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There were no data of note out of Europe, and Japan was closed for a public holiday, but there was still some brisk activity in the main currency markets in which the USD traded softer. EUR-USD posted a 12-day peak of 1.3683, extending the gains seen following last Thursday's ECB unchanged policy announcement and Friday's U.S. Read more
The AUD extended recent gains following a net positive set of Australian data, while the USD retained its post U.S. jobs report soft tone. The yen remained steady-to-soft as stock markets in Asia continued to rally (including China, despite the Securities Journal saying that 2014 will be "very difficult" for the economy), though trade was subdued by Japan's National Foundational public holiday. Read more
The FX market was very quiet in N.Y. on Monday, as a lack of data, and flat equity and Treasury prices kept activity muted. EUR-USD matched London highs of 1.3650, and put in a floor of 1.3630. USD-JPY meanwhile, dipped briefly to 102.00, though continued to find support at the figure. Read more
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
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