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Beige Book: Little New, Little Reaction

July 29, 2009
The initial read of the Fed's Beige Book is ho-hum. Most districts report slower pace of economic contraction. Labor markets remain soft. Modest manufacturing recovery in 6-12 months. There were few signs of positive growth, but we would anticipate that by the end of Q3 there will be positive growth signs. The Beige Book was compiled by the Bo…
Beige Book: Little New, Little Reaction Beige Book: Little New, Little Reaction Reviewed by magonomics on July 29, 2009 Rating: 5
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More and Clearer on SNB

July 29, 2009
The earlier estimate of SNB intervention was derived from last week's data that showed that its euro holdings rose by 32 billon euros in Q2 after a 20.26 billion euro increase in Q1. Dollar holdings rose to almost $20 billon from $13.2 billion. Of course the full increase might not reflect only intervention as there may be a valuation componen…
More and Clearer on SNB More and Clearer on SNB Reviewed by magonomics on July 29, 2009 Rating: 5
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SNB Details Size of Intervention

July 29, 2009
According to Reports the Swiss National Bank has confirmed it has spent $32 billion to weaken the Swiss franc since March. How effective has it been? The trade-weighted index (BOE calculation CEERSZ on bloomberg) has effectively depreciated by about 3.2% from its peak on March 6th to today. Against the euro, the Swiss franc has fallen about 4.3%. …
SNB Details Size of Intervention SNB Details Size of Intervention Reviewed by magonomics on July 29, 2009 Rating: 5
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Durability of Durable Goods Orders

July 29, 2009
The headline decline in durable goods orders (-2.5%) was greater than the market expected, but ex-transportation figure rose 1.1% , well above the flat expectation and is the highest in four months. In addition to the closure of auto plants in the first part of the month, commercial aircraft bookings fell 39% after the 60% jump in May. Orders for …
Durability of Durable Goods Orders Durability of Durable Goods Orders Reviewed by magonomics on July 29, 2009 Rating: 5
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Japan Industrial Production Expected to Continue to Recover

July 29, 2009
Japan reports retail sales figures first thing on Wednessday in Tokyo. A 0.4% month-over-month gain is expected, which would leave it off 6% over the year. Retail sales tends not to be a significant number in Japan or for the yen, as the Japanese economy traditionally stands on three legs: government spending, capex and exports. Japan reports indu…
Japan Industrial Production Expected to Continue to Recover Japan Industrial Production Expected to Continue to Recover Reviewed by magonomics on July 29, 2009 Rating: 5
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