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The dollar was sideways to a touch firmer in N.Y. trade on Tuesday, as a hotter PPI outcome provided some USD support. EUR-USD found support into 1.2500, though didn't stray higher than 1.2545 through the session. USD-JPY meanwhile, remained over 116.60 throughout, though the 117.00 mark is becoming a good resistance level, after failing two days in a row to hold the figure. Read more
The dollar was mixed, holding strong versus the yen while trading lower against the euro following strong data out of the Eurozone. USD-JPY logged a new seven-year peak at 117.06 on EBS, which by our reckoning surpassed yesterday's high by one pip, after Japanese PM Abe announced a postponement in a scheduled sales tax hike while calling for a snap election. Read more
The dollar consolidated during the pre-European session in Asia. EUR-USD settled around the 1.2470 mark after drifting up from around 1.2450. There was little appetite for follow-through euro selling following yesterday's remarks by ECB's Draghi, who said the monetary policy will take time to reach the real economy and suggested that the central bank can do more once policy makers have implemented structural reforms. Read more
The dollar was mostly firmer in N.Y. trade on Monday, despite the miss in industrial production data, softer yields, and a lower Wall Street. USD-JPY held the 116 handle through the session, though was capped by reported offers from 116.50. EUR-USD meanwhile, traversed the 1.2500 mark early, though later traded under 1.2450 following headlines from the ECB's Draghi. Read more
Above are the seasonally adjusted totals for Japan's GDP components based on 2005 chained yen figures. While the overall level of contraction is obviously concerning, there are several other troubling figures, starting with the very sharp drop (-6.7%) in private residential investment. Read more
The new week opened with a bout of volatility in forex markets with the dollar more than recovering from Asia-session weakness in European trade against most currencies. USD-JPY hit a new trend peak at 117.05, dove to 115.45 and then settled at near net-unchanged levels around 116.20. Read more
The JPY rebounded from fresh trend lows in volatile trade in the wake of a shocking Japanese GDP outcome, which unexpectedly dropped by 1.6% in the preliminary reading for Q3 (saar), well off the 2.2% median forecast and after diving 7.3% in Q2. USD-JPY initially spiked to a new seven-year peak at 117.05 following the data release before turning tail and dropping some 150 pips to a low of 105.45. Read more
The following economic releases will have a disproportionate impact on the news cycle over the next week. Sunday Read more
The economic news this week included October retail sales, up 0.3% (even with a welcome decline in gasoline sales), a solid JOLTS report, and University of Michigan consumer sentiment, strongly positive in both the present conditions and expectations components. Read more
The dollar traded broadly lower in N.Y. on Friday. Retail sales and Michigan sentiment data were better than forecasts, though following modest dollar rallies after the releases, the greenback succumbed to what was likely pre-weekend profit taking. EUR-USD found support into 1.2400, before ramping up to 1.2544 highs, tripping stops at 1.2500 in the process. Read more
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