purchasing manager surveys

Following the Fed’s Lead to an Extent

May 5, 2022

Wednesday saw a post-FOMC rally in U.S. equities and commodity prices but a drop in the dollar and 10-year Treasury yield. The 50-basis point interest rate hike and the details regarding Fed balance sheet reduction were aligned with market expectations, but Powell’s press conference was more dovish than expected, especially his quelling of the possibility […] More

Dollar Strengthens With Fed Perceived Likely to Widen Disparity Between its Policy Stance and Those of Other Central Banks

April 22, 2022

Federal Reserve Chairman Powell and other Fed policymakers continue to go out of the way to encourage speculation that a series of 50-basis point interest rates are on the way. The European Central Bank is also shifting priorities but transitioning at a much slower pace. The Bank of Japan is dug in, committed to an […] More

Stagflationary Outlook Gaining Traction and Western Leaders in Brussels Plan Contingent Plans for Ukraine Crisis

March 24, 2022

The world’s attention today is on Brussels where U.S. President Biden will be meeting with NATO allies, the European Council of political leaders, and Other Group of Seven members. The meetings are meant to coordinate a response to Russia’s continuing invasion of Ukraine, where the use of Russian weapons of mass destruction appears increasingly probable. […] More

Omicron, Central Banks, ISIS, Metaverse, OPEC, Russia, Inflation and January PMIs Vying for Market’s Attention

February 3, 2022

The top leader of ISIS and his family have died after a U.S.-led raid in Syria. Geopolitical tensions between the U.S. and Russia remain very high. A total of 3,623 Covid-19 deaths yesterday in the United States were the greatest single-day total in a year. Omicron affected numerous service-sector and composite purchasing manager surveys reported […] More

Dollar Buoyed by Risk Aversion Ahead of FOMC Meeting and Also Fanned by Ukraine Tensions and Weak Purchasing Manager Surveys

January 24, 2022

The dollar has stremgthened 0.3% against the euro, loonie and on a weighted DXY basis. Even sharper advances can be seen of 0.7% relative to the Australian dollar and 0.5% versus sterling. The global sell-off of equities has resumed, with losses today of 2.6% in India, 1.5% in South Korea, 1.3% in New Zealand and […] More

Equities, Sovereign Debt Yields, and Commodity Prices Higher, while Dollar Softens at Start of New Week

August 23, 2021

Ahead of the Jackson Hole annual central banking symposium at the end of this week, investors have become more hopeful than last week. Whether bond buying starts to taper this year or in early 2022, it will be quite a while longer before the federal funds target is raised. Second-quarter earnings were good, Equities closed […] More

Dollar Is a Touch Softer

June 23, 2021

The dollar is 0.1% softer against its DXY weighted index. The greenback slid 0.3% overnight against the Canadian, Australian and New Zealand dollars, 0.2% versus sterling and 0.1% relative to the yuan but firmed 0.1% against the yen and is unchanged against the euro, Swiss franc and Turkish lira. Equity markets are mixed. Share prices […] More

April PMI Results, Bold U.S. Policy Proposals, and a 50-Basis Point Central Bank Hike in Russia

April 23, 2021

The weighted dollar fell 0.3% overnight and double that for the week. Against specific other currencies, the dollar lost 0.7% against the Japanese yen, 0.3% relative to the euro, Australian dollar and sterling, and 0.2% versus the Swiss franc, Mexican peso, and New Zealand and Canadian dollars. The dollar held steady against the Chinese yuan […] More

Equities, Sovereign Debt Yields, and Gold Down

May 21, 2020

The see-sawing pattern of stock markets from day to day continued on Thursday. After Wednesday’s advances, share prices are presently down today by 1.3% in Germany, 0.9% in France, 0.6% in the U.K., and 0.5% in Italy. Markets closed down 0.6% in China and New Zealand, 0.5% in Hong Kong and 0.2% in Japan, and […] More

Market Hopes Hinging on a Big U.S. Fiscal Stimulus

March 24, 2020

Republicans and Democrats in the U.S. congress have still not reached agreement on fiscal policy, but markets are apparently more hopeful that it will get done soon. As a result, stock markets, commodity prices, and sovereign debt prices are up, while the dollar gave up some recent gains overnight. The global count of confirmed coronavirus […] More

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