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It was a busy European morning session. From the London open the dollar found a bid as USD-JPY demand steepened on the way up to 99.80 and this weighed on EUR and Cable. Movement via EUR-USD was choppy as market participants digested comments from ECB's Nowotny and Asmussen. Read more
FX Markets remain in a holding pattern for the most part after Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations and boosted stocks. Yesterday's partial holiday in the U.S. and Canada lowered activity, though JPY continued to underperform amid appetite for leverage trades. Read more
Above is a chart of the DBC ETF, which tracks the overall commodities index. The chart is weekly, and it shows that overall commodity prices are near multi-year lows. Whether it's a copper glut, the US's decreasing demand for oil, China's cotton buying program or the overall solid agricultural output this last growing season, there is plenty of downward pressure in the commodities asset class. Read more
Markets were in a holding pattern after Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations. Activity was quieter than usual due to partial holidays in the U.S. and Canada. Overnight, Asian markets struggle to due Fed taper risk, but in Europe stock markets were encouraged over the U.S. Read more
Markets were in a holding pattern after Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations. Asian markets struggle to due Fed taper risk, but in Europe stock markets were encouraged over the U.S. growth outlook. Read more
Asian markets were influenced by Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations. Treasury yields and the dollar were boosted on Friday and remained supported during overnight trade. There was also positive data from the Asia region as China industrial production and retail sales rose 10.3% y/y and 13.3% y/y, respectively. Read more
Australia continues to have fairly decent economic numbers. Last month retail sales rose .3%, -- the same rate as the previous month. The year over year number was 2.6%. Additionally, home prices increased 1.9% from the second to third quarter. The unemployment rate, which has risen from 5.4% in October 2012 to 5.7% over the summer, appears to have stopped increasing; it has printed at 5.7% over the last three months. Read more
In the rear view mirror, the first estimate of third quarter GDP came in at nearly +3%. Monthly reports in the last week featured October jobs, up strongly, while the unemployment rate rose slightly. Personal income also rose strongly. Personal spending also rose. Read more
A much better than expected NFP print in October ramped up Fed taper expectations, which initially saw yields rise, stocks sell off, and the dollar rally. Treasury yields and the dollar stayed high through the session, though Wall Street for a change apparently took a look at economic fundamentals, instead of the Fed's punch bowl, and bought stocks up through the afternoon session. Read more
Yesterday the ECB cut the overnight rate fo 25 basis points. The following text from Craghi's statement highlights the banks thinking: Read more
