Oil prices rallied yesterday following the EIA weekly data and are up further today. Despite the rise in US inventories (4.1 mln barrels) more than four times greater than expected, participants focused on other details....
The IMF is the most authoritative source for reserve holdings of central banks. It reports the data at the end of each quarter with a quarter lag. At the end of last year, the IMF...
In thin holiday markets, a correction to the trends seen in Q4 has materialized. The US dollar is heavy. Japanese and European equities are lower. Bonds are firmer. Some reports try to link the moves...
The US economy created roughly nine million net new jobs since the start of 2009. Through organic growth and acquisition, majority-owned affiliates of US multinational companies have also expanded their employment outside the US. It is...
The ECB does not include Greek bonds in its sovereign bond purchase operation. However, the progress is being made, and it is possible that starting early next year, the ECB will buy Greek bonds. Greece...
The US dollar entered a consolidative phase yesterday, and this carried into today’s activity. While the foreign exchange market is sidelined as the two-week trend slows, the stocks and bonds are posting strong gains today....
The US dollar’s upside momentum eased yesterday in North America, and follow-through selling was seen in Asia and the European morning. The dollar is lower against nearly all the major and emerging market currencies. The...
Many observers continue to tout Italian risks as the greatest in the euro area into the year end. The constitutional referendum that would emasculate the Senate, and end the perfect bicameralism that has contributed to...
The market has not changed its mind. Following Brainard’s comments yesterday the market had downgraded the chances, which were already modest, of a Fed hike next week. The September Fed funds futures is unchanged on...
Last week, some market participants were giving more credence to what seemed like dovish FOMC minutes than to NY Fed President Dudley’s remarks that accused investors of complacency over the outlook for rates. Yesterday, Vice-Chairman...
All that is solid is melting. After Copernicus, we know that earth is not the center of Creation. Darwin showed us that humans are part of the animal kingdom. Freud told us we are not even...
Americans have a saying about an 800-pound gorilla in a room. It refers to a person or organization so powerful that it can act unilaterally. The British have an expression about an elephant in a...
