In a tweet, Trump blasted China and Europe for playing a 'big currency manipulation game' and recommended that the US "MATCH" or risk being "the dummies who sit back and politely watch as other countries continue to play their games."
China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games - as they have for many years!
Trump's warning also comes less than two weeks after Bank of America warned that direct intervention to weaken the dollar would be possible by a few avenues, some directly involving Trump (jawboning), some involving the Treasury and the Fed (direct intervention by the NY Fed's New York markets desk).
Whatever the administration decides, it's becoming increasingly clear that the dollar is unsustainably overvalued compared with its long-term real effective exchange rate value. BofA's analyst calculated that the dollar is 13% above its long-term average.
According to tradition, the dollar and its value have long been the exclusive purview of the Treasury Department. But Trump has never been one to unquestioningly adhere to precedent. And back in May, the Treasury Department declined to name any country to its list of currency manipulators, though it added some to a 'watch list'.
Major central banks (Fed, ECB, BOE, BOJ) usually pretend the exchange rate is not part of their strategy. But exchange rates enter their thinking in two ways:
The Message From The Jobs Report – The Economy Is Slowing Written by Lance Roberts | Apr, 8, 2019 Last week, the Bureau of Labor Statistics (BLS) published the March monthly “employment report” which showed an increase in employment of 196,000 jobs. As Mike Shedlock noted on Friday: 先週、BLSが３月の月例「雇用統計」を発表した、雇用が１９６，０００増えたという。Mike Shedlockは金曜にこう書いた： “The change in total non-farm payroll employment for January was revised up from +311,000 to +312,000, and the change for February was revised up from +20,000 to +33,000. With these revisions, employment gains in January and February combined were 14,000 more than previously reported. After revisions, job gains have averaged 180,000 per month over the last 3 months. 「１月全非農業雇用は＋３１１，０００から＋３１２，０００に改定された、２月のデータは＋２０，０００から＋３３，０００に改定された。これらの改定で１月と２月を合算した雇用増は以前の報告よりも１４，０００多くなった。改定後でみると、雇用増は直近三ヶ月で平均１８０，０００／月となる。 BLS Jobs Statistics at a Glance BLS 雇用統計概観 Nonfarm Payroll : +196,000 – Establishment Survey Emp
Big US Stocks’ Q1’19 Fundamentals Adam Hamilton May 10, 2019 3653 Words The US stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the US-China trade war suddenly went hostile. The big US stocks’ just-reported Q1’19 fundamentals will help determine where markets go next. 米国株式市場は転換点を迎えたように感じる、大きな岐路だ。記録的新高値を迎えた後、今週に向けてeuphoricな心理が優勢だった。しかし直近の高値は１５か月をかけた大きなトリプルトップかもしれない。その後ここ数日大きな売りが起きた、米中貿易戦争が急に敵対的になったためだ。大型米国銘柄が開示した２０１９Q1ファンダメンタルズで市場の今後の行方を判断できるだろう。 Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Required by the US Securities and Exchange Commission, these 10-Qs and 10-Ks contain the best fundamental data avail
Global Warming Fraud Exposed In Pictures by Tyler Durden Tue, 10/01/2019 - 12:25 Authored by Mike Shedlock via MishTalk, Climate change alarmists have convinced the public something must be done now. The reports are easily debunked as fraud ... 気候変動主張者たちは今行動を実行せねばと確信している。その手の報告書はでたらめだということが簡単に解る・・・・ My Gift To Climate Alarmists 気候変動活動家への贈り物 Tony Heller does an amazing job of showing how the fraud takes place in his video entitled My Gift To Climate Alarmists. Tony Heller は素晴らしい仕事をした、このビデオを見ると彼らの主張が如何にでたらめかということがよく分かる、そのタイトルは My Gift To Climate Alarmists。 The video is only 12.51 minutes long. このビデオはわずか１２．５１分しかない。（訳注：画像・動画がいっぱいで英語がわからなくても理解できる） Cherry Picking 例を上げると Heatwaves increasing since 1960 熱波発生は１９６０年以降増えているという Arctic ice declining since 1979 北極海氷は１９７９年以来減っているという Wildfires increasing sinc
The Profit Party Is Over: Q1 Earnings Growth Crashes, Set For Biggest Drop In 3 Years by Tyler Durden Sun, 02/03/2019 - 17:00 After last week's earnings deluge, 46% of the companies in the S&P 500 have now reported actual results for Q4 2018. And according to Factset data , so far earnings season is mediocre at best with the percentage of companies reporting EPS above estimates (70%) below the 5-year average. Companies are also reporting earnings that are 3.5% above the estimates, which is also below the 5-year average. The silver lining is that in terms of revenues, the percentage of companies reporting actual revenues above estimates (62%) is above the 5-year average, and on aggregate, companies are reporting revenues that are 0.8% above the estimates, which is also above the 5-year average. 先週は収益開示が最も多く、S&P500構成銘
China's Looming Liquidity Shortage (Or Why Endless Stimulus Isn't Working) by Tyler Durden Fri, 03/15/2019 - 21:30 Chinese Premier Li promised yet more stimulus measures overnight from tax cuts to focused rate reductions (but, he admitted, not blanket liquidity provision). But, after over 60 different 'stimulus' measures in the last few months and last night's promises , nothing seems to be working as China's economic data continues to tumble. 中国李克強首相が昨夜さらなる刺激策を約束した、減税や金利引き下げだ（しかし彼も認めるように全面的な流動性注入ではない）。しかしここ数ヶ月６０回にもおよぶ「刺激策」を講じたにもかかわらず、また昨夜の約束にもかかわらず、どれ一つ効果を発することなく中国経済指標は下落を続けている。 As Goldman's Andrew Tilton (Chief Asia Economist) suggested: ゴールドマンサックスのAndrew Tilton（アジアエコノミスト主任）はこう示唆する： " There are reasons to be concerned [that easing is becoming less effective]. Local government officials who typ
