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USD-JPY edged out an 11-day high amid general yen softness as stock markets rallied in Japan and Asia after U.S. indexes hit record peaks on Monday. The pair made 102.32, and was settled just below here going into the London open. EUR-JPY logged a two-day peak of 140.78. Read more
The dollar meandered inside of relatively narrow ranges in N.Y. trade on Monday, with EUR-USD consolidating last week's post-ECB losses, and idling in a 1.3754 to 1.3772 band throughout the day. USD-JPY found a footing near 101.90 early, and managed to take out the 102.00 mark on the back of a fairly strong Wall Street rally. Read more
I want to finish out this series on the failure of austerity by looking at the poster child of failed austerity policies: Greece. Read more
EUR-USD drifted modestly higher during the Europe AM, lifting to a high of 1.3767, though this is barely more than 20 pips above the Asia low. The pair was essentially consolidating the sharp losses seen in the wake of the ECB meeting last Thursday, while EUR-GBP managed to clocked a 15-momth low amid broader sterling demand, with the U.K. Read more
The main currencies saw narrow ranges in pre-European trade in Asia. Developments in Ukraine continued to have little impact, while news that China will relax limits on foreign investment in listed companies and expand capital flow quotas, which lit a fire under Chinese equity markets, also had limited impact on currencies. Read more
This monthly data for April was sparse, featuring a positive ISM services index. First quarter productivity declined, but unit labor costs were up. My weekly report on the high frequency weekly indicators is meant to provide an up-to-this-week snapshot of the economy. Read more
This week was clearly central bankers week with the Australian, ECB, UK and US central banks either setting policy or making major statements. Most of the data pointed to a continued slow upward grind throughout the developed world. However, there were some cautionary developments as the US' productivity declined and Fed Chair Yellen issued a cautionary note on housing. The news from the EU was mostly positive. Read more
The dollar was broadly higher in N.Y. trade on Friday, adding to its post-ECB gains versus the euro, and tacking on upside against the other major currencies as well. EUR-USD posted 1.3755 lows, as USD-CAD shot higher on a very soft employment report, as USD-JPY edged to 101.85. Read more
One of the long leading indicators, which usually turn a year or more before the economy as a whole, is corporate profits. In the first quarter of 2014, it may have turned down. According to Marketwatch, http://www.marketwatch.com/story/great-expectations-2014-05-06."[E]arnings growth is slowing. Read more
The USD firmed moderately against the EUR and other currencies during both the Asian and European AM sessions. EUR-USD dipped to a new 'post-ECB' low of 1.3804, Cable coattailed EUR-USD, ebbing to a low of 1.6899. USD-JPY firmed made a high of 101.79, having recovered from a dip to sub-101.50 levels during the Tokyo session. Read more
