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EUR-USD tested 1.3650, which was the highest level seen since Jan-29 as the euro extended the gains seen following last Thursday's ECB unchanged policy announcement and Friday's U.S. jobs report disappointment. The pair subsequently drifted back to the 1.3625-30 area, with good selling interest reported in the 1.3650-60 area. Read more
It's been an uneventful start to the week in trading among the main currencies. The USD posted narrow ranges against most other currencies. Stock markets in Asia extended last week's rebound on the coattails of Wall Street's rise following the U.S. jobs report on Friday. Read more
The dollar spiked broadly lower following the weaker U.S. employment report on Friday, as equity futures dove, and Treasury yields pulled back. The initial reaction however, turned quickly, as the dollar crept higher, and equities ended up posting solid gains. Read more
In the rear view mirror, 4th quarter productivity rose, but unit labor costs fell. December construction spending rose slightly, but factory orders fell. January data was dominated by the unexpectedly weak but positive employment report, and the non-upward revision of December's even poorer but positive number. Read more
Last week was a very busy week for central banks as we had three different interest rates decisions from the ECB, BOE and RBA. All kept rates steady (see commentary at this link on the ECB decision). The BOE has a policy dilemma on their hands. In previous statements, they said their unemployment rate threshold was 7%. Read more
The dollar was mixed in early N.Y. trade, driven largely by mixed data, and the ECB's unchanged policy announcement. EUR-USD led the charge, as that pairing rallied from 1.3495 lows to a peak near 1.3620. Meanwhile, a solid equities bounce helped USD-JPY touch 102.00, after posting lows near 101.25. Read more
For the last several months, economists have been commenting more and more on the heightened possibility of eurozone deflation. They have pointed to the nearly halving of the year over year inflation rate over the last 12 months as primary evidence. Unfortunately for the EU, the latest policy announcement from the ECB indicates the bank is falling behind on this front. Let's look at where Draghi gets it wrong by looking at the key phrase from his policy announcement Underlying price pressures in the euro area are expected to remain subdued over the medium term. Read more
The USD is marginally firmer versus the other currency majors after quite session in Asia and the European AM. Stock markets saw a further recovery, though market participants were being cautious ahead of the ECB and BoE announcements, both of which may bring market-moving statements, and with tomorrow's U.S. Read more
The main currencies are showing little net change from Wednesday's London closing levels, though the AUD popped higher on a set of firm Australian data. USD-JPY and EUR-JPY are fractionally higher at 101.48-50 and 137.24-26, with the backdrop of steady stock markets having brought a halt the recent firming trend of the yen. Read more
The last two quarters of GDP reports for the US have been very bullish with prints of 4.1% and 3.2%. However, recent data has left the markets concerned. Durable goods orders recently dropped, the housing sector is slowing and auto sales dropped more than expected. Read more
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