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Despite another meltdown in European and North American equities, the dollar was either firmer or near unchanged versus major currencies, European growth concerns and softer EU consumer confidence data sank EUR-USD to under 1.1115, and eyes will be on Draghi's EU parliament testimony on Wednesday, where a dovish tone is expected to be struck. Read more
I wrote in last Saturday's "Weekly Indicators" column that interest rates have taken center stage. To make the point, I downloaded a few graphs, but I thought I would post them separately. To begin with, let's compare treasury bond yields with corporate bond yields (here, BAA grade bonds). Read more
The yen outperformed by virtue of its safe haven credentials as a risk-off theme intensified during the European AM, which drove the pan-Europe STOXX equity index to a 2.5% loss despite mostly higher markets in Asia. USD-JPY shed over 0.6% in declining to the 119.70 area, while EUR-JPY skidded into two-week low territory, and AUD-JPY dove to one-week lows. Read more
The dollar has rallied against the euro, other European currencies and most Asian currencies. USD-JPY has been comparatively steady today, having rallied above 120.50 yesterday. Japanese markets remained closed today. EUR-USD, meanwhile, has dropped further into two-week low territory in making a low of 1.1163, extending yesterday's dollar-driven decline in the wake of hawkish remarks from Fed's Bullard and, to a lesser extent, Lacker. Read more
After pulling back further in post-FOMC overnight trade, the dollar advanced in N.Y. on Friday, with some of the steep losses suffered after the Fed pared back into the weekend. Yields remained lower however, as Wall Street hit the skids, perhaps as the markets reckoned the Fed thinks there will be global growth obstacles ahead. Read more
The dollar turned broadly higher in early N.Y. trade, as Treasury yields stemmed their bleeding, and as Wall Street moved solidly higher. Aside from existing home sales data, which were a touch softer than expected, and had little impact, the U.S. calendar was empty. Read more
The dollar traded firmer against the yen, Aussie and Kiwi dollars, and most Asian currencies, while holding largely steady against the euro. USD-JPY lifted above 120.00, though Friday's peak at 120.41 had remained unchallenged at the time of writing. Read more
The G3 currencies posted narrow ranges against one another, while gaining against Asian units, including the Aussie and Kiwi dollars, amid a backdrop of mostly lower stock markets in Asia. While the Shanghai Composite is showing a 1% gain in late PM session in China, most other markets in the region have declined. Read more
Hale Stewart is a former bond broker who has been writing about economics and financial markets since 2006 on the Bonddad Blog. He is also a tax attorney with a domestic and international practice while also forming and managing captive insurance companies for US companies. Read more
Hale Stewart is a former bond broker who has been writing about economics and financial markets since 2006 on the Bonddad Blog. He is also a tax attorney with a domestic and international practice while also forming and managing captive insurance companies for US companies. Read more
