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US-dollar-denominated exchange reserves - that would be US Treasury securities, US corporate bonds, US mortgage-backed securities, etc. held by foreign central banks - rose 1.9% in the second quarter to $6.9 trillion, according to the IMF's COFER data release. The yen has backed off a...
The major central banks have met, and not one announced fresh policy action. All the brouhaha about the rapid rise of the euro misses that it has been moving sideways for nearly two months. With all the commentary on the euro, it was the yen, whose 1.6% gain last week, led the maj...
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Overview The dramatic sell-off of US shares yesterday is the main focus, capturing the limelight from other forces, including today's US employment report. It was the third-worst session for the S&P 500 since the March 23 bottom, and the other two did not see follow-through selling. As...
Overview: The US dollar is continuing to recover after hitting new lows earlier in the week. It is lower against all the major currencies and most of the emerging markets. A report in the Financial Times suggesting that there is a concern about the euro's recent strength at the ECB has added...
Overview: The new week has begun slowly with Singapore and Tokyo markets closed for national holidays. The MSCI Asia Pacific Index rose 2% last week and edged higher today, led by 1.5%-1.7% rallies in South Korea and Australia. Hong Kong was a notable exception and eased around 0.6%. Europe'...
Overview: The US dollar's dramatic sell-off continues. It is off against nearly all currencies. Among the majors, the Swedish krona and Japanese yen are leading the money, and the euro surged through $1.17. Emerging market currencies are fully participating, with the JP Morgan Emerging Marke...
By Gustavo Adler, Deputy Division Chief at IMF’s Research Department, Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund, and Carolina Osorio Buitron, Economist in the Research Department of the IMF Faced with an unprecedent...
Overview: Turn around Tuesday began yesterday with a key reversal in the high-flying NASDAQ. It soared to new record highs before selling off and settling below the previous low. The S&P 500 saw new four-month highs and then sold-off and ended on its lows with a loss of nearly 1% on the ...
Overview: Equities began the week on a firm note in the Asia Pacific region. The Nikkei gained more than 2%, and the profit-taking seen in China ahead of the weekend was a one-day phenomenon. The Shanghai Composite rose 1.8%, and the Shenzhen Composite surged 3.5%. Taiwan and South Korea mar...