Mixed results as markets determine the impact of the Greek drama deescalation and the cease fire in Ukraine. The leftist Greek government finally backed down from the edge, basically gaining nothing and having to back track on election promises. They will continue to implement the hated austerity policies in exchange for a four month extension. While the problem of a Grexit is not resolved, it is clear that they want to stay in the Euro zone.
It seems that the cease fire is tenuously working, with the Russian invasion of Ukraine temporarily on hold. This allows for the currency crisis to resurface and Gazprom to renew natural gas cutoffs. The IMF helped Ukraine with a package last month, will it be enough to prevent an economic collapse?
Other US economic data for this week is here.
Who won the battle last week, between the USD and five currencies? The perspective is strictly from America, so if against the Aussie Dollar, United States importers won, that also means Australian exporters won as well. I am changing the sign convention: negative percentage changes mean that exporters have the advantage while positive numbers show the advantage for importers.
|Currency||Week Ending 2-20-15||Weeks in a Row||Weekly Change||YTD Change|
|Australian Dollar (AUD)||Exporters Win!||1||-1.5%||3.47%|
|Canadian Dollar (CAD)||Exporters Win!||2||-0.4%||6.52%|
|Euro (EUR)||Importers Win!||0||0.2%||6.15%|
|British Pound Sterling (GBP)||Exporters Win!||2||-0.7%||0.59%|
|Japanese Yen (JPY)||Importers Win!||0||0.5%||-0.72%|