US nonfarm, nonfinancial companies have enjoyed a rapid increase in their return on equity (ROE). This does not, however, imply that the stock market is attractively valued. For one thing, the...

The near 20% rise in the euro against the US dollar over the last six months has clearly not sat comfortably with our prediction back in May that the single currency would depreciate further and drop...

The US stock market’s lukewarm reaction to yesterday’s FOMC statement suggests the scale and timing of the Fed’s additional monetary stimulus have been largely, though not completely, discounted. We...

The conventional view that further quantitative easing (QE) is unambiguously negative for the dollar will be tested next week both by the outcome of the Fed meeting and by the decisions of other major...