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After trading largely sideways overnight, the dollar lost ground in N.Y. trade on Monday, leaving the DXY at one-week lows of 93.00. Risk-off conditions remained, see stocks and yields mostly lower. The was no U.S. data to drive markets to start the week. Read more
OVERVIEW The UK government tries to step up negotiations on Brexit with Europe. The Norwegian Krone continues to strengthen as we approach the elections in Norway. Wholesale trade numbers in June from Canada fail to liven up the Loonie. The Bundesbank upgrades growth expectations for Germany for this year. HIGHLIGHT The departure of Steve Bannon from the Trump administration had little impact on the markets as these departures are now becoming the 'norm'. US DOLLAR The US Dollar has strengthened somewhat in this cautious environment helped by some stronger than expected economic data. Read more
One of the things I have been surprised about in the last several years is the relative lack of apartment construction. With the large Millennial generation in their 20s and 30s, the big increases in rent, and the collapse in supply during the housing bust, I figured there would be a boom. Read more
USD-JPY settled to the lower 109.0s after capping out at a 109.42 on Friday. Market participants are keeping a weather eye on the Korean peninsular, with Pyongyang today warning of a "merciless strike" as the U.S. and South Korea prepare for military drills. Read more
The dollar majors traded without drama during the pre-London open session in Asia. USD-JPY settled to the lower 109.0s after capping out at a 109.42 on Friday, which was seen following a pop higher on the news that Trump advisor Bannon was out (on the view that the executive branch will be left less acutely biased toward trade protectionism). Read more
This week, there was no macro theme tying all the data together, save a general positive tone in the EU and Japan, but more weakness in the UK. Read more
This week saw the release of several key statistics: building permits and housing starts (which, depending on your interpretation, are either long-leading or leading indicators), along with two coincident indicators: industrial production and retail sales. Read more
July data featured another positive reading of the Index of Leading Indicators, despite a decline in both housing permits and starts. Industrial production and retail sales were also both positive, although manufacturing production was slightly negative and capacity utilization was flat. Read more
The combination of terror attacks, and ongoing U.S. political gyrations riled markets again in N.Y. on Friday, taking USD-JPY to four month lows of 108.61 in the process, as risk-off conditions prevailed. Later in the session, it became clear that White House advisor Bannon was on his way out, which quickly brought a relief rally to Wall Street, and saw USD-JPY jump better than 70 points to session highs of 109.60. Read more
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