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Let's start by looking at the news from the EU, where we learned prices are still very much contained. Core CPI came in at 1% Y/Y, while total CPI was .7% for the same period. There is also no wage pressure, as these costs increased a mere 1.4% in 4Q2013. Read more
After a busy week, FX trade was light and relatively quiet in N.Y. on Friday. Following the sharp gains posted this week, the dollar came under s bit of position squaring pressure versus the European majors and the commodity bloc. There was no U.S. data releases, though equities managed to rally, taking the S&P 500 to its best levels ever. Read more
Above is chart for the dollar/yuan. Over the last five years, it has decreased a little over 11%. However, over the last few weeks, the PBOC has allowed the yuan to rise strongly. Read more
The USD traded mostly softer versus yesterday's New York closing levels, correcting some of the strong gains made in the wake of the FOMC this week. Trade was quiet due to a lack of market-moving themes and with Japanese markets having been closed today for the Vernal Equinox holiday. Read more
Narrow ranges prevailed among the main currencies in a session that was quieted by the absence of Japan, which was out for the Vernal Equinox holiday. The PBoC set the USD-CNY reference rate at 6.1475, below Thursday's fixing of 6.1460, though the pair hit 6.2370, which was the weakest the yuan has traded at since Feb-25 last year. Read more
The dollar firmed further in early N.Y. trade on Thursday, adding modestly to gains posted after the FOMC on Wednesday. As Wall Street turned higher however, and Treasury yields peaked out and subsided some, the dollar and the yen came off their best levels through the remainder of the session. Read more
It appears that the soft patch the economy hit in December and January may have ended. Of the four primary series measuring production (blue in the graph below), real sales (green), jobs (red), and real income (orange), all but jobs declined in both December and January: But as the graph shows, industrial production, jobs, and real sales have all risen in February. Read more
The USD extended higher against the EUR and some other currencies during the European AM session after pausing the post-FOMC rally during Asia. EUR-USD led the way, dropping to a two-week low of 1.3762, which is nearly 50 pips under yesterday's New York closing low. Read more
Monthly news for February was highlighted by the employment report, with a moderate increase in jobs and wages, but a decline in hours and an increase in the unemployment rate. ISM manufacturing was up, but services were down to a multiyear low, although they still showed expansion. Read more
The USD has consolidated modestly lower after surging across-the-board on the FOMC, after Fed boss Yellen said there will be about a six-month period between the time when the Fed's bond buying program ends (late this year) and when the first rate hike will be seen. Read more
, real sales (green), jobs (red), and real income (orange), all but jobs declined in both December and January:
But as the graph shows, industrial production, jobs, and real sales have all risen in February.&p[images][0]=/system/files/styles/large/s3/image_64.jpg?itok=WDTfIJmb){kind=link}