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EUR-USD edged out a three-week high of 1.3734, reflecting on this occasion general euro perkiness as the dollar itself firmed against the yen, sterling and most other currencies. The euro move came despite a disappointing German ZEW survey outcome, which cited concerns about the possible global impact from the recent slowdown in U.S. Read more
The yen weakened following the BoJ announcement that it will double a funding tool to Y7 tln, which was unexpected. USD-JPY jumped to a high of 102.74, the highest level seen this month, before settling around 102.55-102.60. EUR-JPY also hit a new high for the month of 140.86. Read more
Yesterday, Japan printed a GDP Q/Q seasonally adjusted growth rate of 1%. According to Bloomberg, the market had been expecting approximately a 2.8% increase, meaning this number was a disappointment. However, a look at the details shows things aren't as bad as the headline number suggests. Here is a table from the report: On a seasonally adjusted basis, private demand increased .8%, which comes out to an annual rate of 3.2%. Read more
The USD logged fresh lows in Asia, which continued the bear trend after a run of sub-expectations data out of the U.S, before rebounding during the European AM session. EUR-USD edged out a three-week high of 1.3725, then settled around 1.3700. There was no European data of note today. Read more
The USD extended lower, continuing the recent theme in Asia after a run of sub-expectations data out of the U.S. Sterling was an outperformer, with Cable running to a new major-trend highs of 1.6822, GBP-JPY to a two-week peak of 170.92 and EUR-GBP a fresh one-year low of 0.8164. Read more
In January data reported this past week, industrial production, capacity utilization, and retail sales all fell. Wholesale inventories rose. Consumer confidence was unchanged. The purpose of my weekly reports on the high frequency weekly indicators is to provide an up-to-this-week snapshot of the economy, a way to "mark to market" my own opinions and a vehicle for you to do so with yours as well. Last week I cited "The Big Chill" that spread throughout the indicators. Read more
Last week was full of some as great economic news. Probably the best came from the EU, where 4Q GDP grew by .3% Q/Q and .5% Y/Y. French GDP was up .3%, German .4% and Italian up .1%. While some commentators believe these numbers reduce pressure on the ECB to do something about deflation, I would argue that problem is already several enough to warrant some action. Read more
FX trade was quiet on Friday, into a long North American weekend. U.S. data was mixed, with import prices a bit firmer, industrial production softer, and Michigan sentiment slightly better than forecasts. EUR-USD ran up to 1.3714 highs into the open, though struggled to hold the figure through the session. Read more
USD weakness persisted. EUR-USD forayed above 1.37, making a peak of 1.3714, which is a couple of pips shy of the Jan-27 peak. Stronger than expected GDP figures out the Eurozone inspired the rally, while the euro seemed unaffected by news of the resignation of Italian PM Letta. Read more
USD-JPY and yen crosses drifted lower, the AUD gave up early Sydney session gains, while EUR-USD pretty much flat-lined as the market consolidated yesterday's rally following a round of weakfish U.S. data. The main data releases in Asia were China inflation figures, which came in at 2.5% y/y, which didn't have much bearing on markets. Read more
