The US dollar is broadly higher as the 10-year yield probes above 3.0%. Disappointing French industrial production and manufacturing data for March provided additional incentive, as if it were needed, to extend the euro’s losses. The euro dipped below $1.1825. The single currency is off a cent this week after falling nearly two last week. …
Oil Prices Surge and Dollar Gains Extended Post Withdrawal Announcement Read More »
Today may be the last day of full liquidity until next Tuesday, after the Easter holidays. We identify three developments that are characterizing the end of the month, quarter, and for some countries and companies, the fiscal year. Equity market sell-off, bond market rally, and the continued rise in LIBOR. The sell-off in stocks at …
The investment meme of a synchronized global upturn has been undermined by the recent string of US and European economic data. The flash March eurozone composite reading fell to 55.3, the lowest reading since January 2017. Although Q4 17 US GDP may be revised higher (toward 2.8% from 2.5%) mostly due to greater inventory accumulation, …
Since the Great Financial Crisis, officials in the US and Europe have been moving to find an alternative to LIBOR. The London Inter-Bank Offered Rate is an important benchmark for trillions of dollars of contracts. The problem is that it was rigged and some argue there may be a better and more representative rate. Although …
The Future is Coming (Wonkish, but Short): LIBOR Alternative Read More »