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The dollar faded in early N.Y. trade on Thursday, despite slower than expected jobless claims and a better than forecast Philly Fed index. Risk-off conditions prevailed, which soured USD sentiment to a degree. Trading ranges overall were relatively narrow however. Read more
Let me start with two introductory comments: Fist, one disagrees with Bill McBride at one's peril with regard to housing, but I am unable to share in his continued optimistic outlook. Housing sales are driven by three primary factors: 1. Housing moves inversely, with a lag, to interest rates. 2. Read more
The dollar came under pressure against most currencies. EUR-USD rallied to a three-day high of 1.1836 and USD-JPY turned sharply lower in London trading after logging a two-week high at 113.14, dropping under 112.50. The drop in USD-JPY reflected in part a bout of demand for the yen as European stock markets turned south, despite the fresh record highs on Wall Street yesterday. Read more
The yen continued to underperform, coming amid fresh highs on Wall Street. USD-JPY clocked a two-week high at 113.14, while EUR-JPY, AUD-JPY, and other yen crosses, also scaled to new highs. Strong trade data out of Japan had little impact on the yen. Read more
The dollar weakened in N.Y. trade on Wednesday, leaving the DXY at 93.41 lows, and down from one-week highs if 93.80. Weaker U.S. housing starts data dented USD sentiment early on, and from there, the greenback drifted mostly lower. EUR-USD topped at 1.1794, up from 1.1745 opening lows. Read more
The dollar continued to firm. USD-JPY rallied for a third successive session, making a nine-day at 112.76, and EUR-USD declined for a fourth consecutive session, logging a nine-day low at 1.1730. While losing ground the dollar, the euro managed gains versus the yen, sterling and other currencies. Read more
The dollar traded with a firming bias, gaining versus New York closing levels against most currencies, but still remaining shy of respective highs that were logged yesterday. Clouding the picture presently is the looming decision by the Trump administration on who will have the Fed chair, whether it will be the reappointment of dovish Yellen or the decidedly more hawkish Taylor, among the five candidates being considered. Read more
The dollar started the N.Y. session on a firmer footing, aided by higher than expected import and export prices. From there however, the greenback turned lower, leaving the DXY under 93.50 from one-week highs of 93.73. EUR-USD bottomed at 1.1737 before making its way to 1.1774 highs, as range trade mentality persists. Read more
OVERVIEW USD gaining across the board on reports that Trump is leaning towards a hawkish Fed Chair candidate. GBP under pressure as two new members of BoE are not ready to back a rate hike yet despite inflation remaining at 5-year high. EUR soft despite rise in German investor morale, inflation still below ECB's target. EU continues to push UK for more concessions in Brexit negotiations. AUD is fairing well, limited reaction to upbeat RBA minutes. Read more
