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The second quarter advance real GDP print of +4.0% reported this morning is certainly welcome news, as was the upward revision of Q1 to a slightly less awful -2.1%. Still, as needs to be said, that averages out to a meager +0.9% for the entire first half. But hold the glass-half-empty DOOM. Read more
The dollar extended recent gains, trading on a 1.33 handle against the euro for the first time since last November, making a six-week high against sterling, a three-week peak against the yen and an eight-day high versus the Aussie. A drop in Spanish HICP to -0.3% y/y in the flash estimate for July, down from 0.1% in June, rekindled Eurozone deflation concern and sparked the dip in EUR-USD to 1.3394. Read more
EUR-USD edged out a fresh low of 1.3403 in quiet trade in Asia, which makes this the tenth lower low over the last 12 trading days. A Morgan Stanley research note arguing that short euro is the "G10 trade for the next 12 months" aptly reflects the general market sentiment. Read more
The dollar rallied across the board in N.Y. trade on Tuesday, as EUR-USD edged under 1.3410, making new eight month lows, as USD-JPY reclaimed the 102 handle for the first time in over two-weeks. Cable drifted under 1.6935, as USD-CAD rallied over 1.0865. Read more
On Wednesday, the Federal Reserve will issue its latest interest rate policy statement for the US economy. The general consensus is for the Fed to continue cutting its asset purchase program but keeping interest rates on hold. But as the US economy has exhibited stronger growth characteristics (largely as a result of stronger than expected employment numbers) many analysis have moved up their estimate of the date when the Fed will start to raise interest rates. Read more
The dollar is moderately firmer across-the-board into the start of the two-day FOMC meeting, which is expected to see the Fed taper a further $10 bln off the QE purchase program. EUR-USD dipped to the 1.3630 area while USD-JPY lifted to 102.00, where good Japanese exporter offers are reported. Read more
The dollar is moderately firmer across-the-board into the start of the two-day FOMC meeting, which is expected to see the Fed taper a further $10 bln off the QE purchase program. EUR-USD has dipped to the 1.3630 area while USD-JPY has risen above 101.95, though has so far remained shy of 102.00, where good Japanese exporter offers are reported. Read more
FX trade nearly ground to a halt in N.Y. trade on Monday, with major dollar pairings sticking to 20 point trading ranges. EUR-USD idled inside of 1.3431-44, while USD-JPY managed a 101.76-87 trading band. USD-CAD flat-lined to a 1.0799-1.0818 range, while cable was stuck at 1.6983-1.7000. Read more
Narrow ranges have prevailed among the main currencies in early week trade ahead of a number of central bank policy meetings and a flood of key data releases due this week. EUR-USD flat-lined around 1.3430-35, while USD-JPY traded fractionally higher to the 101.85 area. Read more
Monthly June data included a big disappointment in new single family home sales, but positive existing home sales. Consumer inflation came in slightly hot monthly, but tame YoY. Durable goods were up. Read more
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