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Monthly data for August included an increase in new home sales, but a decrease in existing home sales. Durable goods orders decreased. Consumer sentiment as measured by the University of Michigan continued to decline. My usual note: I look at the high frequency weekly indicators because while they can be very noisy, they provide a good Now-cast of the economy. Read more
The dollar consolidated overnight gains in early N.Y. trade, and in some instances, gave back some ground on the back of pre-weekend position squaring. The return of some risk taking overnight, following Yellen's clarifying speech, helped sentiment in N.Y .dealings, as did an upwardly revised Q2 GDP outcome. Read more
The dollar index rose to a five-week high in the wake of Fed boss Yellen's remarks late yesterday, where she clearly left the door open for a rate lift-off before year end. Stock markets were mixed in Asia, but rallied strongly in Europe as VW shares rose for a third consecutive day, while Yellen's hawkish-leaving rhetoric was taken by investors as a sign that the Fed is not overly concerned by emerging markets, despite its refrain from hiking rates last week. Read more
The major currencies traded without clear direction in pre-European trade in Asia following a bout of dollar gains after Fed chairwoman Yellen left the possibility of a rate hike on the table. She remarked in a speech late yesterday that "most FOMC participants, including myself, currently anticipate .... Read more
The dollar was again mixed in N.Y. trade on Thursday, though revealed little reaction to in-line jobless claims, durable orders, and better new home sales data. USD-CAD broke through the 1.34 level, making 11-year highs of 1.3416, as oil prices fell again, and as risk-off conditions prevailed. Read more
The dollar ebbed moderately against its G3 peers, while the three currencies as a bloc rallied against most Asia and commodity currencies amid an evolving risk-off environment as the European AM session progressed. The euro flagged after a brief rally following an above-forecast German Ifo business confidence survey amid market conjecture that the data was ''rear view' in light of the VWorrying situation among European car manufacturers, but EUR-USD subsequently picked up and edged out a three-day peak at 1.1230. Read more
The major currencies held steady during pre-European open trade in Asia, while the G3 posted gains against some Asian currencies. Stock markets were mixed, with Japan underperforming notably as markets there reopened after a three-day public holiday, taking its cue from two consecutive down days on Wall Street and a weak Japanese manufacturing PMI reading. Read more
The dollar was mixed in N.Y. trade on Wednesday, falling against the euro and yen, while posting gains against sterling and the CAD. Aside from the Markit flash PMI, which came in unchanged from August, and had little market impact, the U.S. calendar was empty, though gyrations on Wall Street kept trade on the nervous side of the ledger. Read more
The dollar and yen posted fresh highs against most currencies during a risk-off Asian session before these moves unwound some during the European AM, when stock markets across the region managed to rebound -- including shares of "V(ery) W(orried)." EUR-USD logged a two-week low at 1.1105 in Asia, subsequently settling in the mid-1.11s. Read more
The dollar continued to hold firm amid a continuing risk-off theme in global markets, with equity markets once against taking it on the chin, this time following an unexpected decline in China's Caixin manufacturing PMI for September. The Shanghai Composite was showing a 1.2% loss in late PM trade in China, while most other markets in Asia were also lower. Read more
