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The dollar traded firmer today, rebounding from intraday weakness in the cases against the pound and Australian dollars. EUR-USD slipped to three-day lows under 1.1500 as markets prepare for the ECB's policy announcement today. EUR-JPY and other euro crosses have been holding up better, however, suggesting that markets are mostly satisfied with their positioning in the common currency. Read more
EUR-USD logged a three-day low at 1.1504 ahead of the London open as markets prepare for the ECB's policy announcement today, which is likely to signal largely unchanged dovish-leaning guidance while acknowledging economic improvement. EUR-JPY and other euro crosses have been holding up better, however, suggesting that markets are mostly satisfied with their positioning in the common currency. Read more
The dollar steadied some in N.Y. trade on Wednesday, leaving the DXY slightly higher. EUR-USD eased back to 1.1510 lows, largely on position squaring activity ahead of Thursday's ECB announcement and press conference. USD-JPY printed three-week lows of 111.56, before moving back over 111.80 on a higher Wall Street. Read more
OVERVIEW Major currencies are generally quiet, though the Australian Dollar hit a fresh 2-year high versus the US Dollar. U.S. homebuilding rebounded more than expected in June, ending three months of declines. Canadian manufacturing sales rose to a record level in May due to higher sales of motor vehicles and parts. Read more
Last month the housing permits and starts report was poor enough for me to score it a negative. Further, because neither permits nor starts had made new highs since winter, it was sufficient to tip the scales in how I look at the long leading indicators. Today's report for June was improved, enough for me to score it a neutral, but because it is still below winter's levels, I cannot score it a positive, and it does not change my overall long term outlook. Since FRED doesn't have the data up yet, I'll use the Census Bureau site graph and tables. First, here's the graph. Read more
EUR-USD logged an intraday low at 1.1514 before recouping above 1.1530, leaving yesterday's 1.1511 low unchallenged. EUR-JPY, EUR-GBP and other euro crosses saw a similar price action. The move comes ahead of the ECB's policy meeting tomorrow, with markets anticipating a "no change yet in guidance" message from President Draghi, with policymakers likely to take comfort from low inflation. Read more
The Australian dollar continued to rally and logged a fresh 26-month peak against the U.S. buck, at 0.7947. The currency has now risen in eight out of the last nine sessions, making a convincing break of the 0.7700 level on route. An unexpected peppering of hawkishness in the RBA minutes from the early-July policy meeting, released yesterday, which followed solid GDP and trade data out of China, have been underpinning the antipodean currency. Read more
The dollar largely continued its losing ways in N.Y. on Tuesday, with EUR-USD topping at 14-month highs of 1.1585, and staying over 1.1450 through the remainder of the session: USD-JPY fell to three-week lows of 111.69before recovering over 112.10, as Wall Street pared losses. Read more
OVERVIEW Dollar tumbles after Trump’s monumental failure on healthcare. Aussie Dollar storms higher after RBA meeting minutes. UK inflation put the Pound under pressure as CPI slowed unexpectedly. Euro takes advantage of a weaker Dollar and Pound. Read more
