currencies

Highlights The US dollar trading higher just as the North American session is about to start.  However, position squaring in Asia and Europe had pushed short-term technical indicators into an over-extended condition and near-midday in…

Spanish savings banks, called cajas, are finally moving.  It took the central bank to take over CajaSur, which is controlled by the Catholic church in Cardoba, ten days ago to light a fire under the others.  There were about 45 of…

Highlights The US dollar is modestly lower against the major and emerging market currencies.  The key driver is really the absence of bad news and some position adjusting in the wake of stronger commodity and equity…

Highlights The US dollar was mostly softer vs. the majors, but EUR/USD was sidelined for a day as the yen was the big mover on political uncertainty (see below).  We believe the euro bear trend remains intact, but that the pace of…

The yen is drifting lower in the North American morning.  If at first in response to the resignation of Prime Minister Hatoyama the yen was sold on political uncertainty, it may be being sold because of uncertainty appears to be…

Highlights The US dollar is little changed against most of the European currencies and within the dollar-bloc as a consolidative phase is emerging.  The yen is center stage today following the resignation of Japan’s prime…

Highlights The US dollar was mostly firmer vs. the majors.  EUR/USD made a marginal new low for the cycle at 1.2111, helped by rumors about France (see below) but then spiked higher during North American trading before closing lower…

Australia The Reserve Bank of Australia met earlier today and as widely expected kept the official rate steady at 4.5%.  The tone of the statement was fairly neutral, as one might expect after 6 rates hikes since last October and…

Highlights The US dollar has begun the new month off on strong footing against both and emerging market currencies.  The yen is the sole exception.  There are three drivers today.  The first is economic data from China and…

Below is a clip from Sky News which demonstrates that a Gold Rush is developing in China, with many now distrustful of fiat currencies. China is now the number one consumer of gold. But all across the world, we are witnessing the same…