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Central Banks Do Nothing, Promise More

August 02, 2012
The ECB has disappointed the market who expected some action after Draghi's strong comments last week.  In anticipation the euro was briefly taken through the $1.24 level only to be sold down to new lows for the week, below $1.22.         

Draghi did not break new ground.  He reiterated what was already known.  Countries need to formally req…
Central Banks Do Nothing, Promise More Central Banks Do Nothing, Promise More Reviewed by Marc Chandler on August 02, 2012 Rating: 5
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Fed Reaction, but Draghi's Day

August 02, 2012
The US dollar has surrendered yesterday's post-FOMC gains as the market churns within recent ranges ahead of today's ECB meeting, the key event risk of the week.   The euro is back to levels seen near this time yesterday.   Stronger than expected Australian retail sales (1.4% vs 0.9% consensus) and an unexpected trade surplus (A$9 mln vs…
Fed Reaction, but Draghi's Day Fed Reaction, but Draghi's Day Reviewed by Marc Chandler on August 02, 2012 Rating: 5
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Fed Does Nothing, Says Less and Dollar Advances

August 01, 2012
The Federal Reserve defied expectations and took no new action nor altered its guidance in terms of how long rates will remain exceptionally low (late 2014).  The dollar rallied on the news initially, but with the ECB meeting in about 17 hours, significant new positioning is unlikely.   The FOMC downgraded its assessment of the economy, which is …
Fed Does Nothing, Says Less and Dollar Advances Fed Does Nothing, Says Less and Dollar Advances Reviewed by Marc Chandler on August 01, 2012 Rating: 5
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Great Graphic: Unemployment by State

August 01, 2012
Here is a Great Graphic from the Department of Labor.  The improvement is uneven for sure and appears tied to industry representation.  For example, manufacturing in Michigan and Ohio help those states stand out.  Of the net 4.4 mln private sector jobs that have been created over past 28 months, manufacturing has accounted for nearly half a milli…
Great Graphic: Unemployment by State Great Graphic: Unemployment by State Reviewed by Marc Chandler on August 01, 2012 Rating: 5
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The Broken Transmission

August 01, 2012
The US dollar is little changed against the major currencies, but as was the case yesterday, it is sporting a softer profile against the dollar-bloc.  Despite a continued push back from Germany, the market seems to favor Draghi and Spanish and Italian bonds markets continue to trade firmly and with yield curves steepening as the 2-year yields fall…
The Broken Transmission The Broken Transmission Reviewed by Marc Chandler on August 01, 2012 Rating: 5
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