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Riksbank Cuts, Oil Slips, and the Yen Remains Under Pressure

May 08, 2024
(On business trip over next few days. Commentary to resume Monday.  Thanks for your patience.) 
Overview: Sweden's Riksbank became the second G10 central bank to cut rates this year. The Swiss National Bank cut its deposit rate in March. A couple other large central banks, including the European Central Bank, and possibly the Bank of Canada, ma…
Riksbank Cuts, Oil Slips, and the Yen Remains Under Pressure Riksbank Cuts, Oil Slips, and the Yen Remains Under Pressure Reviewed by Marc Chandler on May 08, 2024 Rating: 5
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Market Pushes the Yen Lower, Helped by a Broadly Firmer Greenback

May 07, 2024
Overview: The dollar is firmer against all the G10 currencies today. The market is somewhat less fearful of intervention and the yen is extending yesterday's losses. It is rivaling the Australian dollar for the weakest of the major currencies after the Reserve Bank of Australia left rates on hold and played down speculation of possibility of a…
Market Pushes the Yen Lower, Helped by a Broadly Firmer Greenback Market Pushes the Yen Lower, Helped by a Broadly Firmer Greenback Reviewed by Marc Chandler on May 07, 2024 Rating: 5
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Yen Slips, Yuan Jumps, Dollar is Mostly Softer

May 06, 2024
Overview: The dollar is mostly a little softer today in thin market conditions, with Tokyo, Seoul, and London closed for holidays. The Japanese yen is the weakest G10 currency, losing about 0.5% and slipping through last Friday's lows. At first, after Fed Chair Powell did not endorse rate hike speculation, the market thought he was dovish. But…
Yen Slips, Yuan Jumps, Dollar is Mostly Softer Yen Slips, Yuan Jumps, Dollar is Mostly Softer Reviewed by Marc Chandler on May 06, 2024 Rating: 5
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May 2024 Monthly

May 04, 2024
The resilience of the US economy and stickiness of price pressures spurred a reassessment of the trajectory of Fed policy. This sparked a sharp rise in US interest rates and extended the dollar’s advance. The somewhat disappointing April jobs report and a softer CPI report in the middle of May could signal that the interest rate adjustment is over…
May 2024 Monthly May 2024 Monthly Reviewed by Marc Chandler on May 04, 2024 Rating: 5
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Dollar is Softer Ahead of the Employment Report

May 03, 2024
Overview: The greenback is trading with a softer bias ahead of the US jobs report. Solid, even if not spectacular job growth, is expected. However, recent survey data warns of the downside risks. Moreover, counter-intuitively, the dollar has not often rallied this year into the employment data, but frequently has in response. The dollar is softer …
Dollar is Softer Ahead of the Employment Report Dollar is Softer Ahead of the Employment Report Reviewed by Marc Chandler on May 03, 2024 Rating: 5
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Japan Drives Home Message

May 02, 2024
Overview: The US dollar is mixed, but the spotlight is on the Japanese yen. It appears that with the market challenging Monday's intervention, Japanese officials entered the market shortly after the US equity market closed yesterday, as the Asia Pacific session got underway and sold dollars again. Initial estimates suggest the intervention amo…
Japan Drives Home Message Japan Drives Home Message Reviewed by Marc Chandler on May 02, 2024 Rating: 5
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