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Markets were in a holding pattern after Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations. Asian markets struggle to due Fed taper risk, but in Europe stock markets were encouraged over the U.S. growth outlook. Read more
Asian markets were influenced by Friday's much better than expected U.S. NFP print in October, which ramped up Fed taper expectations. Treasury yields and the dollar were boosted on Friday and remained supported during overnight trade. There was also positive data from the Asia region as China industrial production and retail sales rose 10.3% y/y and 13.3% y/y, respectively. Read more
Australia continues to have fairly decent economic numbers. Last month retail sales rose .3%, -- the same rate as the previous month. The year over year number was 2.6%. Additionally, home prices increased 1.9% from the second to third quarter. The unemployment rate, which has risen from 5.4% in October 2012 to 5.7% over the summer, appears to have stopped increasing; it has printed at 5.7% over the last three months. Read more
In the rear view mirror, the first estimate of third quarter GDP came in at nearly +3%. Monthly reports in the last week featured October jobs, up strongly, while the unemployment rate rose slightly. Personal income also rose strongly. Personal spending also rose. Read more
A much better than expected NFP print in October ramped up Fed taper expectations, which initially saw yields rise, stocks sell off, and the dollar rally. Treasury yields and the dollar stayed high through the session, though Wall Street for a change apparently took a look at economic fundamentals, instead of the Fed's punch bowl, and bought stocks up through the afternoon session. Read more
Yesterday the ECB cut the overnight rate fo 25 basis points. The following text from Craghi's statement highlights the banks thinking: Read more
After wild price action on Thursday there was more orderly action, with most players staying out of the market ahead today's U.S. data, which includes the delayed NFP release. EUR moved either side of 1.3400, while Cable struggled to sustain 1.6100 after the U.K. Read more
After wild price action on Thursday Asian markets experienced more orderly action. Some of the price swings yesterday were heavily influenced by positioning. USD-JPY did a 180 pip round from 98.70 up to 99.40 down to 97.60 before it steadied. In Asia, there were heavy buyers on dips, but broad equity market losses weighed as the JPY crosses were underpinned by further deleveraging after yesterday's U.S. Read more
The dollar surged higher in early N.Y. trade, as the ECB surprised the market, and cut interest rates by 0.25 %. EUR-USD gapped to 1.3354 from over 1.3500 immediately after the rate cut, and after the better U.S. GDP print, but in a base of 1.3295. The greenback moved broadly higher after the rate cut, posting gains versus all the major currencies. Read more
Yesterday the Conference Board released the Index of Leading Economic Indicators for September, which had been delayed due to the government shutdown affecting data releases last month. The index rose 0.7 for the second month in a row, and had its highest YOY reading in two years. Read more
