Treasuries continue their rally–mostly on euro weakness
The rally in U.S. Treasuries keeps on keepin’ on. But all indications are that the Treasury rally is built on the relative attractiveness of Treasuries rather than on a forecast of falling U.S. economic growth. At least that’s what the mix of stronger Treasury prices plus a steady market for stocks argues to me.
Shift from declining to rising dollar extends for another day
The drivers seem to be better than expected U.S. retail sales for November; a report that industrial production in the EuroZone contracted in October; and a sense that a possible decision to begin tapering off the current $85 billion in asset purchases at the Federal Reserve’s December 18 meeting might not be especially scary. That last would reduce demand for the safe-haven Japanese currency.
Dollar sinks against euro and yen–but looks like it may be stabilizing
The dollar is down agains the yen and the euro, but it looks to be stabilizing on worries that Japan’s economy is weak enough to bring the Bank of Japan back into action and on uncertainty about economic news from the EuroZone set for release tomorrow
Yen and Tokyo stocks take a rest ahead of end of the week U.S. and European news
The yen is taking a bit of a breather today after hitting a six-month low against the U.S. dollar yesterday. Today’s slight rise in the yen—0.57%–takes the yen to 102.37 to the dollar. Japan’s currency is down 14% for 2013 against the U.S. dollar.
Play it again, Ben: Odds of a sooner than later taper at the Fed hit emerging market stocks and currencies
Remember when developing economy currencies and emerging market stocks fell as bets that the Federal Reserve would begin to taper off its $85 billion in purchases of Treasuries and mortgage-backed assets sooner rather than later caused the U.S. dollar to climb? Here we go again
Yen still looks headed lower but uncertainty of when and how quickly increases
I think putting money into Japan on a forecast that the yen will be weaker in six months than it is today is still likely to pay off. But the trade is certainly not as simple as it was earlier in 2013
Saturday Night Quarterback says, For the week ahead expect…
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Weak dollar and weak yen–how long do these trends run?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Your 10-step guide to currencies and emerging stock markets
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Already big valuation gap between U.S. and emerging market equities likely to expand with any Fed taper
The tilt toward U.S. stocks and away from emerging market equities got even more extreme in July. Investors sent $32 billon to U.S. equity ETFs in July, the most since September 2008 while keeping withdrawals from emerging-market stock ETFs on a pace for the biggest annual outflow since 2000. This comes despite a huge valuation gap between U.S. and emerging market equities.
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