U.S. durable goods orders
China Remains in the Spotlight
July 27, 2021
The Shanghai Composite equity index fell 2.3% on Monday and another 2.5% on Tuesday reflecting the deteriorating relationship between the Chinese and U.S. governments and investor fears over intensifying Sino regulations constricting the business activities of foreign companies. Hong Kong’s Hang Seng index has taken an even bigger blow, dropping 1.5% last Friday, 4.1% yesterday […] More
Dollar Rises After ECB Expresses Concern about Euro Strength and Ahead of FOMC Announcement Later Today
January 27, 2021
In a speech Klass Knot, President of the Netherlands central bank and therefore an ECB Governing Council member, has protested against the euro’s recent rise and warned that central bankers will respond if appreciation appears to jeopardize the goal of lifting inflation back to its target. Compared to Tuesday closing levels, the dollar rallied 0.4% […] More
Investors Take a Deep Breath but Yesterday’s Concerns Persist
October 27, 2020
U.S. stocks suffered through their most difficult day in two months yesterday, but futures point to a higher open on Tuesday. The dissipation of extreme risk aversion has been predictably accompanied by modest dollar deprecation today. The greenback slid overnight by 0.4% against the kiwi, 0.3% versus sterling and the loonie, 0.2% vis-a-vis the euro […] More
Marking Time Amid an Eclectic Assortment of Data Reports
August 26, 2020
There’s been no dominant market theme Wednesday. Investors await the virtual Jackson Hole central banker symposium that kicks off tomorrow with a widely awaited speech from Fed Chairman Powell. The RNC provided more red meat to the pro-Trump faithful on its second night. Optimism persists that the United States and China will avoid all-out trade […] More
Dollar Falters Further and Price of Gold Blows Past its Historic High
July 27, 2020
The dollar weakened to a 22-month trade-weighted low overnight, with losses of 1.0% against the Swiss franc, 0.7% relative to sterling and the euro, 0.8% versus the peso, 0.6% vis-a-vis the yen, kiwi and Australian dollar, and 0.3% against the loonie. The Covid pandemic intensified over the weekend both globally and in the United States, […] More
Partial Unwind of Monday’s Sharp Market Moves
January 28, 2020
Markets in China, Hong Kong and Taiwan remained closed on Tuesday. Stock exchanges in the Pacific Rim extended Monday’s losses with declines of 3.1% in South Korea, 1.8% in Singapore, 1.4% in Australia, and 1.1% in New Zealand. However, in European trading, Italian equities have jumped 1.6%, and there’s been a recovery so far of […] More
Sterling Looking a Touch Fragile
December 23, 2019
The weakest major currency this Monday has been sterling, which has slipped below $1.30 and by 0.4% in all from Friday’s close. The U.S. dollar otherwise has been mixed, dipping 0.2% against both the Australian and New Zealand dollars and 0.1% relative to the yen and euro. The dollar alternatively shows slight gains of 0.2% […] More
U.K. in Greater Danger of a No Deal Brexit
April 2, 2019
The British House of Commons still cannot find sufficient agreement on the terms of withdrawing from the EU. Faced with binary scenarios of withdrawal without a deal or a lengthy delay in leaving, the first option is looking more and more likely. The 10-year British gilt yield dropped five basis points in response overnight, but […] More
An Unrepresentative Day
November 21, 2018
Equities have rebounded but just partly from earlier steep losses this week. Moreover, being the day before the U.S. Thanksgiving, trading is distorted and should probably not be viewed as representative of either economic and political fundamentals or of the state of investor psychology. U.S. stocks are up less sharply than those in Germany, Canada […] More
Bond Selloff Gathers Impetus
October 27, 2016
Investor caution has shifted from stocks to bonds. Dollar changes against currencies of other advanced economies have been limited. Several emerging market currencies — e.g. the rand and won — have depreciated. Economic data released today have generally accentuated the positive. The dollar lost 0.2% against the euro overnight and 0.1% relative to the loonie […] More
