How the Nixon shock set broad path for renminbi rise 50 years ago
Thursday 12 August 2021 – Vol.12 Ed.32.4
Commentary: Renminbi’s rise, 50 years after the dollar-gold shock
By Meghnad Desai and David Marsh
President Richard Nixon, in his TV address on 15 August 1971, announced unilaterally that America was reneging on the gold-dollar link. The consequences remain with us today. Nixon gave countries their monetary sovereignty. It was up to them how to use it – with...
Why the dollar’s global financial status is a net plus for the US
Friday 2 July 2021 – Vol.12 Ed.26.5
Commentary: Dollar’s global role: extraordinary privilege or burden?
By Mark Sobel in Washington
Debates about the dollar’s global financial status are back in vogue and with them the notion that the US has and abuses an ‘exorbitant privilege’. The debates are overdone. Whether one believes the dollar’s role is a burden or privilege, policy-makers’ attention should focus on addressing undesirable...
GLOBAL & REGIONAL DAILY (Wednesday 30 June, 2021)
June 30 2021
Global Markets
Supported by strong consumer confidence readings for both the EA and the US, global equity markets were firmer earlier today. In FX markets, the USD retained a positive tone favored by its safe-haven appeal as concerns remain that the rapid spread of the delta variant could threaten the ongoing global recovery.
Greece
According to the latest EC business and consumer survey data, in June 2021 the Economic Sentiment...
https://allaboutshipping.co.uk/2021/06/30/global-regional-daily-wednesday-30-june-2021/
GLOBAL & REGIONAL DAILY (Monday 7 June, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
June 7 2021
Global Markets
Government bonds on both sides of the Atlantic retained most of Friday’s post-payrolls gains in early European trade today, while the USD remained broadly sluggish. Looking at this week’s calendar, all eyes are on the US’s May CPI release and the ECB meeting, both due on Thursday.
Greece
The data released by ELSTAT for Q1-2021 real GDP, surprised to the upside. Despite the tightening of the...
https://allaboutshipping.co.uk/2021/06/07/global-regional-daily-monday-7-june-2021/
GLOBAL & REGIONAL DAILY (Friday 4 June, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
June 4 2021
Global Markets
Global equity markets traded mixed earlier today, the 10-yr UST yield advanced and the US dollar firmed ahead of the widely observed May nonfarm payrolls report due to be released later in the day, as the prospect of a stronger US recovery sparked concerns of higher inflation and an earlier Fed tapering.
Greece
The new labour law is expected to be submitted to Parliament today. On economic...
https://allaboutshipping.co.uk/2021/06/04/global-regional-daily-friday-4-june-2021/
GLOBAL & REGIONAL DAILY (Monday 31 May, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
May 31 2021
Global Markets
Amid subdued trading due to a US and UK market holiday today, the USD remained relatively sluggish, while equity bourses were little changed earlier today, awaiting Friday’s US May non-farm payrolls report for direction.
Greece
In May 2021 the Economic Sentiment Indicator (ESI) in Greece jumped to 108.6 units from 97.9 in the previous month, recording the biggest increase since the beginning of...
https://allaboutshipping.co.uk/2021/05/31/global-regional-daily-monday-31-may-2021/
GLOBAL & REGIONAL DAILY (Friday 28 May, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
May 28 2021
Global Markets
Tracking Wall Street’s gains overnight, global equity markets were firmer earlier today, supported by the improving picture of the pandemic at the global level and y-day’s generally positive US data. Meanwhile, UST yields were higher today, helping the USD gain some ground.
Greece
According to ELSTAT, the number of registrations in all economic sections in Q1-2021 amounted to 26,441, recording...
https://allaboutshipping.co.uk/2021/05/28/global-regional-daily-friday-28-may-2021/
GLOBAL & REGIONAL DAILY (Monday 17 May, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
May 17 2021
Global Markets
US 10-yr yields dropped to the levels where they were last week just before the release of the firmer than expected April’s inflation data. In FX markets, the DXY index continues to struggle close to the 90 key support level, allowing the EUR/USD to revisit levels slightly above 1.21 ahead of Friday’s EA flash PMIs for May.
Greece
The labour market reform draft bill that has been submitted for...
https://allaboutshipping.co.uk/2021/05/17/global-regional-daily-monday-17-may-2021/
Dollar bears on wrong track, In defence of the ECB, and more
THE WEEKEND REVIEW – OMFIF
10-14 May 2021, Vol.12 Ed.19
Most-Read Commentary
Dollar bears on wrong track: At the start of the year, market consensus expected the dollar to decline in 2021. So far, that has proved to be misguided. The dollar strengthened between January and March on the back of stimulus and higher long-term rates. However, the dollar depreciated as longer US rates eased in April. A new wave of rehashed arguments is...
Inflation surges in the US, but ECB may steer Europe clear of similar fate
Friday 14 May 2021 – Vol.12 Ed.19.5
Commentary: US inflation surge is harbinger of what’s to come
By Steve Hanke in Baltimore
Wednesday’s headline inflation figure of 4.2% shocked many. It didn’t shock me nor would it have come as a surprise to Milton Friedman. Money dominates, but that monetarist perspective is not held by most. Even Federal Reserve Chairman Jerome Powell confessed that the Fed pays little attention to the...