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New Overnight Developments Abroad – Daily Update

Little Market Reaction to Trump’s Decision to Call Off Summit with Kim

May 25, 2018

Markets have taken President Trump’s decision not to meet Jung Un Kim in Singapore on June 12 surprisingly calmly. North Korean official did not escalate the disagreement, indicating instead a continuing interest for Trump and Kim to meet. The biggest market developments the Friday have been A 1.8% drop in WTI crude oil to $69.46 […] More

Turkey Attempts to Stop Lira’s Rout… Other Geopolitical Strains Simmer

May 24, 2018

The Central Bank of the Republic of Turkey hiked the late liquidity window interest rate by three full percentage points to 16.5% after the Monetary Policy Committee held an unscheduled meeting. The lira had been plunging in one-sided market conditions but rebounded over 6% following the announcement. Italian Prime Minister-Designate Conti met with party leaders, […] More

Three-Pronged Blow to European Confidence

May 23, 2018

Italy is poised to get a populist, anti-euro, anti-austerity, and pro-Russia governing coalition. Being the third largest economy to use the euro, this development poses an existential risk to the common European currency that is far greater than the debt problems of Greece. Ten-year sovereign debt yields rose 10 basis points today in Italy in […] More

A Focus on U.S.-Sino Trade Talks and European Politics

May 22, 2018

Trade tensions between China and the United States appeared to lessen further as China announced it will cut tariffs on autos and progress was reported on a ZTE plan. Italy’s President Mattarella did not immediately endorse the Prime Ministerial choice of Giuseppe Conte proposed by a League and Five Star to lead the next government. Conte […] More

U.S. Flinches on Threatened Trade War

May 21, 2018

Treasury Secretary Mnuchin said on Sunday talk show that plans to impose massive tariffs on Chinese imports were being suspended amid progress on negotiations. Monday’s other meaningful development has been another 2-basis point increase in the 10-year Treasury yield in futures trading. That rise contrasts with decreased 10-year sovereign debt yields of a basis point […] More

Some Price Data and a Discouraging Remark from China

May 18, 2018

The dollar firmed overnight by 0.3% against sterling, 0.2% versus the yuan, yen and euro, and 0.1% relative to the loonie. The greenback fell 0.5% against the kiwi and 0.1% vis-a-vis the Swiss franc and is unchanged relative to the Australian dollar and peso. Share prices in the Pacific Rim climbed 1.2% in China, 0.6% […] More

Little Change Overnight in Most Dollar Forex Values

May 17, 2018

Against other major currencies, the dollar is unchanged against the loonie and yuan, up 0.1% relative to the euro, Swiss franc and kiwi, up 0.3% versus the yen, but down by 0.1% against the Australian dollar and sterling. Bigger dollar moves have occurred against emerging market currencies. The greenback dropped 0.3% against the Indonesian rupiah […] More

Watching Several Situations

May 16, 2018

A weaker-than-expected Japanese GDP report saw negative growth on both a nominal and real basis last quarter. There was additional evidence of less inflation than assumed in Europe, and Australian wage costs data show benign containment. Treasury-compiled capital movements revealed another big U.S. inflow in March. It’s been a busy day for central bank news, […] More

Lots of Data Released and Mostly on the Softer Side

May 15, 2018

The dollar strengthened across the board overnight, rising 0.7% against the peso, 0.4% relative to the euro, Aussie dollar and yuan, 0.3% versus the yen and sterling, and 0.2% vis-a-vis the Canadian dollar, Swiss franc and kiwi. Equity markets in the Pacific Rim mostly fell, a 0.6% rise in China being the main exception. Share […] More

Week Starts with Two Surprises

May 14, 2018

The governor of the Bank of France, who serves on the ECB Governing Council as well, indicated that not only is the European Central Bank likely to end its program of asset purchases later in 2018, but also that an initial interest rate hike will probably be engineered sometime next year rather than be delayed […] More

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