ເປັນ​ຫຍັງ​ເງິນ​ໂດ​ລາ​ທີ່​ສູງ​ຂຶ້ນ​ແລະ​ເງິນ​ເອີ​ໂຣ​ທີ່​ຕົກ​ຢູ່​ໃນ​ຕະຫຼາດ​ໂລກ​ຢ່າງ​ແຂງ​ແຮງ: ຫຍໍ້​ຕອນ​ເຊົ້າ

ບົດຂຽນນີ້ສະແດງອອກເປັນຄັ້ງ ທຳ ອິດໃນລາຍການເຊົ້າ. ຮັບສະຫຼຸບໂດຍຫຍໍ້ຕອນເຊົ້າສົ່ງໂດຍກົງເຂົ້າໃນກ່ອງຈົດ ໝາຍ ຂອງທ່ານທຸກໆວັນຈັນເຖິງວັນສຸກໂດຍເວລາ 6:30 a.m. ຈອງ

ວັນສຸກ, ກອນກະດາຄົມ 15, 2022

ຈົດໝາຍຂ່າວມື້ນີ້ແມ່ນໂດຍ Jared Blikre, ນັກຂ່າວໄດ້ສຸມໃສ່ການຕະຫຼາດກ່ຽວກັບ Yahoo Finance. ຕິດຕາມລາວໃນ Twitter @SPYJared.

ເງິນໂດລາສະຫະລັດ (DX-Y.NYB) is on fire, reaching near-parity with the euro (EUR=X) for the first time in two decades.

The yen (JPY=X) is down 20% versus the dollar over the last year — nearly unheard of in the modern era.

Bitcoin (BTC-USD) has crashed 70% against the dollar since its November record high — not unheard of, but painful.

Some of this might be great for Americans shopping or traveling abroad, but these moves are wreaking havoc on global markets and leaving many investors scratching their heads.

After all, the Fed “printed” $9 trillion by buying Treasury bonds, which might sound like a massive devaluation of the greenback. And now the dollar is soaring as traditional inflation hedges like gold are getting crushed.

So: what gives?

There are two key factors at work.

First, interest rates are surging in the U.S. as the Federal Reserve moves to tamp down 40-year highs in inflation. And if global investors want to get paid the relatively higher interest rates here, they sell their local currency, buy dollars, invest in U.S. bonds, and pocket the difference. There are hedging costs in this so-called “carry trade,” but it’s fairly simple in theory and a hedge fund favorite.

Second, foreign investors in weak economies are buying the greenback for its relative safety. Inflation at home is soaring and the political situation in the U.S. is messy at the very least, but there are so far no worries among investors the U.S. government will fail to meet its financial obligations.

Taken together, these haven flows in combination with large interest rate differentials have led to investors bidding up the dollar at an uncomfortable rate.

And much like the surge in interest rates, the huge moves in the dollar currency crosses are wreaking havoc for global investors.

ເລື່ອງຍັງສືບຕໍ່

Trades in the normally-quiet U.S. Treasury and dollar foreign exchange markets are highly levered.

Investors in these markets are often seeking to eke out a few basis points — or hundredths of a percent — from a given move. To make these bets, they employ massive leverage to magnify the small gains.

This year, bets across these markets have been unwinding — oftentimes chaotically — spilling over into the plain vanilla stock market.

And canvassing the reaction in corporate America, the dollar is wreaking havoc in the C-suite.

According to FactSet, 40% of the total revenue of S&P 500 companies is from abroad, with the tech and materials sectors deriving over 50% of their sales outside the U.S.

One positive to come out of the soaring dollar has been a reversal in the recent bubble in commodities, which has started weighing on oil, gas, and grain prices. Lower input prices are great for companies and eventually consumers, but it’s the volatility that’s the real killer.

If you were an airline earlier this year trying to hedge your fuel costs when WTI crude oil (CL = F) was trading in the $120/barrel range — you probably just wasted a lot of money given the price is now in the mid-nineties.

So as we head into earnings season, we’ll look for more clarity on the fallout from the latest currency moves — and what executives see in the coming quarters. Analysts will then get to work and revise their own expectations — expectations that are still extremely lofty by historical standards.

And as we’ve all learned this year, bad news gets priced in rapidly.

ສິ່ງທີ່ຕ້ອງເບິ່ງໃນມື້ນີ້

ປະຕິທິນທາງເສດຖະກິດ

• 8:30 am ET: ການຜະລິດ Empire, July (-2.0 expected, -1.2 during prior month),

• 8:30 am ET: ການຂາຍປີກລ່ວງຫນ້າ, month-over-month, June (0.9% expected, 0.3% during prior month)

• 8:30 am ET: ການຂາຍປີກບໍ່ລວມລົດຍົນ, month-over-month, June (0.7% expected, 0.5% during prior month)

• 8:30 am ET: ການຂາຍປີກບໍ່ລວມລົດຍົນແລະອາຍແກັສ, month-over-month, June (0.1% expected, 0.1% during prior month)

• 8:30 am ET: ກຸ່ມຄວບຄຸມການຂາຍຂາຍຍ່ອຍ, ເດືອນມິຖຸນາ (0.3% ຄາດວ່າຈະ, 0.0% ໃນເດືອນກ່ອນຫນ້າ)

• 8:30 am ET: ດັດສະນີລາຄາ ນຳ ເຂົ້າ, month-over-month, June (0.7% expected, 0.6% during prior month)

• 8:30 am ET: Import Price Index excluding Petroleum, month-over-month, June (0.2% expected, -0.1% during prior month)

• 8:30 am ET: ດັດສະນີລາຄາ ນຳ ເຂົ້າ, year-over-year, June (11.4% expected, 11.7% during prior month)

• 8:30 am ET: ດັດຊະນີລາຄາສົ່ງອອກ, month-over-month, June (1.2% expected, 2.8% during prior month)

• 8:30 am ET: ດັດຊະນີລາຄາສົ່ງອອກ, year-over-year, June (19.9% expected, 18.97% during prior month)

• 9:00 am ET: Bloomberg July United States Economic Survey

• 9:15 am ET: Production ອຸດສາຫະກໍາ, month-over-month, June (0.1% expected, 0.2% during prior month, downwardly revised to 0.1%)

• 9:15 am ET: ການນຳໃຊ້ຄວາມອາດສາມາດ, June (80.8% expected, 79.0% during prior month, upwardly revised to 80.8%)

• 9:15 am ET: ການຜະລິດ (SIC) ການຜະລິດ, June (-0.1% expected, -0.1% during prior month)

• 10:00 am ET: ສິນຄ້າຄົງຄັງທຸລະກິດ, ເດືອນພຶດສະພາ (1.4% ຄາດວ່າຈະ, 1.2% ໃນເດືອນກ່ອນຫນ້າ)

• 10:00 am ET: ຄວາມຮູ້ສຶກຂອງມະຫາວິທະຍາໄລ Michigan, July preliminary (50 expected, 50 during prior month)

• 10:00 am ET: University of Michigan Current Conditions, July preliminary (53.7 expected, 53.8 during prior month)

• 10:00 am ET: University of Michigan Expectations, July preliminary (47 expected, 47.5 during prior month)

• 10:00 am ET: University of Michigan 1-Year Inflation, July preliminary (5.3 expected, 5.3% during prior month)

• 10:00 am ET: University of Michigan 5-10-Year Inflation, June final (3.0% expected, 3.1% during prior month)

ລາຍໄດ້

ຕະຫລາດກ່ອນ

• Wells Fargo (WFC) ຄາດວ່າຈະລາຍງານລາຍຮັບທີ່ປັບຕົວຂອງ 80 ເຊັນຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ຂອງ $ 17.54 ຕື້

• BlackRock (BLK) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 7.90 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 4.65 ຕື້ໂດລາ

• Citigroup (C) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 1.70 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 18.48 ຕື້ໂດລາ

• BNY Mellon (BK) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 1.12 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 4.18 ຕື້ໂດລາ

• UnitedHealth (UNH) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 5.19 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 79.62 ຕື້ໂດລາ

• ສົ່ງຕາມລໍາດັບ (PMP) ຄາດວ່າຈະລາຍງານລາຍຮັບທີ່ປັບຕົວຂອງ 85 ເຊັນຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ຂອງ $ 12.39 ຕື້

• Bancorp ຂອງສະຫະລັດ (USB) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 1.07 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 5.92 ຕື້ໂດລາ

• State Street (ສຕ) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 1.73 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 3 ຕື້ໂດລາ

• PNC ການເງິນ (PNC) ຄາດວ່າຈະລາຍງານການປັບຕົວຂອງລາຍໄດ້ທີ່ 3.14 ໂດລາຕໍ່ຮຸ້ນຕໍ່ລາຍໄດ້ 5.14 ຕື້ໂດລາ

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