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USD-JPY led the dollar lower today. The pair's move correlated with fresh declines in Asian stock markets following the Markit/HSBC China manufacturing PMI for December, which came in at 49.5 in the flash estimate, down on the 49.8 median and first sub-50 contractionary reading in seven-months. Read more
The dollar headed lower versus the European majors and the yen in N.Y. morning trade on Monday. as another round of oil price weakness hit the equity markets. Risk off was again the driver, which was likely exacerbated some by the deadly terrorist situation in Sydney, Australia. Read more
Prime Minitster Abe – who was re-elected in a snap election over the last few days – has been in power a few years. He first came to power on the back of “Abenomics” – a three part economic revival plan that contained the "three arrows" of currency devaluation, structural reform and fiscal stimulus. Read more
The dollar recovered during the London AM after trading softer in in Asia. The yen saw some chop, initially declining in the early Tokyo session as the market reacted to PM Abe's landslide victory at the weekend's election, which gives a fresh mandate to yen-negative 'Abenomics' policies, before firming in a delayed 'on-the-fact' manner as the outcome had been widely anticipated. Read more
The dollar traded softer in pre-European open trade in Asia, while the yen more than gave back early Tokyo losses and traded firmer in 'on-the-fact' manner following the as-expected landslide victory of PM Abe at the weekend's election in Japan. The election outcome gives a fresh mandate to yen-negative 'Abenomics' policies. Read more
Monthly November reports were few but strongly positive, including retail sales, consumer sentiment, and the JOLTS jobs report. PPI showed outright deflation. My usual reminder that the high frequency weekly indicators provide an up-to-this-week snapshot of the economy. Read more
The dollar remained under pressure in N.Y. on Friday, as risk-off was again in vogue. Stocks tumbled again, as oil prices continued their unrelenting slide, trading under $57.50. The much better than expected December preliminary U. of Michigan sentiment report gave the greenback a brief respite, though dollar selling picked up again into the London close. Read more
Relatively narrow ranges have prevailed among the main dollar pairings, which held comfortably within respective Thursday ranges. Liquidity was again reported to be on the low side due to the approach of year-end and ahead of the election in Japan at the weekend. Read more
The dollar was mostly higher in N.Y. trade on Thursday, helped by better retail sales and initial jobless claims data, which propped up yields, and saw Wall Street rally nicely. EUR-USD moved from 1.2440 to lows into 1.2370, as USD-JPY climbed back over 119.00, to peak at 119.55. Read more
I'm traveling this weekend, so this review is a bit early. Over the last month, OPEC announced it would not lower its oil output. Analysts interpreted this decision as OPEC’s attempt to sink oil prices below levels at which fracking companies are profitable. Read more
