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New Overnight Developments Abroad – Daily Update

Move Out of Risk Assets Extended

March 23, 2018

Stocks slumped 974 points, or 4.5%, overnight in Japan. Equities in the Pacific Rim also lost 3.4% in China, 3.2% in South Korea, 2.8% in Hong Kong, 2.0% in Australia and Singapore, 1.7% in Taiwan, 1.2% in India, and 1.0% in New Zealand. The sell-off continued in Europe with drops thus far today of 1.6% […] More

Trade War Fear Takes Center Stage

March 22, 2018

While Fed Chairman Jay Powell downplayed the risk to growth from trade restraints at least insofar as any influence on U.S. monetary policy is concerned, global financial markets are taking the danger of a trade war very seriously, particularly as President Trump seems poised to slap $50 billion of tariffs on imported Chinese goods. There’s […] More

Wednesday to be Dominated by FOMC Statement, Forecasts, and Press Conference

March 21, 2018

Ahead of this afternoon’s FOMC event, the dollar traded lower overnight, falling 0.5% against sterling and the loonie, 0.3% versus the euro, 0.2% relative to the Swiss franc and yen and 0.1% vis-a-vis the peso, yuan and kiwi. Investors also await the release of the U.S. fourth-quarter current account figures and latest monthly existing home […] More

Deepening Trade War Concerns

March 20, 2018

The Fed’s two-day policy review starts today. The first post-meeting press conferenceĀ of the Jay Powell era and a likely 25-basis point interest rate hikeĀ  are tomorrow, and investors are anxious to see if there is a signal that four increases this year are more likely than two or three. But all this has been overshadowed […] More

Good Session for Sterling but Difficult Day for High Tech Stocks

March 19, 2018

Negotiators for Great Britain and the European Union report substantial progress in working out a plan for their arrangement during the first two years after the U.K. leaves the Union next March. Sterling rose 0.7% against the dollar, which otherwise is unchanged relative to the euro, kiwi and yuan, up 0.2% versus the Australian dollar […] More

Continuing Well-Bid Yen

March 16, 2018

A week ago, the dollar traded above 107 yen and now it’s below 105 after having dropped another 0.7% overnight. The yen’s strength has little to do with Japanese developments. Industrial production for January was revised today to show an even bigger 6.8% month-on-month decline, with the further revelation that capacity usage had dropped 7.3% […] More

Yen Strengthens Beyond 106 per Dollar Level

March 15, 2018

The yen added to Wednesday’s climb, rising a further 0.4% on balance against the dollar overnight and touching a 2-week high of 105.78 at one point. The yen has been strengthening in spite of Prime Minister Abe’s political problems. Japan’s currency offers an alternative for investors worried about the chaos swirling around the Trump presidency […] More

More U.S. Dollar Declines

March 14, 2018

The dollar lost some additional ground overnight, dipping 0.7% against the Aussie currency, 0.5% relative to the peso after Trump examined border wall prototypes, 0.3% versus the loonie, and 0.2% vis-a-vis the yen, kiwi, yuan, and sterling. The dollar, however, is unchanged on net against the euro and Swissie. In U.S. news prior to the […] More

Weaker Yen in Early Tuesday Trading

March 13, 2018

Ahead of the release of U.S. consumer price data, the yen has dropped 0.8% against the dollar to a near 2-week low and 3-week low versus the euro. Japanese producer prices and its tertiary index were released overnight. Japanese domestic corporate goods prices were unchanged in February, trimming their 12-month rate of increase to 2.5% […] More

Thursday Round-Up

March 8, 2018

The dollar rose against the euro, Swiss franc and sterling but closed little changed today on the yen. Equities firmed, but commodities, Treasury yields, and other sovereign debt yields declined. Trump imposed tariffs of 25% on steel and 10% on aluminum but with exemptions for now in the case of Nafta partners and flexibility in […] More