Elections give stock markets the jitters–and not just in the U.S.
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The dollar is falling and it’s not done yet
The U.S. dollar is in a holding pattern so far this morning as the currency markets wait for decisions from Australia and Japan. But after tomorrow I expect the dollar’s decline to resume. On Friday, October 1, the U.S. dollar hit a six month low and I don’t think we’re done yet.
Resumption of yen’s gains may force Japan to intervene again rather than admit failure
After an initial drop to a one-month low on September 15, the yen is now up 1% since the government intervened in order to drive down its price. The Japanese government put off intervening in the currency markets for so long that traders believe it now has no choice but to attempt again to weaken the yen. Abandoning intervention now would brand the policy a failure and remove any restraint on traders.
The Fed signals a possible need for more stimulus and gold climbs, the dollar falls, and yields set new lows
The U.S. stock market may have shrugged its shoulders at the Federal Reserve’s statement yesterday afternoon, September 21, but gold, the dollar, and the U.S. bond market sure reacted. Gold climbed to a record high (well, a record if you ignore inflation), the dollar fell against 15 of 16 major currencies, and yields on the two-year Treasury fell to an all-time low as bond prices rallied.
Don’t count on Japan’s intervention to keep the yen down for long
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Gold is showing life as worries lead risk appetite to shrink
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...Now currencies add to the uncertainty
This morning it’s currencies in the news. That adds uncertainty to a financial market that already is stumbling as it looks for direction
Has U.S. growth slowed enough for the Fed to act tomorrow?
The fear among economists is that U.S growth is slowing dangerously. And that has raised speculation that the Fed will announce a resumption of quantitative easing, possibly as early as tomorrow.
Want to buy AAA-rated bonds in U.K. pounds? Try Singapore
In other words U.K. institutional investors, looking for safety and yield in a long-term bond denominated in pounds sterling first asked the Singapore national investment company to do an offering and second flocked to the deal like bees to clover.
China’s currency takes another small step onto the global stage
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Inflation is dead–for the short term
The theory was that as fear retreated, yields on relatively safer U.S. treasuries would start to rise. So far it hasn’t happened. The yields on two-year Treasury notes hit a historic low on July 23.
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