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Last week, most of the economic information released about the US dealt with the manufacturing sector. The overall purchasing managers index (or PMI) printed at 56.2 (a reading above 50 indicates expansion). While the new orders sub-category decreased 2.7 points, its total still came in at 60.5 which is a very high level. Read more
The dollar started soft in N.Y. on Monday, though perked up some on rumors of a six-month funding deal in Washington. The talk never amounted to anything, and stocks and the greenback faded once again. The U.S. factory and construction data were postponed due to the shutdown, so there was nothing on the economic front to trade off of. Read more
Interest was light in in Asia and Europe as the impasse over the U.S. debt ceiling extended through the weekend. The House passed a bill guaranteeing that all federal workers laid off during the government shutdown will be paid the wages they would have earned when they were not allowed to work and some workers were also called back to work. Read more
Risk aversion dominated the Asia session as the impasse over the U.S. debt ceiling extended through the weekend. The House passed a bill guaranteeing that all federal workers laid off during the government shutdown will be eventually paid the wages they would have earned when they were not allowed to work. Read more
FX trade was relatively subdued in N.Y. on Friday, initially due to the lack of employment report, which was postponed due to the U.S. shutdown. Major dollar pairings were nearly static through late morning, though into the London close, the unit posted some fairly broad, if modest gains. Read more
A quiet data calendar left the focus on events in Washington D.C., where the government shutdown moved into its fourth day. Speaker Boehner has said he is willing to do what is necessary to avoid default, which suggests beyond the heated rhetoric there is the political will to reach a deal before the debt ceiling deadline. Read more
The dollar consolidated losses in Asia, though anxiety over the U.S. government shutdown weighed on sentiment and kept safety players underpinned. JPY was supported on dips, along with the CHF, while EUR maintained a relatively firm tone after it extended recent gains on Thursday. Read more
The dollar sagged in N.Y. trade on Thursday, as anxiety over the U.S. government shutdown appears to grow by the day. Equities were crushed through the morning session, though recovered some when reports that Speaker Boehner is willing to pass a clear CR in order to move toward getting a boost to the debt limit which in turn would avoid a default. Read more
The dollar remained on the back foot after yesterday's damp ADP reading, while the impasse in D.C. continued to dominate headlines. Markets are still taking a more optimistic view that politicians will eventually carve out a solution. Asia markets benefited from a revival in risk appetite amid signs that momentum in China's economy is well sustained after non-manufacturing PMI hit a six-month high, which weighed on JPY. Read more
The dollar remained on the back foot in Asia after yesterday's damp ADP reading, while the impasse in D.C. continued to dominate headlines. Markets are still taking a more optimistic view that politicians will eventually carve out a solution, which will avoid the U.S. Read more
