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Since the end of the Great Recession, central bank policy has become extremely politicized with a small but vocal section of the economic and political world arguing record low interest rates and quantitative easing would lead to a massive currency devaluation, rising interest rates and an inflationary spike. Read more
EUR-USD settled around 1.2500 into the ECB announcement, while USD-JPY settled in the mid-114s having retreated sharply after logging a 115-plus high during Tokyo trade, which left a low at 114.05. USD-JPY's high was 115.51, which is the loftiest level seen in six years. Read more
USD-JPY retreated sharply after logging a 115-plus high during Tokyo trade, dropping back to a low of 114.05 before settling in the 114.40-60 area. The high was 115.51, which is the loftiest level seen in six years. The drop correlated with a fairly big correction in Japanese stocks, while selling by Japanese exporters was also seen. Read more
The dollar continued to rally today. U.S. data came in mixed relative to expectations, but still painted a relatively robust economic picture to most other major economies. EUR-USD has recouped to the upper 1.24s after leaving a low at 1.2457, leaving Monday's 27-month nadir at 1.2437 untroubled. Read more
The simple fact is, economic downturns almost always happen because consumers decide to retrench, and pull back on spending. Furthermore, it is usually because prices have grown more than wages that drives their decision to retrench. Indeed, where commodity prices are falling, but wages are rising, there has simply never been a recession. So the rapid decline of gas prices to less than $3 a gallon, in the face of wages for nonsupervisory workers growing at 2.2% rate (and likely to improve in coming months), is as close to purely good economic news there is. First, let me show you consumer prices YoY vs. Read more
USD-JPY led a broad dollar advance. Driving the move was yen underperformance as the market continued to adjust to the BoJ's unexpected expansion in its QQE program last week and a dollar pop on news of that the Republican party's success in the midterm elections. Read more
USD-JPY led broader dollar gains in pre-Europe trade in Asia. Driving the move was continued yen underperformance as the market continues to adjust to the BoJ's unexpected expansion in its QQE program last week and a dollar pop on news of that the Republican party's success in the mid-term elections (now back in control of both houses of Congresses). Read more
The greenback pulled back some in N.Y. trade on Tuesday, though traded ranges were narrow overall. A wider than expected September U.S. trade deficit had little impact on the markets, as was the case with soft, but in-line factory orders data. Treasury yields moved off their highs after the data, while Wall Street stumbled modestly, perhaps as long positions were pared into Friday's key U.S. Read more
It's been correction time for the dollar, which gave back some of its recent gains. USD-JPY dipped to a low of 113.17, over a big figure down on yesterday's 114.21 six-year peak. Japanese exporters were active sellers, while the head of Japan's Chamber of Commerce Mimura said that the yen has weakened too much and that USD-JPY at 95-105 would be more desirable (the BoJ's actions speak a lot louder than Mimura's works, needless to say). Read more
The dollar gave back some of its recent gains. USD-JPY dipped to a low of 113.28 before settling around 113.50. The pair had closed in New York at 113.74, off of the new six-year peak at 114.21. Japanese exporters were among the sellers, while the head of Japan's Chamber of Commerce Mimura said that the yen has weakened too much and that USD-JPY at 95-105 would be more desirable. Read more
, is as close to purely good economic news there is.
First, let me show you consumer prices YoY vs.&p[images][0]=/system/files/styles/large/s3/image_222.jpg?itok=1OBp-12N){kind=link}