Investing

The US dollar staged an impressive reversal against many of the major foreign currencies on May 3. In the following week, speculators in the currency futures market made significant adjustment in their holdings. We identified a change in the gross...

The US dollar continued the recovery begun May 3 and rose against most of the major currencies over the past week.  A nearly 3.5% rally in oil prices, the fifth weekly gain in the past six weeks (a $9.5 advance...

The Japanese yen is recovering from two-day two percent decline.  The yen is the strongest of the majors today, rising about 0.6%.  The greenback initially extended its gains marginally in early Tokyo before the selling pressure emerging.  The price action...

Sometimes the mountain looks clearer from the plain the summit to paraphrase an American-Lebanese poet.  The dollar appears to have entered a new phase on May 3.  On that day, it reversed higher against the euro, yen, and sterling for...

Speculators in the futures market continued to pare short foreign currency positions but were cautious about expanding long positions in the CFTC reporting week ending May 3.  In fact, two of the three largest adjustments were the cutting of gross...

While cyclical challenges remain tough in global commodities, structural realities look more tolerable.  According to conventional wisdom, the challenges of global commodities can be attributed to China’s slowdown and poor growth prospects. Advanced economies are not immune. In the US,...

It has been painful trying to pick a bottom of the US dollar against the Canadian dollar.  Now a 4-5 point downtrend from the secondary high in late-January is being violated today.  It is found near CAD1.2785 today.  Intraday penetration...

In quiet turnover, with China, Hong Kong, Singapore and London markets closed, the US dollar is trading with a heavier bias against all the major currencies.  Lower commodity prices, including oil and copper, appears to be taking a toll on...

Speculators in the futures market made mostly small position adjustments in the sessions leading up to the FOMC and BOJ meetings.  During the Commitment of Traders reporting week ending April 26, the largest adjustment of speculative position in the currency...

Speculators in the futures market continued to press a bearish view of the US dollar the CFTC reporting week ending April 19.  According to the Commitment of Traders report, speculators added to their gross long currency futures position in seven...

Not so long ago, gold suffered the most challenging losses since 1999.  According to conventional wisdom, US rate hikes will contribute to its further decline. If that’s the case, why did gold prices soar during the last quarter? At the...

China launched its first gold fix.  It will offer a fixing twice a day going forward yuan. The Shanghai Gold Exchange established the fix the same way it is done in London and New York, by prices submitted by financial...

Speculators were undeterred by the threat of BOJ intervention.  In the CFTC reporting period ending April 12, speculators boosted their net and gross long yen positions to new record highs.  The bulls added 2k contracts to their gross long position...

The US dollar turned in a mixed performance last week, which given the softer than expected inflation, retail sales data, and industrial output figures, coupled with the poor technical backdrop, could be a signal that its decline in recent months...

At the IMF/World Bank meetings this week, Chinese officials are again pushing for greater use of the IMF's unit of account, Special Drawing Rights.  It is China's turn as the rotating host of the G20, which gives it greater influence...