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EUR-USD has settled in the mid 1.14s after edging out a three-session high at 1.1474 during thin Asian trade. While the pair logged 13-month highs last week, which was the culmination of a three-month rally phase, some momentum indicators are flagging, with the 14-day relative strength index, for instance, falling back despite the new highs. Read more
The dollar and other currencies consolidated. Trading has been thin with Japanese markets closed, and with northern hemisphere markets in summertime mode. USD-JPY, after posting its first down week since early June last week, settled in the mid 112.0s. Read more
This week’s news was mixed: retail sales were weak while industrial production rose. And on the bullish side, the markets rebounded. But as I noted in this week’s bond market column, there is an increasing breadth to the sluggish data. The weakness hasn’t filtered into the long-leading and leading data yet, but that doesn’t mean we’re not seeing it. Retail sales decreased .2% and have been weak or declined in 7 of the last 13 months: And the results of the sub-categories are concerning: Sales at food and beverage stores (top chart) have declined or grown slightly in 7 of the last 13 months. Read more
With the exception of Canada’s interest rate decision, this week’s news was light. From a personal perspective, this was fortunate as I was traveling most of the week. Read more
This week, in her statutorily mandated Congressional testimony, Janet Yellen gave a fairly upbeat assessment of the economy: Read more
June data included a flat CPI, and a very slight increase in PPI. Industrial production was positive, but retail sales were negative. Preliminary consumer sentiment by the University of Michigan declined. May data included a weakly positive Labor Market Conditions Index, and a mixed JOLTS report. Read more
OVERVIEW U.S. consumer price inflation slows more than expected in June. U.S. retail sales fell for a second straight month in June, and consumer sentiment also weakened. The Eurozone's trade surplus jumped to €21.4 billion in May. HIGHLIGHT The Dollar has fallen sharply against a number of its G10 counterparts after weaker than expected inflation and retail sales data was released. Read more
The dollar hit the skids in N.Y. on Friday, with cooler CPI and weak retail sales driving the greenback lower. The DXY hit nearly 10-month lows of 95.14, which left EUR-USD at 1.1468 highs, and USD-JPY at two-week lows of 112.26. USD-CAD printed near 14-month lows of 1.2627, while cable clocked 10-month highs of 1.3093.[EUR, USD]EUR-USD ramped up to intra day highs of 1.1468 after the damp early U.S. Read more
EUR-USD settled near the 1.1400 level, up on yesterday's 1.1370 low but remaining comfortably off the 14-month peak logged earlier in the week at 1.1489. The yen weakened during the first half of the Tokyo session before clawing back losses. USD-JPY logged a peak of 113.56, up from yesterday's 112.86 low, before ebbing back to around 113.20. Read more
The yen came under general pressure during the pre-Europe part of the Asian session today. The Japanese currency gave back some of the gains it saw over the last couple of days. USD-JPY and EUR-JPY lifted out of yesterday's lows, the former logging a peak of 113.57, up from yesterday's low at 112.86. Read more
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