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The dollar has traded softer, correcting some following the sharp gains seen in the wake of the Fed's hawkish turn on Wednesday. EUR-USD nudged above 1.1960, up over a big figure form the post-Fed low, and USD-JPY tipped to a low of 111.65, correcting after rallying in eight of the previous nine sessions and putting distance in from yesterday's two-month peak at 112.71. Read more
The dollar gave back some of its post-FOMC gains seen on Wednesday, losing modest ground to all the major currencies. The move came despite decent U.S. data, which saw jobless claims below expectations, and a firmer Philly Fed index and leading indicators. Read more
OVERVIEW USD had rallied strongly after FOMC announced an end to Q.E. and signaled a further rate rise. GBP firm after BBC reports PM May will announce €20 billion payments to EU. CAD recovering from a post-Fed dip on strong domestic data. Read more
This is the conclusion of my examination of housing permits and starts for August. Yesterday I noted that the good news in overall permits was not confirmed by the less volatile but equally leading single family permits, was not confirmed by starts, and was not confirmed when we remove the hurricane-affected South (where, paradoxically, builders may have accelerated taking out permits before the storms, as the relevant offices were likely to be disrupted for weeks afterward). I wanted to follow up with one final note: in the past I have noted that single family permits typically peak before multi-family permits. Read more
The dollar posted fresh highs versus the yen, Swiss franc and some other currencies, though the overall breadth and momentum of gains waned as markets digest the Fed's hawkish up-gearing. EUR-USD floated back above 1.1900, leaving unchallenged yesterday's post-Fed low at 1.1861. Read more
The dollar has opened in London about 1% higher following the Fed's announcement yesterday, which confirmed the start of a QT program, as had been widely anticipated, but showed via the dot plot that another rate hike is in the works before year-end followed by another three hikes in 2018. Read more
FX trade was quiet through the morning session, with activity muted ahead of the FOMC announcement. The dollar rose, then fell, then rose again following the Fed, as it detailed the kickoff of its QT program, as widely expected, and left another 2017 rate hike on the table. Read more
Today, the Federal Reserve issued their latest monetary policy statement, keeping rates at 1%-1.25%. They describe the economy as expanding moderately: the labor market continues to grow, households are spending and investment is picking up. Read more
OVERVIEW NZD is out-performing on latest poll showing ruling National Party ahead of Labour. GBP boosted by strong August retail sales fails to hold gains. AUD testing higher after comments from the RBA's Luci Ellis on the global economy. Brent crude oil prices at highest since July 2015. HIGHLIGHT The market pricing for US interest rates out to June next year is only pointing to one interest rate with the June 2018 contract at 98.6. Read more
&p[url]=/blog/xe-market-analysis/august-housing-permits-and-starts-restrain-your-enthusiasm-part-2-2&p[summary]=This is the conclusion of my examination of housing permits and starts for August. Yesterday I noted that the good news in overall permits was not confirmed by the less volatile but equally leading single family permits, was not confirmed by starts, and was not confirmed when we remove the hurricane-affected South (where, paradoxically, builders may have accelerated taking out permits before the storms, as the relevant offices were likely to be disrupted for weeks afterward).
I wanted to follow up with one final note: in the past I have noted that single family permits typically peak before multi-family permits.&p[images][0]=/s3/files/styles/large/s3/image_1114.jpg?itok=Ra520xMA){kind=link}
