It wasn’t long ago that China was the cheapest place on earth to make just about anything. When China joined the World Trade Organization in 2001, the average hourly manufacturing wage in the Yangtze River Delta was 82¢ an hour. Oil was $20 a barrel, so no matter where you were ultimately selling…
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China’s Rising Wages and the ‘Made in USA’ Revival
BREAKING
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New York City Doctor Confirmed Positive For Ebola, Girlfriend In Quarantine
London – According to official data, gross domestic product (GDP) in Britain managed to pick up sharply between the first and second quarter from 0.7% up to 0.9%, and economists expect this growth to keep its momentum, although the pace is expected to decelerate slightly towards the end of this year…
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UK Growth to Ease in Q3 as BoE Sits Tight on Policy
Portfolio outflows have pressured EUR/USD sharply lower from both private and public investors, notes SocGen. “EUR/USD should be around 1.31/1.32 in a normal trading environment as bullish Fed rate hike expectations were pulled back. We are anything but under normal circumstances. The ECB’s neg…
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EUR/USD: Trading Portfolio Flows – SocGen
The U.S. Federal Reserve said on Thursday it would assume wider corporate bond spreads and a higher oil price in the most strenuous scenario it will use in next year’s run of its annual check of banks’ health. Overall, however, the Fed said its “severely adverse” scenario was largely similar to t…
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Fed lays out scenarios for 2015 bank stress tests
The dollar rallied on Thursday as investors plowed cash back into riskier asset classes, underpinned by promising U.S. data and stronger-than-expected manufacturing reports in Europe and China. The dollar rose 0.10 percent against a basket of major currencies, with the U.S. Dollar Index at 85.83….
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Dollar rises on return to riskier assets
The seasonally adjusted value of exported goods fell 3.0 percent, to $12 billion, in the September 2014 quarter, Statistics New Zealand said today. Imports rose 3.7 percent, to $13 billion. The fall in exports in the latest quarter follows a 7.5 percent fall in the June 2014 quarter. Falls for bo…
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Dairy continues to drive New Zealand’s exports down
It looks like a Treasury futures trader failed to do his or her homework. The price of 30-year Treasury contracts expiring in June jumped 7.3 percent yesterday, the first day they traded. What sets them apart is they’re the first futures where the U.S. government’s decision to stop issuing 30-yea…
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‘Humongous’ Treasury Future Move Shows Trader Didn’t Do Homework
Global equity markets rose on Thursday, with stocks on Wall Street climbing more than one percent as U.S. corporate earnings continued to beat expectations, while government debt prices slid on encouraging American and German economic reports. Results from Caterpillar Inc and 3M Co, both Dow comp…
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Stocks soar on U.S. corporate results, bonds fall
The Big Apple may have its first case of Ebola. Dr. Craig Spencer, who returned to New York City from Africa 10 days ago, was rushed in an ambulance with a police escort from his Harlem home to Bellevue Hospital on Thursday, sources said. He was suffering from Ebola-like symptoms — a 103-degree fe…
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Doctor who treated Ebola patients rushed to NYC hospital
On Thursday Euro managed to completely turn the tables against a weakening Yen. EUR/JPY shows multiple bullish technical signals, all pointing to future gains toward 138 and possibly even 139.15. Technical Analysis EUR/JPY rally began in the early hours of European session; when Euro sentiment…
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EUR/JPY Turnaround Eyes 138
The International Monetary Fund now estimates a 30% risk of deflation in the eurozone, and growth figures within the monetary union continue to disappoint. But policymakers seem trapped in a cat’s cradle of economic, political, and legal constraints that is preventing effective action. The…
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Europe’s Fiscal Wormhole
The Bank of Japan now sees a much bigger possibility of inflation slipping below 1%, pushed down by falling crude oil prices, according to people familiar with the central bank’s thinking, a development that could rekindle market speculation for additional easing. While the BOJ recognizes that lo…
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BOJ Sees Bigger Chance of Fall in CPI Below 1%
Billionaire George Soros’ eldest son, Robert, is going through an increasingly messy divorce after he cheated on his wife, Melissa Robin Schiff, with model and “naked artist” Meredith Ostrom. …
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Billionaire George Soros’ son in messy divorce after cheating
The European Central Bank’s increasingly desperate battle to prevent the eurozone from sliding into deflation suffered a fresh setback in October, as businesses cut their prices at the fastest rate since early 2010. Some of Europe’s biggest companies have been roiled by weak pricing power, noting…
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Eurozone Businesses Cutting Prices
U.S. natural-gas supplies rose 94 billion cubic feet on the week ended Oct. 17, the Energy Information Administration reported Thursday. That contrasted with expectations of an increase between 94 bcf and 98 bcf, according to analysts polled by Platts. Natural-gas futures turned higher on the report…
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Natural gas futures turn higher on supply report
Bank of England Deputy Governor Ben Broadbent has firmly rejected a request for the BOE to publish its estimate of where the neutral rate is and refuses to put a number on it. Broadbent, after delivering a speech on the decline in the neutral real rate of interest, said he was not sure it was pos…
Consumer sentiment improved last week as Americans were more optimistic about the economy than at any time in almost seven years. The Bloomberg Consumer Comfort Index climbed to 37.7 in the period ended Oct. 19, matching the second-highest level since August 2013, from 36.2. A gauge of attitudes …
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Consumer Comfort Rises on Increased Optimism About U.S. Economy
At 56.2 in October, down from 57.5 in September, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™) indicated a slower improvement in overall business conditions across the manufacturing sector. Although still …
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U.S. Manufacturing PMI hits three-month low in October
Bearish Correction Complete? It’s been a down month for the USD/JPY, but it looks to be reviving its prevailing downtrend. Let’s take a look at the 4H chart first. Bullish Breakout and Confirmation: The 4H chart shows that price fell from September’s and the 2014 high of 110.08 down to 105.19 befo…
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USD/JPY Showing Signs of Bullish Continuation
