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The dollar traded firmer against the yen and Aussie and was near net unchanged against the euro in quiet trade as markets wait for today's ECB announcement. EUR-USD oscillated around 1.1600. Markets are braced for a $1.3 tln QE program through the end of 2016, as indicated by an ECB Executive Board proposal, according to sources cited by Bloomberg yesterday. Read more
The dollar was generally higher versus the major currencies, though some volatility, particularly in EUR-USD and USD-CAD was of note. EUR-USD fell to 1.1565 from 1.1625 when reports the ECB would do 50 bln euros per month of QE, through the end of 2016. Read more
Over the last several days, both the IMF and the World Bank have issued their global growth reports, both of which contained lowered projections. The combination of these texts place into context the underlying reasons for the recent equity market and and commodity market sell-off, treasury market rally and overall concern regarding world economic performance. Let’s start with the World Bank’s report, which contained four concerns: First is persistently weak global trade. Read more
The dollar traded softer, led by USD-JPY declines after the BoJ refrained from expanding monetary policy and with Governor Kuroda not leaving any clues of fresh stimulus during his press conference. USD-JPY clocked a three-day low at 117.30 before recovering to the upper 117s, still remaining over a big figure down from yesterday's high. Read more
USD-JPY losses after the BoJ statement led broader dollar losses today in Tokyo. The pair lost over a big figure from Tuesday's closing levels in making a low of 117.55. This matched yesterday's low and swings Monday's low at 116.92 into view. The BoJ refrained from expanding its stimulus program, leaving the annual pace of increase its monetary base at Y80 tln, although it cut next fiscal year's CPI forecast (starting April) to 1.0% from the 1.7% projected three months ago. Read more
The dollar firmed up in N.Y. trade on Tuesday, as EUR-USD struggled over the 1.1600 level, and eventually slipped to lows under 1.1545. USD-JPY eased into 118.25 on softer risk taking, though as stocks pared losses, head back to session highs over 118.80. Read more
The dollar has traded mixed in Asia and during the European morning, firmer against an underperforming yen and lower versus an outperforming pound. EUR-USD was near net unchanged in early PM trade in Europe, having recovered to the 1.1600 area from an Asia-session low at 1.1568 after the German ZEW investor confidence surged to 48.4 in January, an 11-month high. Read more
The dollar traded firmer today amid a risk-on backdrop as Asian shares rallied, which were aided by a slightly better than expected Q4 GDP out of China, which came in at 7.3% y/y (median 7.2%), although the 2014 figure of 7.4% was still the lowest in 24 years. Read more
The dollar traded moderately lower in quiet trade ahead of BoJ and ECB policy decisions this week, the upcoming election in Greece, and with U.S. markets closed for the Martin Luther King holiday. EUR-USD logged a high of 1.1631 in a rebound fuelled by short covering and European corporate demand, coming after the euro logged a fresh nine-year lows of 1.1460 on Friday. Read more
The global slowdown has caused US interest rates to plummet along with gasoline prices. While the decline in interest rates reflects concern about weakness and deflation now, it also sets the stage for a rebound later -- hence why interest rates are a long leading indicator. Read more
&p[url]=/blog/xe-market-analysis/interest-rates-are-bullish-housing-market-later-year-and-us-economy-next&p[summary]=The global slowdown has caused US interest rates to plummet along with gasoline prices. While the decline in interest rates reflects concern about weakness and deflation now, it also sets the stage for a rebound later -- hence why interest rates are a long leading indicator.&p[images][0]=/system/files/styles/large/s3/image_275.jpg?itok=uDSdyK-T){kind=link}