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USD majors posted narrow ranges during pre-Europe Asian trade. EUR-USD flat-lined around 1.3710-20, as it did for most of Wednesday. USD-JPY saw a brief dip to a low of 101.66 following a much stronger than expected initial estimate of Japanese Q1 GDP of 5.9%, though this was evidently driven by a surge of big ticket consumer purchases ahead of the sales tax hike in April. Read more
The dollar traded sideways through the N.Y. session, with most major dollar pairings mired inside a 25 point trading band. Hotter U.S. PPI gave the greenback a minor boost, though softer yields and equities offset to a degree. EUR-USD held onto the 1.37 handle throughout the session, basing at 1.3705, and peaking at 1.3723. Read more
GBP took a dive following a disappointing labour market report that was quickly backed-up by the BoE May Inflation Report, which unexpectedly left GDP and CPI projections largely unchanged while signalling that there remains no rush to hike interest rates. Read more
The AUD logged a one-month high versus the USD as the Sydney market returned to the nascent bullish theme with the Federal Budget now out the way (the budget was announcement during the evening the day before, and was generally considered near expectations and less austere than some pundits had warned). Read more
N.Y. FX trade on Tuesday saw the dollar mostly higher, despite a retail sales miss, only slightly higher equities, and slightly lower Treasury yields. EUR-USD touched new trend lows of 1.3695, as USD-JPY faltered from recent highs of 102.35, though did manage to hold the 102 handle throughout the session. Read more
Over the last few posts, I’ve noted that in practical application the policy of austerity has been an abject failure. Every country that has implemented these policies -- which involve large cuts in government spending during a slumping economy in the hopes they would lead to a decrease in government debt – have in fact had the exact opposite effect. Read more
The USD remained on a genrally firm footing, led by EUR-USD, which dove to a new one-month low of 1.3711 in the wake of a much weaker than forecast German ZEW confidence reading. The ZEW came in at 33.1 in April, down sharply from 43.2 in March. USD-JPY edged out an 11-day high of 102.36. Read more
USD-JPY edged out an 11-day high amid general yen softness as stock markets rallied in Japan and Asia after U.S. indexes hit record peaks on Monday. The pair made 102.32, and was settled just below here going into the London open. EUR-JPY logged a two-day peak of 140.78. Read more
The dollar meandered inside of relatively narrow ranges in N.Y. trade on Monday, with EUR-USD consolidating last week's post-ECB losses, and idling in a 1.3754 to 1.3772 band throughout the day. USD-JPY found a footing near 101.90 early, and managed to take out the 102.00 mark on the back of a fairly strong Wall Street rally. Read more
I want to finish out this series on the failure of austerity by looking at the poster child of failed austerity policies: Greece. Read more
