lundi 6 avril 2015
Dollar Remains Heavy
Posted on 06:06 by nice news
The US dollar firmed in thin Asian turnover, but is now slightly lower against most currencies as US traders return to their posts. Many centers remain closed and participation is light. The disappointing US jobs data at the end of last week and the implications for Fed policy are the main talking points. New York Fed President Dudley speaks today. We would be surprised if it puts much weight on last week's report. High frequency economic data is notoriously volatile, and after a near-record streak of 200k+ jobs a month, one miss, Moreover, other evidence, like weekly and continuing jobless claims, show no break,
It now seems clearer that Greece will make good on its April 9 payment owed to the IMF. Greece also holds a T-bill auction on April 8 to prepare for the 1.4 mln euro bill expiry on April 14. Greece submitted its fourth list of reforms last week and each has been better received than the previous one. Still, no break through, that is no new funds, are likely to be released to Greece until after the next Eurogroup of Finance Ministers meet on April 24.
Finance Minister Varoufakis is in Washington and will be meeting with Treasury Undersecretary Sheets later today. Prime Minister Tsipras will be in Moscow. While China has reported bought some Greek T-bills in recent weeks, Russia has not. Still Tsipras is hoping for other concessions from Putin, perhaps on giving Greece an exemption to Russia's retaliatory embargo against some European products.
In addition to Dudley, today's North American session has a few features. The US reports service PMI and ISM. The flash PMI rose to 58.6 from 57.1, which is the highest since last September. The ISM does not report a flash reading and it is expected to slip to 56.5 from 56.9. It would be match the low from December, which itself was the weakest reading since June. The mixed economic signs are consistent with recent string of economic
It now seems clearer that Greece will make good on its April 9 payment owed to the IMF. Greece also holds a T-bill auction on April 8 to prepare for the 1.4 mln euro bill expiry on April 14. Greece submitted its fourth list of reforms last week and each has been better received than the previous one. Still, no break through, that is no new funds, are likely to be released to Greece until after the next Eurogroup of Finance Ministers meet on April 24.
Finance Minister Varoufakis is in Washington and will be meeting with Treasury Undersecretary Sheets later today. Prime Minister Tsipras will be in Moscow. While China has reported bought some Greek T-bills in recent weeks, Russia has not. Still Tsipras is hoping for other concessions from Putin, perhaps on giving Greece an exemption to Russia's retaliatory embargo against some European products.
In addition to Dudley, today's North American session has a few features. The US reports service PMI and ISM. The flash PMI rose to 58.6 from 57.1, which is the highest since last September. The ISM does not report a flash reading and it is expected to slip to 56.5 from 56.9. It would be match the low from December, which itself was the weakest reading since June. The mixed economic signs are consistent with recent string of economic
Dollar Remains Heavy
Categories: Dollar Remains Heavy
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