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The main dollar pairings mostly consolidated the gains seen after the FOMC announcement yesterday. EUR-CHF grabbed headlines as it spiked to a peak at 1.2096 from the 1.2010 area in early European AM trade after the SNB implemented a negative interest rate of -0.25% on sight deposits. Read more
The dollar has traded higher in the wake of the FOMC announcement and press conference, even though the Fed obscured its already convoluted statement by replacing the phrase "considerable time" with "patience" with regard the expected duration of easy policy. Read more
The dollar generally moved higher through the morning session, as yields perked up slightly, stocks and the ruble rallied, as oil prices rose sharply. CPI was a touch cooler than forecast, while the Q3 current account deficit widened some, though had little impact ahead of the FOMC. Read more
While many commentators pooh-pooh consumer sentiment surveys, the fact is that the "future expectations" of those surveys have been shown to lead economic performance, and they are included as one of the 10 components of the Index of Leading Indicators. Read more
The chart above shows the US 30 year constantly maturing treasury (or CMT, left scale) and the 2 CMT (right scale). Since the beginning of 2014, the 30 year yield has moved lower, dropping over 100 basis points. In contrast, the 2 year CMT has risen about 30 basis points. Read more
The dollar traded firmer today, with AUD-USD making new four-year lows under 0.8150 and EUR-USD ebbing back to the 1.2450 area, putting over 100 pips between spot and yesterday's peak at 1.2569. USD-JPY made a peak of 117.50 before settling around 117.20-30. Read more
The Aussie dove to new trend lows with AUD-USD diving below 0.8200 and logging a four-year low at 0.8145. There didn't appear to be a catalyst, and stock markets and commodity prices were generally steadier in Asia-Pacific, though there remain concerns about the growth outlook in Asia and globally. Read more
Markets looked a little scary early in the N.Y session on Tuesday, following Russia's rate hike, as the ruble plunged to record lows, a fresh trend low in oil prices, diving sovereign yields, and retreating equity markets. As the morning progressed however, sentiment turned around some, allowing the dollar to rally some, oil prices to move modestly higher, and Wall Street turn positive. Read more
I've written extensively about the deteriorating Russian economic situation (see here, here and here). In the broadest terms, growth is slowing and inflation is increasing. International sanctions as a result of Russia's military advances are preventing Russian businesses from re-financing debts. Read more
USD-JPY drove broader dollar declines today, while strong Eurozone PMI data supported EUR-USD. USD-JPY touched a low of 116.22, the lowest since Nov-17 and some 140 pips down on yesterday's closing level. A lot of commentaries pointed to the extended losses in Japanese stock markets, with the Nikkei closing 2% down today, as driving the yen higher. Read more
 and the 2 CMT (right scale). Since the beginning of 2014, the 30 year yield has moved lower, dropping over 100 basis points. In contrast, the 2 year CMT has risen about 30 basis points.&p[images][0]=//xecommunityassets.s3.amazonaws.com/300 and 2.jpg){kind=link}