Dollar Soars as FOMC Minutes Trigger Liquidation
Despite false rallies in the currency market, I have stressed that there is no reason for the liquidation to be over. I warned that the currency and stock market rallies were a mirage rather than a...
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Rising Jobless Claims Makes 8% Unemployment Growing Possibility
Every single day we have more reason to believe that the US unemployment rate will break 8 percent next year. Jobless claims rose to a 16 year high last week of 542k, driving the US dollar lower...
View ArticleCurrencies Soar as Fed Announces More Stimulus, GDP Not as Bad as Feared
US GDP growth has contracted but that has not stopped the equity and currency market from rallying. The GDP number was not as bad as the market had feared but what really drove the markets higher was...
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Currencies: Post Thanksgiving Breakout?
On the eve before Thanksgiving, the price action in the currency market has been very erratic. Equities rallied for the fourth straight trading session while the US dollar weakened against the...
View ArticleImpact of Retail Sales and Trade on Q4 GDP
The two biggest inputs into GDP are consumer spending and trade. Therefore the 2.8 percent decline in retail sales and the surprise widening of the trade deficit in the month of October suggests that...
View ArticleRetail Sales and PPI Still Stink
US retail sales and producer prices were basically in line with expectations but that does not undermine the fact that the data was very weak and confirms that the Federal Reserve will be cutting...
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Why Does the Drop in Oil Prices Matter?
Oil prices are trading at $33 a barrel and in retrospect, it is almost hard to believe that the price of crude was more than $140 a barrel this summer (gasoline prices were greater than $4.00 a...
View ArticleDollar Unfazed By Mixed Economic Data
The US dollar appears to be unfazed by this morning’s mixed economic data. An improvement in consumer confidence has failed to help the dollar while the weaker news has pretty much been baked into the...
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US Dollar Forecast: What’s In Store for 2009?
2008 Price Action: It has been an exceptionally active year in the foreign exchange market as currency volatilities hit record highs. In the first half of the year, everyone was worried about how much...
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Higher Retail Sales Fails to Help
Job losses are increasing, but that hasn’t stopped Americans from spending and unfortunately that pretty much sums up American culture. Retail sales increased 1 percent in the month of January despite...
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