Archive for November, 2015
Thursday, November 26th, 2015
Via Marc Chandler at Brown Brothers Harriman:
The Table is Set, the Dollar Consolidates
- The US dollar remains firm, even if it has eased from its seven-month high against the euro and five-year high against the Swiss franc recorded yesterday
- The immediate focus is on the ECB
The Reserve Bank of Australia ...
Posted in Uncategorized | Comments Off on More FX
Thursday, November 26th, 2015
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=hf36f507,14f56b39,14f56b3a&p1=136122&p2=9a42de9d74db4436415c70e2470db1d6>
“He who exercises no forethought but makes light of his opponents is sure to be captured by them” The quote's from Sun Tzu's The Art of War and while I don't think for a second that Mario Draghi is anyone's opponent, he is regularly under-estimated. ‘Whatever ...
Posted in Uncategorized | Comments Off on Early FX
Wednesday, November 25th, 2015
Yesterday I posted this Bloomberg article about discerning the gradual path the FOMC may follow as it begins to hike rates. A reader of that post linked to a Ben Bernanke speech in 2004 in which he expounds on the role of gradualism in FOMC policy making. It is a ...
Posted in Uncategorized | Comments Off on Gradualism Revisited
Wednesday, November 25th, 2015
I had planned not to blog until Monday but found this interesting story on attempts to repair the repo market.
Via the FT:
US bond dealers and investors have been urging policymakers to address dislocations within fixed income markets in private meetings this month.
Focus has centred on the primary market for short-term ...
Posted in Uncategorized | Comments Off on Repairing Repo
Wednesday, November 25th, 2015
Blogging will resume Monday November 30th. I wish everyone who follows this blog a happy and joy filled Thanksgiving.
Posted in Uncategorized | 2 Comments »
Tuesday, November 24th, 2015
This Bloomberg article on gradualism and Fedspeak is quite unique. In thirty five years of reading analysis of the Fed I do not believe I have ever come across quotes from a linguistics professor and an etymology of a word. You learn something new each day.
Via Bloomberg:
Yellen's contribution: `gradual' doesn't ...
Posted in Uncategorized | 2 Comments »
Tuesday, November 24th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
The Conference Board measure of consumer confidence took a tumble in November, falling to 90.4, the worst performance in over a year. The drop is especially surprising since other gauges of household attitudes that had dipped in the wake of the August/September hiccup in ...
Posted in Uncategorized | Comments Off on Consumer Confidence
Tuesday, November 24th, 2015
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: Goods Deficit Narrows, Q3 GDP Revised Higher
· The goods deficit narrowed to $58.4B in October, following the upwardly revised $59.1B print in September.
· The narrowing in the deficit bettered the market consensus, and it suggests that the external sector may be stabilizing.
· The ...
Posted in Uncategorized | Comments Off on Morning Data Review
Tuesday, November 24th, 2015
Via Ian Lyngen at CRT Capital:
We are cautiously optimistic about the takedown of this afternoon's 5-year auction even though the sector has historically seen mixed receptions and the proximity to the holiday weekend could limit aggressive bidding. Potential today is for a modest stop-through. Foreign demand has been strong for ...
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Tuesday, November 24th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softens, Consolidation Phase Continues
- Although the speculative market seems stretched short the euro, bearish sentiment prevails
- German Q3 GDP was confirmed at 0.3% amid concern that the Germany economy was hitting a soft patch
- Japan's preliminary manufacturing PMI rose to the highest level ...
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