Aug. 28, 2013, 7:38 AM
- The 10-year yield fell to as low as 2.70% overnight, but is currently 3 bps above yesterday afternoon at 2.74%. TLT -0.4% premarket.
- Europe's off moderately and Asia fell inline with yesterday's decline in the U.S., but crude oil surged more than $3 per barrel to $112 before falling back to just above $109 at the moment.
- The dollar (UUP) is stronger across the board, with the euro (FXE), cable (FXB), yen (FXY), swissie (FXF), and loonie (FXC) all off somewhere in the area of 0.5% against the greenback. As is typical of late, the aussie's (FXA) decline is somewhat higher, -0.8%.
- Other dollar ETFs: UUPT, UDN, UDNT.
- Related currency ETFs: ERO, ULE, URR, EUO, DRR, EUFX, GBB.
- Treasury ETFs: TLH, TLT, IEF, DTYL, DLBL, ILTB, TENZ, ITE, TLO, EDV, VGIT, VGLT, TMF, TYD, LBND, UBT, UST, TMV, TYO, DSTJ, DSXJ, SBND, PST, TBT, DTYS, DLBS, TBF, TTT, TYNS, TYBS, TBX.
Aug. 27, 2013, 7:49 AM
- Moving along with the precious metals over Syrian tension is crude oil, with both WTI crude (USO) and Brent (BNO) up more than 1.6%. WTI at $107.50 per barrel is threatening to take out levels last seen in the Spring of 2011.
- The greenback is also catching a bid, moderately higher against the euro (FXE), cable (FXB), and the loonie (FXC), but sharply higher vs. the aussie (FXA). The dollar is losing a good bit of ground against the yen (FXY), and off just a bit vs. the Swiss franc (FXF).
- Dollar ETFs: UUP, UUPT, UDN, UDNT.
- Related currency ETFs: FXE, ERO, ULE, URR, EUO, DRR, EUFX, GBB, YCL, YCS, JYN.
- Oil ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Aug. 26, 2013, 4:21 AM
- Forex reserves have been falling at Asian banks as they have attempted - not so successfully - to bolster their weakening currencies, which have been suffering partly from the Fed's talk of tapering. Six out of the 10 banks with the largest holdings have cut their reserves this year.
- The Bank of Indonesia's holdings have plunged a record 18% in 2013, while the rupiah has dropped 12%. The Reserve Bank of India's holdings have fallen 4% as the rupee has dropped 12%.
- The trends threaten currencies that central banks bought as they looked to diversify their reserves beyond the U.S. dollar in past years, including the euro, the Swedish krona, the Norwegian krone, the South Korean won, and the Australian and Canadian dollars.
- ETFs: CEW, AYT, JEM, PGD, FXE, ERO, ULE, URR, EUO, DRR, EUFX, ICN, INR, FXA, GDAY, CROC, FXC, FXS,
Aug. 15, 2013, 4:38 PM
- Rising rates, the decline in stocks, and escalating violence in Egypt provided no bid for the greenback which fell across the board today.
- The dollar (UUP -0.7%) lost more than 1% against the Swiss franc (FXF +1%) and nearly 1% vs. the yen (FXY +0.8%) and cable (FXB +0.9%). The euro (FXE +0.7%) gained nearly three quarters of one percent.
- Typically the first to sell off when markets get a bit panicky, even the loonie (FXC +0.2%) and the aussie (FXA) picked up ground against the U.S. unit.
- A reason? Maybe the commodity sector (DBC +1%) - it was notably strong with metals, energy, and the grains all higher.
- Related dollar ETFs: UUPT, UDN, UDNT.
- Broad commodity ETFs: DJP, GSP, LSC, RJI, GSC, GCC, GSG, DBC, DPU, DJCI, UCI, USCI, DYY, UCD, DEE, CMD, DDP, RGRC, CTF, CFD CSCR, CSCB.
Jul. 17, 2013, 10:12 AMThe Bank of Canada maintains its benchmark lending rate at 1% following the first policy meeting headed by new Governor Stephen Poloz. The statement leans dovish, noting inflation has been low and is "expected to remain subdued." The loonie (FXC -0.5%) takes a sizable dip, now buying $0.9615. Canadian stocks (EWC +0.3%) gain in early trade. Poloz's press conference is set for 11:15 ET. | Comment!
Jul. 8, 2013, 9:35 AMThe struggling loonie (FXC) should be about done going down and could rise back to parity with the greenback in 2014, according to CIBC. The loonie has slid along with the aussie (FXA) this year thanks to disappointing global growth and the fall in commodity prices, but that's where the comparison ends, says CIBC. The countries are at different stages of the business cycle and each with a different export focus: Oz is China, meaning iron ore and coal, and Canada more tied to oil, vehicles, parts, and machinery. | Comment!
Jul. 2, 2013, 10:25 AMCanada's RBC PMI for June slips to 52.4 from May's 53.2. Among the contributors to the expansion were New Export Orders with some businesses mentioning an increase in activity out of Europe. The manufacturing slowdown from earlier this year was "a temporary blip," says RBC's Craig Wright, looking for strengthening international demand in H2. The loonie (FXC -0.5%) remains lower vs. the greenback. | Comment!
Jun. 29, 2013, 1:33 AMThe Canadian dollar (FXC) had its worst first-half loss in value since 1984, falling by 5.7% to the U.S. dollar. The loonie closed 1H at 95.07 U.S. cents and at least one expert sees sub-94 cents in its near future. The bulk of the drop in valuation came during Q2, as slowing Canadian economic data bumped up against the strengthening U.S. dollar. | Comment!
Jun. 7, 2013, 8:51 AMThe jobs action is in Canada where May payrolls jumped 95K, the best month of job creation in a decade and flying past expectations for 15K. The unemployment rate fell to 7.1% from 7.2%. The loonie (FXC) jumps 0.6% to $0.9798. We'll keep an eye on stocks in Toronto (EWC) as Canadian equities have been underperformers this year thanks to weakness in commodity prices. | 2 Comments
Jun. 6, 2013, 12:28 PMUnusual given past patterns, the dollar (UUP -1.7%) is being unloaded across the board and in size along with stocks selling off. The euro (FXE +1.5%), cable (FXB +1.8%), the yen (FXY +3.1%), the aussie (FXA +1.1%), and the loonie (FXC +1.3%) are all sharply higher vs. the greenback. The Dow's now off 86 points. | 14 Comments
Jun. 6, 2013, 10:20 AMCanada's Ivey PMI for May flies past expectations, jumping to 63.1 vs. consensus 57 and last month's 52.2. It's the highest level in a year for the gauge (which tends to read hotter than the RBC/Markit measure), led by the prices index climbing to 63.2. The loonie (FXC) remains little-changed vs. the greenback, buying $0.9663. | Comment!
Jun. 3, 2013, 9:52 AMCanada's RBC PMI for May jumps to 53.2 - it's strongest pace in 11 months, and up from 50.1 in April. New Order growth hit an 11-month high, Output moved into expansion territory for the first time in 3 months, Job Creation is at its strongest since August, and Backlogs went into expansion for the first time in 8 months. The loonie (FXC) is flat and buying $0.9647. Stocks: EWC +0.6%, but it's been an underperformed this year, off 1.8% as resource prices and the loonie slide. | Comment!
May. 29, 2013, 10:23 AMThe Bank of Canada keeps policy on hold, maintaining its benchmark rate at 1% in Gov. Mark Carney's final meeting before leaving to head the Bank of England. The statement notes Q1 growth was likely stronger than the bank's April estimate. The loonie (FXC +0.2%) adds a bit to the day's strength, now buying $0.9655. | Comment!
May. 22, 2013, 10:42 AMBernanke: Stocks continue with solid gains as the chairman suggests the Fed may never sell the massive assets it's accumulated, instead just letting them roll down. Most interesting are Treasury prices (TLT -1.1%) rolling over - the 10-year yield sunk to 1.89% as Bernanke's soft comments hit the tape, but has reversed to now threaten 2%. Gold (GLD +0.6%) has given up much of its knee-jerk gains, and the dollar (UUP +0.3%) is having none of it, higher across the board, particularly vs. the aussie (FXA -1.1%), yen (FXY -1%), and loonie (FXC -0.6%). | 5 Comments
May. 21, 2013, 3:40 PM
May. 17, 2013, 9:38 AMDid the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). | 5 Comments
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