Deputy U.S. Public Finance Editor, New York
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Apr 24, 2015

Analysis – Venezuela may have missed $24 billion in oil revenue in 2014

HOUSTON/NEW YORK (Reuters) – Venezuela, struggling to pay for essential items such as food and medicine amid strict foreign currency controls, may have failed to collect about a third of its potential oil revenue in 2014, a Reuters analysis suggests.

The OPEC member nation likely realized just over $50 billion (32.95 billion pounds) in oil revenue in 2014, according to an analysis of publicly available data and estimates based upon past performances of Venezuela’s oil sector.

Apr 20, 2015

Bank of Canada’s January rate cut seems enough -Poloz

NEW YORK, April 20 (Reuters) – The Bank of Canada’s January
interest-rate cut appears to have helped the economy get back on
track, bank Governor Stephen Poloz said on Monday, repeating his
view that the cut provided enough “insurance” against the impact
of dropping oil prices.

It is a message he has delivered several times over the past
week, including last Wednesday, when the bank issued a statement
keeping rates on hold, and the market has gradually reduced its
bet on another rate cut this year to a 35 percent
chance.

Apr 16, 2015

Greece needs to regain market trust, Berlin willing to help

NEW YORK (Reuters) – German Finance Minister Wolfgang Schaeuble said late on Wednesday that Greece must find a way to regain the trust of the financial markets and competitiveness of its economy and that Berlin is willing to support its efforts to reach these goals.

“Greece has to find a way, and we will help them, in whatever way we can. But it has to find a way how Greece will someday regain the confidence of financial markets, that is what we hope. And that is to regain a competitive economy,” Schaeuble said in remarks at Columbia University’s School of International and Public Affairs in New York.

Apr 14, 2015

Dollar slides on U.S. retail sales, IMF outlook

NEW YORK, April 14 (Reuters) – The dollar tumbled on
Tuesday, after five straight days of gains, as investors took
advantage of weaker-than-expected U.S. retail sales to lighten
hefty positions on the greenback that had built up due to
expectations of an impending rate increase.

A second blow to the U.S. economic outlook came from the
International Monetary Fund, which lowered its forecasts for
U.S. growth to 3.1 percent for this year and next from January’s
expectations of 3.6 percent and 3.3 percent, respectively.

Apr 14, 2015

Dollar slumps on data, IMF’s U.S. growth forecasts

NEW YORK (Reuters) – The dollar sank on Tuesday after March U.S. retail sales data, while the strongest in a year, came in below expectations, triggering a sell-off that pulled the greenback down from the prior week’s strong gains.

At the same time, a second blow to the U.S. economic outlook came from the International Monetary Fund. It lowered its forecasts for U.S. growth to 3.1 percent for this year and next from January’s expectations of 3.6 percent and 3.3 percent, respectively.

Apr 10, 2015

Interest rate differentials weigh down the euro

NEW YORK, April 10 (Reuters) – The euro slumped for a fifth
straight session against the U.S. dollar on Friday to a 3-1/2
week low as falling European interest rates drove investors into
greenbacks and the yen.

The euro traded around $1.06005, off 0.54 percent on the EBS
trading platform. It had slumped to $1.05670, its weakest level
since March 17. For the week the euro lost 3.38 percent, its
worst week against the greenback since September 2011.

Apr 10, 2015

U.S. investors unsettled by Turkey’s politics

NEW YORK (Reuters) – Fidelity Investments portfolio manager John Carlson has been investing in Turkey for more than 20 years, but he hasn’t been as bullish on the country of late. Recent political developments mean he’s likely to remain a bit wary, even after big declines in equity prices and the currency.

Ahead of a critical June parliamentary election, political risk increased when Turkish President Tayyip Erdogan gave central bank governor Erdem Basci a tongue-lashing for not cutting interest rates in January to boost growth.

Apr 10, 2015

Euro undermined by force of rate differentials

NEW YORK (Reuters) – The euro slumped for a fifth straight session against the U.S. dollar on Friday to a 3-1/2 week low as falling European interest rates drove investors into greenbacks and the yen.

“You can look at euro/yen, clearly breaking lower. The big picture globally is negative yields in the euro zone and long yields trading at incredibly low yields, substantially lower than Japanese yields,” said Jens Nordvig, global head of currency strategy at Nomura in New York.

Apr 9, 2015

Dollar rallies on rate differentials, policy forecasts

NEW YORK, April 9 (Reuters) – The U.S. dollar hit a
near-three-week peak on Thursday, driven higher by sentiment
that U.S. interest rates inevitably will rise, with the prospect
of a June increase still in the mix despite spotty economic
data.

Interest rate differentials between benchmark U.S. and
German 10-year government bonds widened to 1.771 percent on
Thursday, their biggest spread since March 26.

Apr 9, 2015

Rate differentials drive steady dollar gains

NEW YORK (Reuters) – The U.S. dollar rose for a fourth consecutive session on Thursday, driven by sentiment that U.S. interest rates inevitably will rise, with the prospect of a June increase still in the mix despite spotty U.S. economic data.

Weekly U.S. jobless claims rose less than expected last week and the four-week moving average hit its lowest level since 2000, suggesting the slowdown in U.S. economic activity in the first quarter might be a temporary blip.

    • About Daniel

      "Deputy U.S. Public Finance Editor. Responsible for editing and reporting on U.S. municipalities, their debt, investments and budgets. Special focus on U.S. infrastructure spending and mutual fund analysis. Previously Senior Correspondent covering global financial markets, investing and foreign policy. I'm New York-based with 20+ years of experience in text, TV and radio. I've reported and taught journalism in Asia, Europe, Latin America and the United States."
      Joined Reuters:
      1997
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