor Statistics, Service-Sector PMIs, and a Focus on Some Central Banks
February 3, 2017
The dollar rose modestly overnight ahead of the U.S. jobs data, gaining 0.4% against the kiwi, 0.3% versus the yen, Swissie and sterling, 0.2% relative to the euro, loonie and Australian dollar, and 0.1% against the Mexican peso. China reopened after a week celebrating the Lunar New Year. The dollar fell 0.2% against the yuan, […] More
Dollar Drops Against Yen, Yuan and Peso
January 5, 2017
The dollar fell overnight by 1.3% against the Mexican peso, 0.7% relative to the Japanese yen and 0.6% vis-a-vis the Chinese yuan. The U.S. currency also lost 0.2% to the Swiss franc and 0.1% versus the euro, loonie and Australian dollar but rose 0.3% against sterling and 0.1% relative to the kiwi. Share prices climbed […] More
Lower Dollar as Investors Await FOMC Minutes
January 4, 2017
The dollar depreciated overnight by 0.8% against the loonie, 0.5% relative to the yuan and kiwi, 0.4% versus sterling, 0.3% vis-a-vis the euro and 0.2% against the yen and Australian dollar. Japan reopened for a half day, and the Nikkei rose 2.4%, catching up for lost time. In other Pacific Basin stock markets, equities rose 1.7% […] More
Investors Disregard Italian Referendum Result and Renzi’s Resignation
December 5, 2016
There was only a fleeting market response to the latest giant step for world populism and anti-globalization. Italy’s government suffered a very poor showing in the constitutional referendum held yesterday. Prime Minister Renzi’s Democratic Party barely captured two of every five votes, and Prime Minister Renzi resigned, setting the state for anti-euro sentiment in the […] More
Several Developments to Watch
November 3, 2016
A few new U.S. political polls show Clinton still leading, but the race has narrowed, leaving the eventual outcome in doubt. The Mexican peso trimmed its recent losses. Britain may get softer Brexit terms after all. A U.K. court has ruled that parliament must vote on the invocation of Article 50, which will begin the […] More
A Depressing VEEP Debate, PMI Services Data, and Central Bank Developments
October 5, 2016
The U.S. vice-presidential debate showcased U.S. politics at its chaotic worst. On balance, Pence seemed more polished, but the American League wild card baseball playoff game offered much better entertainment. On the central banking front, The Bank of Iceland left its seven-day deposit rate unchanged at 5.25%, having cut such in August by 50 basis […] More
Markets React to U.K. July PMI Figures but Hardly to Trump’s Speech
July 22, 2016
Britain’s composite purchasing managers index swung from 52.4 in June to an 87-month low of 47.7 in July. Service sector activity (49.1) contracted at the fastest pace in 41 months, while services did even worse, falling at the most rapid rate in 88 months with a reading of 47.4. Sterling’s post-Brexit slump sent input prices […] More
