Global Market Commentary, Analysis and Investments
We were curious about what would happen yesterday. The market sold off on Friday. The question was: are investors rejecting Ben Bernanke and his printing press money?
Another big drop in stocks yesterday would have confirmed the rejection hypothesis. A big increase in stock prices would have suggested that investors were on board with QE.
[Read more...]We couldn’t help but chuckle at the following headline: “US Retailers and Suppliers See Consumer Spending Bouncing Back.�
Here we go again. A survey by CIT indicates that “consumer spending is better than last year and gradually making a comeback.� In fact, “US retail spending may return to 2007 levels by late next year.�
[Read more...]The Bank of Japan finally intervened in the markets last night, selling yen (JPY) for the first time since 2004… I had warned you that this would come about, and now it has… The BOJ came in with both guns a-blazin’, just like I told you they would, and moved the level of yen from its lofty level of 82.88 to 85.20 this morning.
[Read more...]This past weekend, we observed the ninth year since the awful, cowardly acts on our nation. I was proud to see all the American flags flying on Saturday. I really don’t like talking about 9/11; it brings back all those sick feelings I had that day, and the days following… I will never forget…
[Read more...]The currencies are in rally mode again this morning, after a strong, but not as strong GDP report from China last night. Chinese second quarter GDP printed at 10.3%, which is quite a drop from the 11.9% they printed in the first quarter of this year… But, I’ve got two things to say about this…
[Read more...]Front and center this morning, the non-dollar currencies led by the euro (EUR), are sliding against the dollar… Yesterday, the currencies range-traded all day, and in the overnight Asian session that pattern remained tight… But in the European session this morning, as economic growth in the Eurozone slowed in the fourth quarter of 2009, only one of the currency area’s four largest economies expanded.
[Read more...]Today, we’re chock-full-o-stuff to look for, starting with a European Central Bank (ECB) meeting. And throughout the morning, here in the US, there’ll be even more “stuff” to look for, like retail sales. And since it’s a Thursday, the Weekly Initial Jobless Claims will also print. The Fed’s Beige Book printed yesterday afternoon, and we’ve got that to discuss this morning, too… So, let’s get this Tub Thumpin’ Thursday going, eh?
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Strong US Retail Sales Equals Stronger US Dollar
A chill came over the currencies and metals yesterday, which was about right, when you take into consideration the trading patterns of the past month… Two days risk on; two days risk off, and so on… This time though, the risk off that began yesterday mid-morning, looked to me to be a fundamental move… What? Fundamentals driving currency movements? What, has the world gone crazy? Well… It certainly looked that way… And it all began with the printing of US retail sales…
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