U.S. existing home sales
Dollar Slightly Lower in Pre-Thanksgiving Trading
November 21, 2023
The dollar fell overnight by 0.7% against the yuan, 0.5% versus the yen but just 0.2% relative to sterling and 0.1% against the euro and Swiss franc. Investors await the release at 20:00 GMT today (15:00 EST) of FOMC minutes. Ordinarily a Wednesday event, such are being released a day early due to the upcoming […] More
Risk Aversion Subsiding for Second Straight Day
July 21, 2021
U.S. share prices have risen somewhat more than 0.5% this Wednesday after Yesterday’s strong resurgence. European stock markets have recorded even sharper gains of 1.7% in the U.K., 1.9% in France, 1.4% in Germany and 2.7% in Spain. Second-quarter corporate earnings reports are dominating financial market sentiment. The dollar is currently trading around today’s lows […] 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
The Trump Factor Strengthens Dollar but Depresses Global Stocks This Monday
July 23, 2018
Today’s menu of market-moving factors has been short on data but long on Trump pot stirring. The U.S. president over the weekend Questioned the Fed policy of rate normalization. Presidential criticisms of monetary policy are infrequent because such can often backfire, but precedents do exist. Bush41 criticized Fed tightening in 1989-90 and later blamed Greenspan […] More
Another Risk Off Market
August 20, 2015
Stocks are off in North America, Europe and Asia. The Shanghai Composite slumped 3.4%, and markets in India, Korea, Hong Kong, Australia and Singapore all fell at least 1.0%, while the Japanese Nikkei lost 0.9%. The German Dax is 2.2%, and the S&P shows a loss of 1.2% so far. Ten-year sovereign debt yields are […] More
Economic Data and Central Bank Plans Occupy Most Attention
August 21, 2014
The Jackson Hole Symposium for central banking begins today. July 30 FOMC minutes released yesterday expressed surprise over the speed of improvement in the U.S. labor market and noted that Fed exit strategy will be anchored around the fed funds target. Chair Janet Yellen speaks Friday at the Symposium. ECB President Draghi also addresses the […] More
