Currencies Be Calmed

Highlights The US dollar is broadly weaker today as is the Japanese yen as the latest bout of market anxiety eases.  News that China indicated that it is not planning on selling its European bond holdings helped the euro recover…

Dollar Races Higher

Highlights The US dollar is posting strong across the board gains.  The sole exception is the Japanese yen, which is also benefiting from the heightened anxiety.  There are three main drivers today.  First, there is fear…

ECB Intervention Unlikely

The euro has rallied about 1% and has spurred talk of ECB intervention.  We are skeptical.  There seems to be little reason to expect the ECB to intervene outside of its time zone in a unilateral fashion.  Convention, we…

Europe Still in Denial

As noted in the daily, Eurogroup head and Lux Prime Minister Jean-Claude Juncker has played down need to intervene in the foreign exchange market, saying there was no need to defend the euro.  Yet in the same interview, he claimed that…

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