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New Overnight Developments Abroad – Daily Update

Little Market Leadership Due to Holiday Closures

May 29, 2017

Markets are closed Monday in the United States for Memorial Day, Great Britain for a late spring bank holiday, and both China and Taiwan for the Dragon Boat Festival. The dollar is down 0.3% against the peso, 0.2% versus sterling and 0.1% relative to the loonie, euro, Swiss franc and kiwi. The dollar has edged […] More

Soft Tone in Sterling, Sovereign Debt Yields, Oil and Stocks

May 26, 2017

Sterling fell 0.7% against the dollar overnight in response to a new poll showing just a 5-point spread between Prime Minister May’s Conservatives and the Labor Party; the spread earlier had been over 20 points. Britain’s parliamentary election is scheduled for June 8. Sterling declined more sharply against several other currencies, as the dollar is […] More

Nato and Opec Meetings Attracting Attention, as Does Weak British GDP Report

May 25, 2017

A row broke out over U.S. leaking of key intelligence from the Manchester bombing investigation between the May and Trump governments just prior to today’s Nato meeting in Brussels. Prime Minister May will speak to President Trump about U.S. leaks, and Britain reportedly has stopped sharing information with U.S. on the matter. West Texas Intermediate crude […] More

Moody’s Downgrades China… FOMC Minutes Due

May 24, 2017

Only industrial metal prices have reacted much to news that Moody’s downgraded its Chinese credit rating for the first time in nearly 30 years. Commodities have been the main mover today. Comex gold fell 0.3% to $1,251.70 per ounce. Industrial metal prices like nickel, iron ore, and copper tumbled much more steeply. But WTI oil […] More

Better European Data, More Leaked Allegations on Trump, and a Terrorist Bomb Attack

May 23, 2017

The German business climate index compiled by the IFO Economic Institute increased 1.6 points in May to the highest level since German unification, a reading of 114.6. Current conditions went up 1.9 points, and expectations climbed 1.3 points in the latest month, prompting IFO officials to call the business mood euphoric and the pace of […] More

A Different Trump on the Road

May 22, 2017

The first leg in Saudi Arabia of President Trump’s nine-day foreign trip went well. Gone was the xenophobic tone as his anti-terrorism message focused on Iran instead of Islam as a religion. There weren’t major cultural slips, and large business deals were consummated. Absent, too, were the usual Saturday tweets to add fuel to the […] More

A Somewhat Calmer Session

May 19, 2017

In Europe, stocks have risen 0.8% in Switzerland and Spain, 0.7% in Italy, 0.6% in Greece, 0.5% in France, 0.4% in the U.K., and 0.3% in Germany. China’s market closed unchanged. Japan’s Nikkei rose 0.2%, and Australia’s bourse slipped 0.2%. The erosion of the dollar’s external value continues. The euro climbed another 0.5%, capping its […] More

No Change Made in Indonesian Monetary Policy at Monthly Review

May 18, 2017

Bank Indonesia’s seven-day reverse repo rate has been at 4.75% since its sixth 25-basis point reduction of 2016 was implemented last October. This key rate will continue to be flanked symmetrically by a 4.0% overnight deposit facility rate and a 5.5% lending facility rate. Officials released a statement after their review defending the current stance and […] More

Investors Remain Very Risk Averse and Driven by Politics, Not Data

May 18, 2017

Sovereign debt yields continue to fall. In futures, the 10-year Treasury yield of 2.19% is down four more basis points and shows a 22-basis point plunge since the May 10th close. Comparable German bund and British gilt yields fell six and 3 basis points thus far today. The Japanese JGB is unchanged after data showing […] More

Cheaper Dollar as U.S. Political Surprises Mount

May 17, 2017

The dollar fell overnight by 0.7% against the yen, 0.4% relative to the euro, Swiss franc and sterling, and 0.1% versus the kiwi. The dollar alternatively rose 0.4% against the peso, 0.3% versus the Aussie dollar, ad 0.2% relative to the loonie. Ten year German bund and British gilt yields are two basis points lower, […] More

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