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Capital Macro: the dollar is overvalued but will continue to rise in the next 6-12 months

Thomas Mathews, an economist at Capital Macro, said that while the US's foreign assets and large current account deficit suggest that the dollar is "somewhat" overvalued, the dollar is likely to rise further in the next 6-12 months. Mathews wrote in a research note on Friday that the rise in the dollar benefited from a faster rise in U.S. yields than in other advanced economies, which is expected to continue, which in turn will push the dollar higher further. The dollar index hit a high for the year on Thursday, reflecting the dollar's avoidance amid economic uncertainty caused by the spread of Delta mutant strains.

08-21-2021 02:14:00

IBM temporarily closes its New York City office due to an increase in the number of COVID-19 cases.

IBM temporarily closed its offices in New York City as the number of COVID-19 cases increased, but the company did not postpone plans to reopen in other parts of the United States in September. Employees were told on Wednesday that offices in New York City would be open only to essential employees, an IBM spokesman said in a statement. It also pointed out that the current epidemic situation "does not comply with the health and safety regulations of the IBM." With the number of infections soaring across the United States, the ongoing Delta strain has prompted companies to reevaluate their plans to return to office. New York reported 5138 new cases on Thursday and said the number of patients hospitalized for the disease had increased by 4. 5%.

08-20-2021 03:23:00