EUR

A terrible, horrible, no good, very bad summer in markets is coming to an ignominious end. The dollar is nearing its mid-July peak and Treasury yields are climbing after three consecutive days of selling contrived to crush a mid-August rally on global stock bourses. Evidence of an economic slowdown is dissipating, fast. The Bureau of Labor Statistics said yesterday there were 11.2 million unfilled jobs in the US last month, amounting to two openings for each unemployed person. The Conference Board reported a sharp improvement in consumer confidence, with households saying they plan to buy more big-ticket items in the...

Futures are up and yields on two- and ten-year Treasuries are easing, raising hopes of a market reversal after two days of bruising losses. The dollar is weaker, down roughly 0.3 percent on a trade-weighted basis, signalling an end to a safe haven rally sparked by Federal Reserve Chair Powell’s aggressively-hawkish speech on Friday. The euro is lifting itself off the floor on positive developments in power markets. Benchmark electricity and natural gas contracts dropped again today as European Union officials mooted a plan to intervene in markets, instituting price caps across the energy value chain. Prices plunged yesterday after...