Ricky Cove

The US Dollar Index (UUP) had another bad week as traders offloaded long dollar positions amid tax reform uncertainty last week.

At the November meeting, the FOMC staff review indicated that US labor market conditions continued to strengthen and that the US economy continued to expand at a solid pace.

The last Federal Open Market Committee (or FOMC) meeting took place on October 31–November 1. The target range for the federal funds rate stayed unchanged at 1%–1.25%.

According to the latest report from NAR, existing home sales have risen 2% to a seasonally adjusted annual rate of 5.48 million in October.

In October 2017, building permits were at a seasonally adjusted rate of 1.297 million—an increase of 5.9% from the reading of 1.225 million in September.

In October 2017, housing starts rebounded sharply from the slump in September. October housing starts beat the market’s expectations.

Bitcoin has been rallying for the past year, with some proponents advocating that it could replace fiat currencies in the future.

Among the key macroeconomic indicators published by the Fed, capacity utilization in US industries helps investors forecast business cycle changes.

The October Industrial Production report was released by the Fed on November 16 and showed a continued rebound in key sectors of the US economy.

The euro-dollar (FXE) closed the week ending November 17 at 1.2, appreciating by 1.1% against the US dollar (UUP).

In the case of bitcoin, the safety of the system is linked with the bitcoin algorithm, which miners keep solving to generate new coins and maintain the system.

The US Dollar Index (UUP) continued to struggle as the fate of US tax reform remains uncertain.

It’s important that we understand the core technology behind cryptocurrencies if we want to appreciate the ingenuity of the bitcoin creation.

In the bitcoin world, mining involves investing a lot of capital in computer hardware and competing with fellow miners to solve a complex mathematical problem.

Satoshi Nakamoto is considered to be the founder of bitcoin, but the actual identity of Satoshi Nakamoto is not known.

The idea behind bitcoin is simple: to create a new platform for transactions that are independent of central banks and involve minimal transaction costs.

The Fed is expected to increase the target funds rate by 0.25% at its December meeting.

The October Producer Price Index rose 0.4% month-over-month, and it was unchanged compared to the September reading. On a year-over-year basis, the index has risen 2.8%.

The euro-dollar (FXE) pair closed the week ending November 10 at 1.2, appreciating 0.48% against the US dollar (UUP).

The US Dollar Index (UUP) lost steam last week after posting three consecutive weekly gains.

The University of Michigan Preliminary Consumer Sentiment for November was reported at 97.8, which was 2.9 lower than the final October reading of 100.7.

The latest report was released on November 3 and indicated that the goods and services deficit was $43.5 billion in September, or $0.7 billion higher than in August.

For October, service sector activity rose at a pace not seen since the inception of the report. The non-manufacturing index reached a lifetime high of 60.1.

The US Manufacturing PMI (purchasing managers’ index) for the month of October fell to 58.7, compared with 60.8 in September.

The US FOMC left rates unchanged after the November 2017 meeting, as expected, setting the stage for a potential rate hike in December.

The International Monetary Fund (or IMF) has upgraded its growth projections for Eurozone countries, including France, Germany, Italy, and Spain.

The International Monetary Fund (or IMF), in its October world economic outlook, downgraded its growth outlook for the United Kingdom.

The International Monetary Fund (or IMF), in its “World Economic Outlook” (or WEO) released in October, upgraded the economic forecast for the United Statess for 2017.

As per the latest JOLTS report, about 3.2 million American workers quit their jobs voluntarily in September.

The Job Openings and Labor Turnover Survey (or JOLTS) report for September came out on November 7. Job openings remained unchanged at 6.1 million as of the last business day in September.

The euro-dollar pair (FXE) closed the week ending November 3 at 1.1609 against the US dollar (UUP). Worries about a possible escalation of tensions in Spain’s Catalonia region proved futile.

The US dollar index (UUP) remained supported last week despite a dovish FOMC statement and a lower-than-expected rise in monthly non-farm payrolls.

The British pound depreciated 1.41% against the US dollar after the policy statement from the BOE (Bank of England) on November 2.

The central bank said that the key reason for such sharp increase in prices was due to the depreciation of the British pound after the Brexit referendum.

Since the Japanese election results, the Japanese yen has depreciated. The Bank of Japan is expected to continue the accommodative policy.

Japanese Prime Minister Shinzo Abe’s call for an early election worked in his favor. He called for a snap election to take advantage of his high ratings.

For Japan’s economy, the main struggle has been the low level of inflation. Japan’s inflation has been low for the past three decades.

At its October policy meeting, the Bank of Japan left its ultra-loose monetary policy unchanged. The decision was made by an 8-1 majority vote.

In a speech at the 2017 Herbert Stein Memorial Lecture, Fed Chair Janet Yellen shared her thoughts on monetary policy for the future and discussed whether there will be any role for unconventional policy again.

Fed Chair Janet Yellen, in her speech at the 2017 Herbert Stein Memorial Lecture, offered some more insight into the Fed’s balance sheet reducing strategy.

The reduction to the ECB’s bond-buying program will likely have a mixed impact on the bond markets of countries in the European Union.

In the ECB’s (European Central Bank) October policy meeting, the ECB didn’t explicitly talk about the appreciating euro.

Economic growth has picked up in recent quarters. According to data from Eurostat, the European economy (VGK) grew 2.3% in the recent quarter.

In the ECB’s (European Central Bank) October policy meeting, its laid out its plans for the QE (quantitative easing) program.

The euro-dollar (FXE) pair closed the week ending October 27 at 1.16 against the US dollar (UUP).

The US Dollar Index (UUP) continued its ascent last week.

The October Conference Board LEI reported that average consumer expectations for business conditions for September are 0.37 above the mean.

The Leading Credit Index is an economic model that’s modeled on the performance of six major financial market instruments.

At the last FOMC (Federal Open Market Committee) meeting on September 20, 2017, Fed members decided to initiate a balance sheet normalization process starting in October.

The US Fed has amassed a huge number of fixed income (BND) securities as part of its quantitative easing (or QE) programs 1, 2, and 3.