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The dollar moved to N.Y. session highs versus all the majors in afternoon trade on Monday, with EUR-USD touching 1.3590, and USD-JPY peaking at 102.43. Cable fell back toward London lows of 1.6725, easing into 1.6731, while USD-CAD broke through the 1.09 mark, after coming up just short through the session, peaking at 1.0910. Read more
The dollar firmed up moderately against most currencies, recovering from some of the losses that were seen late last week. Weak German state CPI data and a revision lower in Eurozone manufacturing PMI for May saw EUR-USD dip over 30 pips to levels back under 1.3600, but the market left last Thursday's 1.3586 low untroubled. Read more
The dollar firmed up moderately against most currencies, recovering from some of the losses that were seen late last week. A risk-on session, fuelled by an above-expectations outcome in China's purchasing managers index for May, which lifted to 50.8, the best level since December, helped underpin USD-JPY as the yen followed its usual inverse correlation with stock markets. Read more
Both the euro and the pound have been rallying against the dollar since the beginning of November. Traders have been buying the pound in anticipation the BOE would raise rates before the Fed while the euro has been a strong beneficiary of Draghi's statement that he would do "whatever it takes" to defend the currency (and the EU). Read more
Monthly data for May started with a positive Chicago PMI, and April data included positive durable goods. House prices continued to rise. Pending home sales rose slightly. Conference Board and Michigan sentiment were both neutral. Personal income rose, but personal spending declined, meaning that the personal savings rate rose. Read more
Monthly data for May started with a positive Chicago PMI, and April data included positive durable goods. House prices continued to rise. Pending home sales rose slightly. Conference Board and Michigan sentiment were both neutral. Personal income rose, but personal spending declined, meaning that the personal savings rate rose. Read more
The news this week was actually pretty morose. Neither the UK for Australia printed any meaningful numbers. Both Canada and the US reported weak 1Q GDP, indicating that the continent wide adverse winter weather was probably the primary culprit. Read more
Month-end and a Friday combined to keep FX trade very light on Friday. Profit taking helped lift EUR-USD from near 1.3600 through buy stops over 1.3640. The pairing eventually peaked at 1.3650. USD-JPY was steady between 101.65 and 101.85, while USD-CAD perked up on Canada's GDP miss. Read more
Yesterday's -1% reading for 1Q US GDP growth has created concern that the economy may be entering a perod of slower growth. There are several reasons this concern is unfounded. Read more
The dollar traded mostly softer during the Asian and European AM sessions with yesterday's U.S. GDP miss and lower Treasury yields having taken the shine out of the greenback. The euro also exhibited signs of being less sensitive to bearish leads. EUR-USD established a foothold above 1.3600 after briefly dipping just below here in Asia and again in early London trade, even though the market had excuse to take the euro lower on an unexpected drop in German retail sales, and sub-forecast Spanish HICP and Italian PPI numbers. Read more
