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New Overnight Developments Abroad – Daily Update

Trump Comments, More PMI Surveys, and Some Central Bank Signals

November 6, 2017

President Trump in Japan returned to his call for “fair” bilateral trade relationships. To reduce Japan’s surplus with America, he’d like to see more Japanese buying of U.S. military equipment. Euroland’s service sector and composite purchasing managers indices slipped to a 2-month low of 55.0 and 56.0, respectively. Each result was revised up a tenth […] More

A Noteworthy Week to End with the Release of U.S. Monthly Labor Market Data and the Start of Trump’s 11-Day Trip to Asia

November 3, 2017

Over the past week, Republican lawmakers pressed hard in their quest to pass a major tax cut by Christmas. Jerome Powell, viewed widely as a continuity choice, was nominated to be the next Federal Reserve Chairman. The Bank of England raised its interest rate for the first time since July 2007. The latest British purchasing […] More

Markets Assuming Powell Getting Named Fed Chair

November 2, 2017

President Trump will formally announce his choice of Federal Reserve chairperson today at 15:00 EDT. The worst kept secret is that Jerome Powell will likely get the nod. Although a lawyer by training, his career has been immersed in financial markets. Other top news: Euroland’s October purchasing managers index rose 0.4 points to an 80-month […] More

Stocks and Commodities Up, Manufacturing PMIs Out, and FOMC Announcement on Tap

November 1, 2017

On this All Saints Day, the dollar rose 0.5% to a 6-month high against the yen and also posted advances of 0.4% against the Swiss franc while moving above par and 0.3% relative to the euro. The dollar is steady against the loonie, peso and sterling but has fallen 0.7% relative to the kiwi and […] More

Mixed News at Month End

October 31, 2017

The dollar traded up by 0.6% against the kiwi, 0.4% relative to the Swiss franc and Australian dollar, and 0.2% vis-a-vis the yen, euro and loonie. The dollar is unchanged against sterling and 0.3% and 0.2% softer against the peso and yuan. In stock market action, share prices rose 0.9% in South Korea and 0.5% […] More

A Week Begins Fraught with Possibility

October 30, 2017

U.S. President Trump has promised to reveal his choice for Fed Chairperson this week before leaving for Asia on Friday. Jerome Powell is perceived to be the likeliest choice. Although presently a member of the Fed Board of Governors, Powell is not an economist by training. Over the past 47-1/2 years, economists have chaired the […] More

Stronger Yen and Dollar ahead of U.S. GDP Figures

October 27, 2017

The earliest estimate of U.S. third-quarter GDP growth gets released shortly.¬†Forecasters anticipate similar growth to the 3.1% result in 2Q. The dollar meanwhile has continued to strengthen against the euro (0.3% overnight) in response to contrasting monetary policies. Trump is expected to replace Yellen with a more hawkish person to lead the Fed, while yesterday’s […] More

Central Bank Policies in the Spotlight

October 26, 2017

The Governing Council of the European Central Bank left its interest rate structure including a negative 0.4% deposit rate as is. The current monthly purchases of securities at a pace of 60 billion euros will continue this quarter and be reduced by half to 30 billion euros per month as of January. Quantitative stimulus at […] More

Sterling Rebounds and Streak Ends of Higher Daily Closes in Japan’s Stock Market

October 25, 2017

Sterling rose 0.9% overnight, buoyed by stronger-than-forecast third-quarter GDP growth. Xi Jinping introduced the new Chinese Politboro, all with similar ages to himself, and in so doing failed to signal an apparent successor in 2022. He is now China’s most powerful leader since Mao. Japan’s Nikkei closed down 0.5%. That was the first daily loss […] More

Wait-and-See Mode

October 24, 2017

With much yet to be learned, investors seem to be of the view that on this day of a thin data release calendar that it’s best to wait and see Whom Trump picks to be the next Fed Chair. The details of ECB quantitative stimulus going forward into 2018 Whether the Catalonia crisis ends peacefully […] More

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