New Overnight Developments Abroad - Daily Update
May 2, 2024
Dollar/Yen fluctuated in a wide 1.3% trading range overnight. Japan’s Ministry of Finance is suspected of selling more foreign currency to support their currency. Intervention the other day is thought to have exceeded $20 billion. Published minutes today taken from the March Bank of Japan mid-March Board meeting express concern about the yen and voice […] More
Tags: Japanese forex intervention, manufacturing purchasing manager surveys April 2024, reaction to Powell's press conference, U.S. and Canadian trade balances, U.S. productivity and unit labor costs
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Central Bank Watch
May 1, 2024
The FOMC statement includes two changes compared to the prior March 20th statement. An added sentence to the first paragraph reads, In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective. This comment follows the repeated remark that “inflation has eased over the past years but remains […] More
Tags: FOMC statement
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Central Bank Watch
May 1, 2024
The Fed is in a difficult bind, partly resulting from the shift toward making policymaking more transparent. Four enormous shocks over the past two decades have eroded general confidence in all institutions of authority including the Fed: the financial crisis of 2007-8, a technology revolution that has transformed how economic and other news get received, […] More
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Central Bank Watch
May 1, 2024
The Central Bank of Azerbaijan, where CPI inflation of 1.0% in March was at a 111-month low and down from 13.9% touched in December 2022, the refinancing rate has been sliced by another quarter percentage point to a 29-month low of 7.25%. This was the fifth reduction since a peak of 9.0% that prevailed from […] More
Tags: Central Bank of Azerbaijan, Central Bank of Colombia
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New Overnight Developments Abroad - Daily Update
May 1, 2024
Financial markets are shut in a slew of countries — but not in the U.K., Japan or the United States — for May Day observances that extol the rights of workers. The dollar is modestly higher. Japanese officials have not confirmed nor denied yesterday’s strongly suspected intervention triggered after the yen fell to as low […] More
Tags: Central Bank of Azerbaijan, Central Bank of Colombia, manufacturing purchasing manager surveys
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Central Bank Watch
April 30, 2024
The Central Bank of Armenia‘s refinancing rate recorded its eighth reduction, dropping 25 basis points to 8.25%. From a high of 10.75% from December 2022 until an initial rate cut last June, the rate has so far been lowered by 250 basis points. With sub-zero consumer price inflation since November versus a medium-term target of […] More
Tags: Central Bank of Armenia, National Bank of Kyrgyzstan
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New Overnight Developments Abroad - Daily Update
April 30, 2024
The Federal Open Market Committee begins a two-day review of U.S. monetary policy today. No policy changes are anticipated, but Chairman Powell’s press conference is bound to reaffirm the increasingly hawkish message conveyed in various rhetorical remarks by Fed officials since the March meeting. The dollar is closing out the month of April on an […] More
Tags: Canada GDP, Central Bank of Armenia, Euroland GDP and CPI, Japanese retail sales and industrial production, National Bank of Kyrgyzstan, U.S. employment cost index and housing prices
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New Overnight Developments Abroad - Daily Update
April 29, 2024
The yen initially plunged overnight to as low as 160.3 per dollar, but suspected foreign currency sales by the Japanese government yanked it back to 156.3 for a net gain of 1.2% from Friday’s closing level. Although not surprised, investors had been surprised Friday when the Bank of Japan chose not to raise interest rates […] More
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Foreign Exchange Insights and Next Week
April 26, 2024
Central Banks: America’s Federal Reserve heads a group of scheduled monetary policy reviews that also includes central banks in the also includes those in the Czech Republic, Norway and Armenia. The FOMC will not be updating forecast at this meeting, but Chairman Powell will be holding a press conference Wednesday afternoon following the rate announcement. […] More
Tags: Economic Data Calendar
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New Overnight Developments Abroad - Daily Update
April 26, 2024
The yen is currently trading near its overnight low of 156.86 per dollar, a trough not experienced since May 1990. The Bank of Japan’s Board meeting failed to raise interest rates further, kept planned monthly JGB purchases at around 6 trillion yen and failed to clarify a possible timetable for additional monetary policy normalization. Adding […] More
Tags: Bank of Japan, Bank of Russia, British and French consumer confidence, Euroland money and credit growth, Tokyo consumer price inflation
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