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The AUD was the main mover out of the main currencies, rallying following a stock market friendly testimony from new Fed Chairperson Yellen, who signalled policy continuity, the passage of the debt ceiling vote in the U.S. House of Representatives, and unexpectedly strong China export data (which drove the surplus to $ 31.9 bln from $25.6 bln). Read more
Fed Chair Yellen indicated tapering is likely to continue in measured steps at future meetings, in her prepared testimony, though added it's not on a preset course. This was enough to take the dollar initially higher, though was dovish enough to allow Wall Street to rally sharply. Read more
Above are several graphs that show the OECD's leading indicators for the EU, Japan and US. Notice that with the exception of China, all are moving higher at solid rates. This indicates developed markets are all expanding more or less in unison. Compare the developed market LEIs to the BRICs above. Read more
There were no data of note out of Europe, and Japan was closed for a public holiday, but there was still some brisk activity in the main currency markets in which the USD traded softer. EUR-USD posted a 12-day peak of 1.3683, extending the gains seen following last Thursday's ECB unchanged policy announcement and Friday's U.S. Read more
The AUD extended recent gains following a net positive set of Australian data, while the USD retained its post U.S. jobs report soft tone. The yen remained steady-to-soft as stock markets in Asia continued to rally (including China, despite the Securities Journal saying that 2014 will be "very difficult" for the economy), though trade was subdued by Japan's National Foundational public holiday. Read more
The FX market was very quiet in N.Y. on Monday, as a lack of data, and flat equity and Treasury prices kept activity muted. EUR-USD matched London highs of 1.3650, and put in a floor of 1.3630. USD-JPY meanwhile, dipped briefly to 102.00, though continued to find support at the figure. Read more
EUR-USD tested 1.3650, which was the highest level seen since Jan-29 as the euro extended the gains seen following last Thursday's ECB unchanged policy announcement and Friday's U.S. jobs report disappointment. The pair subsequently drifted back to the 1.3625-30 area, with good selling interest reported in the 1.3650-60 area. Read more
It's been an uneventful start to the week in trading among the main currencies. The USD posted narrow ranges against most other currencies. Stock markets in Asia extended last week's rebound on the coattails of Wall Street's rise following the U.S. jobs report on Friday. Read more
The dollar spiked broadly lower following the weaker U.S. employment report on Friday, as equity futures dove, and Treasury yields pulled back. The initial reaction however, turned quickly, as the dollar crept higher, and equities ended up posting solid gains. Read more
In the rear view mirror, 4th quarter productivity rose, but unit labor costs fell. December construction spending rose slightly, but factory orders fell. January data was dominated by the unexpectedly weak but positive employment report, and the non-upward revision of December's even poorer but positive number. Read more
