Poor EMU PMI Compounds ECB’s Challenge

Overview: The eurozone’s preliminary composite PMI for January fell to its lowest level since July 2013. It reinforces expectations for a dovish Draghi press conference and saw the euro unwind yesterday’s gains. The US dollar is firmer against all the major currencies. Asian stocks gained, and the MSCI Asia Pacific Index snapped a two-day fall…

Dollar: Range-Bound Or Trending?

The US dollar had a good week, appreciating against all the major currencies but the Swiss franc, and most emerging market currencies, with a couple of notable exceptions, including the Turkish lira and the South African rand. However, the dollar’s gains seemed to be more a function of negative developments abroad rather than positive developments…

Fed And Italy Lift Dollar Tone

Overview: We had anticipated that the dollar’s downside correction against the European currencies was over or nearly so and looked for the dollar to find better traction. The Dollar Index held above the previous week’s low. The euro’s high for the week was recorded on Monday near $1.1815. With the weight of Brexit, sterling was…

Gains Ahead Of The Weekend Lift Dollar’s Technical Tone

The US dollar rose against the major currencies last week. The sole exception was the Swedish krona. More than a third of its 1.15% weekly advance was recorded ahead of the weekend in what appeared to be position-squaring ahead of the September 9 election. The Dollar Index rose 0.25% last week, owing to the pre-weekend…

The Dollar Drift

By Stephen Innes Capital markets continue to digest various narratives getting pushed in many directions, but continue to position on a very short horizon given absolute uncertainties, while US equity markets continue to print fresh record highs to start the week, this despite US 10-year yields firming several pips higher overnight. S&P 500 breaking 2900…