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The USD posted fresh highs against the JPY, AUD and NZD, but was otherwise mostly steady against the euro and other main currencies. USD-JPY vaulted to a new six-year peak of 110.09, taking out the reportedly major option barrier level at 110.00 without much problem, before settling back to the mid-109s. Read more
The dollar was fairly stable against the major European currencies in N.Y. on Tuesday, though posted gains versus the yen and the CAD. EUR-USD recovered over 1.2630 after posting trend lows of 1.2572 in London, as USD-JPY steadied over 109.50, rallying to 109.76 highs. Read more
The dollar rebounded from Asian session weakness amid a post-Eurozone inflation data rout in EUR-USD, while the month-end batch of Japanese data was also conducive of USD-JPY gains. The euro took a hit on news that Eurozone HICP ebbed back to 0.3% y/y from 0.4% in the flash September estimate despite the uptick in the Spanish headline rate and unchanged German numbers of yesterday. Read more
Let me start out by quickly explaining why I pay so much attention to the housing market. It is because no other single economic indicator so accurately foretells the health of the economy 12-18 months later than housing, and in particular new housing sales and construction. Read more
The dollar traded steady-to-softer today after a period of outperformance. AUD-USD and NZD-USD led the way, with the former rebound from yesterday's nine-month low at 0.8684 to a high today of 0.8767. Dollar losses against the yen were more modest, with USD-JPY dipping to a low of 109.18 before recovering to the 109.50 area, leaving yesterday's low at 109.12 untroubled. Read more
Despite the volatility on Wall Street, and lower Treasury yields, the dollar remained fairly stable in N.Y. trade on Monday. Overall, the greenback did lose some ground to most major currencies, though this came after an overnight session which saw EUR-USD post trend lows, and USD-JPY trend highs. Read more
The following data releases will have a disproportionate impact in the coming week. Read more
In the rear view mirror, 2Q GDP finally settled out at +4.6%. Monthly data for August included a blowout improvement in new home sale (much of which I suspect will be revised away next month), and a slight decline in existing home sales, Durable goods ex-Boeing were slightly higher. Read more
The dollar gained across the board in N.Y. trade on Friday, as equities clawed back some of Thursday's sharp losses, and as interest rates edged higher, in part related to the departure of bond guru Gross from PIMCO. On the data front, the final Q2 GDP revision match better expectations, while U. Read more
Let’s start with a one-sentence overview of the major economies: Australia is clearly slowing down as a direct result of China’s growth slowing Japan is hitting a post-Abenomics rough patch that may lead to further government or BOJ action Canada is in the middle of slow and steady growth The US is growing at a strong rate The UK continues to be the best performing major economy, although indicators are lower from earlier year highs The EU still may be slipping into a deflationary spiral Earlier this week, I wrote about the continuing negative news from the EU. Read more
