More disappointing economic data out of the U.S.
With a great deal of volatility and choppy trading, the week’s activity has revealed an apparent shift in overall positions and a net move lower for the US dollar. Without any major domestic economic releases or events for the week, USD has taken its lumps from improving overseas data and some semblance of optimism over the Greek situation spawned over the last couple days.
Conference Call and Webcast Scheduled for Monday, April 20, 2015 at5:00 p.m. Eastern Time
San Jose, CA – April 20, 2015 – Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the first quarter ended March 31, 2015.
Our beloved World Champion San Francisco Giants played their home opener on Monday only to lose three straight games to the Colorado Rockies and one to the D’backs and now having lost seven straight outings. Putting in a similar performance this week, the U.S. economy has similarly slipped with report after report coming in below expectations with all signs now pointing to Q1 having been a very weak quarter for US activity.
The Fed’s FOMC Minutes, released on Wednesday, were the focal point of the week as it presented some surprises, and accordingly, some confusion for the foreign exchange markets. It turns out that Fed policy makers are split (or at least were split as of last Wednesday) regarding the timing of a potential interest rate tightening. A much more hawkish stance than previously thought by members was revealed in the minutes as several committee members judged that recent economic data and the economic outlook were sufficient for a June hike (note that these judgments were crafted prio
San Jose, CA – April 7, 2015 – Bridge Capital Holdings (NASDAQ:BBNK), whose subsidiary is Bridge Bank, a full-service professional business bank headquartered in Silicon Valley and with offices located nationwide, announced today that its Technology Banking team has provided a combination of credit facilities and working capital advances totaling $20 million to HotSchedules (formerly Red Book Connect), a global software as a service provider for the restaurant, retail and hospitality industries.
Well, we can’t blame the weather this time; March U.S. Non-Farm Payrolls came in significantly lower this morning at +126K vs. consensus estimates of +244K likely quashing any likelihood of a June Fed tightening and prompting USD bulls to run for the exits, taking profit on their long positons. In a week of mixed data, market players had already begun to thin their long dollar positons ahead of the long Easter weekend and ahead of NFP which represented considerable event risk.
While the US Federal Reserve did remove the word ‘patient’ from its statement last Wednesday, it is not likely to remove the word ‘cautious’ from their approach to interest rates going forward. After a great deal of FX volatility after the Fed’s dovish outlook at the Federal Open Market Committee meeting last week, traders have been watching closely each economic data release this week for clues to the timing of the Fed’s next move – and the results have been a mixed bag of good, not so good, and ‘as anticipated’.
Top Performing Bank of 2014 Recognition Marks Bridge Bank’s Fourth Consecutive Year