URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 01/01/21

Between February 23 and March 31, the dollar’s fluctuation against major currencies was trendless. The GBP lost 5.12 percentage points against the dollar, and the JPY fell by 4.21%. Meanwhile, the euro rose by 1.61%. The SWF's slight slump (-1.54%) reinforces the hypothesis tha...

The "strong dollar policy" was never about the exchange rate per se. It was a pledge to investors and creditors that the US would not seek a weaker dollar to secure trade advantage or reduce its debt burden. China closely manages its exchange rate. Too much, and too opaque for most ob...

The spread of coronavirus is the most important theme impacting the global foreign exchange market right now. Broad economic recovery should begin in the second half of 2021. The Swiss franc and New Zealand dollar look "overvalued." Conversely, the Canadian dollar and Japanese...

The US dollar is firmer, stocks are struggling, bond yields are higher, and gold and oil are consolidating. European stocks are slightly higher, as it tries to extend the gains for a fifth session, during which time it has gained almost two percent. Gold's recovery from the low ne...

The prospects of a UK-EU deal and US stimulus continue to underwrite risk appetites and weigh on the dollar. The dollar has lurched lower against nearly all the world currencies today. Gold is shining in the weak dollar environment. For further details see: Dollar Thumpe...

Despite the elevated tensions with its biggest trading partner, Australia's PMI showed the recovery gaining momentum. The German manufacturing PMI rose to 58.6 from 57.8, while the services PMI increased to 47.7 from 46.0. Canada reports November CPI today. As the median in the Bl...

China's November economic data matched expectations. Industrial output accelerated to 7.0% year over year form 6.5%. The UK reported that job cuts hit a record in the three months through October, rising by 217k. The US reports the December Empire Manufacturing Survey today (the B...

UK and EU negotiators are still talking which has spurred a sharp bounce in sterling. Most emerging market currencies are higher, with the Turkish lira and a few East Asian currencies notable exceptions. The greenback is also consolidating against the Mexican peso. For furth...

The December 2020 meeting of the European Central Bank focused once again on asset purchases and generous liquidity provisions to the financial sector instead of lowering policy rates further, in line with our longstanding view that the ECB is near the effective lower bound on the deposit...

There had been a flurry of official comments when the euro initially probed $1.20 in early September, and Japanese officials fretted when the dollar fell below JPY104 in November. However, the continued weakness of the dollar has been greeted with a near-nonchalance attitude subsequen...