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Posts Tagged ‘dollar’

Markets bet that Fed will follow ECB this week to announce something “spectacular”

Gotta love that financial market enthusiasm for central banks. Last week the markets rallied on signals from the European Central Bank that it would cut its key interest rate--now at a negative 0.40%--to a negative -0.50%, lower the rates that banks pay to borrow money from the central bank, and restart its program of quantitive […]

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Saturday Night Quarterback says, For the week ahead expect…

... well, expect that nothing much else  will matter if the yuan-dollar exchange rate moves noticeably up or down this week. In a normal week, investors and traders would be studying reports on inflation (CPI), retail sales, initial claims for unemployment, oil inventories, and housing starts. But all that news will play second fiddle (if […]

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People’s Bank signals that yuan devaluation will be orderly

U.S. stocks rallied strongly today, Thursday, August 8, after the People's Bank of China set its daily reference rate for its currency at 7.0039 to the dollar. That was stronger than the 7.0156 yuan to the dollar overnight estimate of 21 analysts and trader surveyed by Bloomberg. (The bank sets a middle point for the […]

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No let up in President Trump’s pressure on the Fed to cut interest rates faster

More tweets today from President Donald Trump in his campaign to pressure the Federal Reserve into more aggressive cuts to interest rates. “Incompetence is a terrible thing to watch, especially when things could be taken care of sooo easily. We will WIN anyway,” the President wrote. “It would be much easier if the Fed understood, […]

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A rally in tech shares disguises return to risk off trading

Shares of Apple (AAPL) climbed 0.21% to lead the Technology Select Sector SPDR ETF (XLK) higher by 0.40% as of 2 p.m. trading in New York. That helped disguise what is otherwise a return to the risk off trading of Monday after Tuesday's rally--although with smaller declines than on Monday. The Standard & Poor's 500 […]

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People’s Bank signals its goal of an orderly retreat in China’s yuan, and markets recover–somewhat

Stocks rallied today on signs that the People's Bank intends to deliver an orderly drop in China's currency. This morning the yuan traded slightly above the critical 7 yuan to the dollar currency band. And the bank said it will sell $4.2 billion in yuan bills in Hong Kong on August 14. A debt sale […]

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Financial markets fear what comes next in U.S.-China trade war

It would be unwise to assume that today's retaliation by China is the last tit for tat in the U.S.-China war. What "reasonable" fears are making rounds today? That the Chinese decision to let the yuan break the 7-yuan-to-the-dollar barrier isn't the end of the slide in the Chinese currency. I'm hearing predictions of 7.20 […]

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Wall Street falling “in like” with gold

We don't know--precisely--what the Federal Reserve will do at the meeting of its interest-rating-setting Open Market Committee on Wednesday July 31. The odds on the CME FedWatch Tool say there's a 100% chance of an interest rate cut but there's still disagreement about whether the cut will be "a business as usual" 25 basis points […]

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President’s remarks remind markets there’s still a trade war going on

At a cabinet meeting today President Donald Trump wanted to remind everyone that he could still impose additional tariffs on Chinese imports if he wants. The President also expressed impatience that the truce in the trade war with China hadn't yet resulted in a pickup on Chinese purchases of U.S. farm products. After his end […]

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China and Singapore show continued weakness in global economy

Trade analysts call Singapore's export-driven economy the canary in the coal mine for the global economy. In which case that canary is looking kind of wobbly lately. Singapore's GDP contracted at an annualized 3.4% rate in the second quarter. That's the biggest decline since 2012. Another indicator economy, South Korea's export dependent economy, has already […]

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