currencies

For the past decade since the financial crisis, China has largely supplied incremental global liquidity. This is a fundamental change from previous decades where the US was the fulcrum. But, today the Chinese have realized they can no…

Note: this post is going out via Patreon and Credit Writedowns. So, you may get duplicate emails. I am just doing this to alert anyone that is only getting emails on one platform to ping me at edh@creditwritedowns.com, so I can fix that.…

The euro is “celebrating” its 20th anniversary this month, but they aren’t popping corks across the continent. The underlying assumption of a common currency—namely, that it would lead to a convergence of the member countries’ production,…

The trading day is over in the US and the numbers look good. Equity markets have recovered smartly from last weeks nosedive, with all major US indices up about 1%. Notable for me is the fact that WTI is trading close to $50 a barrel and the…

If you look at markets today, they are on full strike. The Fed may have reduced guidance. But that was clearly not enough to assuage market sentiment. Across a wide cross-section of markets, conditions have continued to tighten this morning…

There are a number of market, economic and political threads I want to comment on as we end the week. In terms of my mood, having digested the recent economic and political news, I am actually hopeful. I think the prospect of recession and…

Trump's bellyaching about the Fed is only harming him. It serves no useful purpose. If he thinks it's a veiled threat, he's wrong.

In contrast to the last month, it was a good day for the markets today. So I want to do a mini-recap. All eyes on Apple First up: Apple is slated to report tomorrow afternoon after the closing bell. Expectations for their earnings report…

I want to start today's daily with the markets and the real economy before I branch out into more political economy including Germany. European economic numbers And since I mentioned Germany, let me start there. A slew of economic data came…

This morning, US stock futures are pointing to triple-digit losses after declines in Europe and in Asia. And the European indices are at a one-year low. There are quite a number of proximate causes for the weakness. But the overriding fear,…