U.S. retail sales
Down Goes the British Pound
November 15, 2018
With British Prime Minister Theresa May facing a vote of no confidence and several of her cabinet ministers resigning in protest against her Brexit deal, sterling slumped 1.5% overnight against both the dollar and euro. Weak British retail sales data were also released today, showing an unexpected 0.5% on-month drop in total sales (+2.2% on […] More
Dollar Eases a Tad In Spite of Divergent Reported Data
July 16, 2018
The dollar declined 0.6% against the peso, 0.4% versus the Swiss franc, 0.2% relative to the euro, kiwi, loonie and sterling, and 0.1% vis-a-vis the yuan and Australian dollar. With Japanese markets closed for Marine Day, the dollar remained unchanged against the yen. Stocks in the Pacific Rim declined 0.9% in Singapore, 0.7% in Indonesia, […] More
Many Central Bank Decisions and Released Data for Markets to Digest
December 14, 2017
The People’s Bank of China raised short-term interest rates by 5 basis points. The modest tightening was the first in nine months and painted as a response to the Fed’s rate hike on Wednesday. The ECB Governing Council left its interest rate structure unchanged. This includes a negative 0.40% overnight deposit rate. Officials reiterated that […] More
Reduced Fear of Korean War
August 15, 2017
Today is the 72nd anniversary of Korea’s liberation from Japan, and markets there are closed. Reported remarks by the leaders of both Korean nations dispelled fear of an imminent resumption of war. Markets were also closed today in India for a holiday commemorating the 70th anniversary if independence and Italy for Assumption Day. The dollar […] More
Post-Election Market Moves Trimmed a Bit
November 15, 2016
Sovereign debt yields and the dollar eased this Tuesday, one week after the U.S. election. Oil and gold rebounded. Stocks are mixed. Euroland GDP, British consumer prices, and Reserve Bank of Australia minutes were released. The German ZEW Institute’s monthly index of investor sentiment reflected a drop after the U.S. election. One Fed official, Lacker, […] More
Fresh Gloom Rekindles Risk Aversion
March 15, 2016
The Bank of Japan did not augment policy stimulus but did downgrade exports and residential construction and also observed that expected inflation has slipped. The yen advanced 0.7% against the dollar and euro overnight in response. West Texas Intermediate crude oil fell 2.0% overnight and has faded slightly more than 5% over the past two […] More
A Market Respite… But for How Long?
February 12, 2016
Share prices in Europe have recovered part of yesterday’s declines, rising so far this Friday by 2.6% in Italy, 1.7% in Greece and Great Britain, 1.5% in Germany, 1.3% in Switzerland, 1.2% in France and 1.0% in Spain. Markets in the Pacific Basin faired worse. Stocks dropped 1.5% in Hong Kong, 1.3% in Indonesia, 1.2% […] More
Dollar Firms and Share Price Retreat Extended
November 13, 2015
Investors are quite confident that the Fed will raise the federal funds rate next month and that the ECB will ease policy, including a possible deposit rate cut. The confidence rests not only on U.S. data but on more uniform signals from Fed official comments favoring a rate hike before yearend. The dollar climbed overnight […] More
Yuan Down Again But at a More Gradual Pace
August 13, 2015
The Chinese renminbi dipped only 0.3% today. The dollar is unchanged against the Swiss franc and Aussie dollar, up 0.6% against the loonie, 0.5% relative to the euro, 0.9% versus the kiwi and 0.2% vis-a-vis the yen and sterling. In Pacific Rim stock market action, the Shanghai Composite Chinese index recovered 1.8%. Equities rose 2.3% […] More
Continuing Euro Support above $1.1300
February 12, 2015
The euro rose 0.2% against the dollar. Despite persistent concerns about Grexit — Greece abandoning the common European currency or being thrown out by other members — the euro, now at $1.1342, repeatedly finds support whenever it dips under $1.13. Greek debt talks have made very little progress. They will resume next Monday, with creditors […] More
