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XE Market Analysis: Europe - Jun 16, 2014

By: XE Market Analysis

Risk-aversion had some influence currency markets as violence in Iraq continued over the weekend. Most Asian stock markets fell as a consequence, and the yen, following it usual inverse correlation with equities, rallied, albeit moderately. USD-JPY dipped to a low of 101.72, which unwound most of Friday's gain, while EUR-JPY came within a whisker of last week's four-month lows. Read more

International Week in Review: UK Still the Star Performer Edition

By: HaleStewart

Let’s start this week by looking at Japan, where the BOJ announced they would maintain their current interest rate policy and asset buying program. This move was anticipated by the markets, thereby having no major impact. However, we also learned that a revised 1Q GQP increased 1.4% Q/Q and 6.7% Y/Y – both solid numbers. Read more

Weekly Indicators: Iraq insurgency engages the Oil choke collar edition

By: New_Deal_democrat

There was little monthly data for May released this week. Retail sales rose, and April's surge in retail sales was revised to be even stronger. Producer prices fell. Import and export prices were flat. Business and wholesale inventories rose. Consumer sentiment was down slightly. My weekly report on the high frequency weekly indicators is meant to provide an up-to-this-week snapshot of the economy. Read more

XE Market Analysis: Asia - Jun 13, 2014

By: XE Market Analysis

The dollar was relatively steady in N.Y. trade on Friday, though generally added marginally to overnight gains. Cable steadied over 1.6950 after its sharp Carney driven gains overnight, while EUR-USD was sold off from 1.3555 at the open to lows near 1.3520. Read more

XE Market Analysis: North America - Jun 13, 2014

By: XE Market Analysis

The dollar traded mixed, losing ground to sterling, which surged on a BoE Carney remark that interest rates "could rise sooner than markets currently expect," and the euro, while gaining slightly versus the yen and Aussie. Cable surged over two big figures to a high of 1.6992, stalling just four pips short of May's major trend peak, while EUR-GBP dove below 0.8000. Read more

XE Market Analysis: Europe - Jun 13, 2014

By: XE Market Analysis

GBP surged on hawkish BoE speak with BoE's Carney signalling at a keynote speech last night that interest rates could rise sooner than markets expect and that the housing market was now "the greatest risk to the domestic economy." This will invite markets to re-price in a 25 bp hike before year-end. Read more

XE Market Analysis: Asia - Jun 12, 2014

By: XE Market Analysis

The dollar lost some ground in N.Y. on Thursday, taking its initial lead from softer retail sales data, and a modest miss in initial jobless claims. Treasury yields slipped lower as did equities, weighing on the greenback generally. Heating up of tensions in Iraq likely spooked Wall Street to a degree, with Obama saying all options remain on the table with regards to help the beleaguered country. Read more

Mortgage refinancing and the danger of a 2H 2015 recession

By: New_Deal_democrat

Yesterday the Mortgage Bankers Association reported that applications for refinancing had increased by 11% in the past week. Sounds like great news, right? Except that mortgage refinancing is so low right now that even that kind of percentage increase barely makes a dent in the absolute decline in refinancing since rates rose a year ago. Read more

XE Market Analysis: North America - Jun 12, 2014

By: XE Market Analysis

The dollar gained against an underperforming euro, but was steady versus the yen and fell against sterling and the dollar bloc currencies. EUR-USD edged out a new low at 1.3512, bringing last week's post-ECB low of 1.3503 within shot, though dollar weakness elsewhere stilted downside progress. Read more

XE Market Analysis: Europe - Jun 12, 2014

By: XE Market Analysis

The NZD surged on the RBNZ rate hike and guidance, as the central bank signalled further tightening to come, albeit projecting a slightly more gradual run of increases than expected in March. Today's 25 bp hike, the third so far this year, takes the official cash rate to 3.25% and left its forecast of the 90-day bill rate unchanged, which suggests two more quarter-point hikes are in the pipeline. Read more

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