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April 10, 2024
U.S. consumer price inflation in March exceeded expectations and continued a 2024 pattern of disappointment for investors hoping to see the Federal Reserve lower interest rates. In response, The weighted DXY dollar index is 0.8% above Tuesday’s closing level. The greenback rose 1.4% and 1.0% against the Australian and New Zealand dollar, 0.9% versus the […] More
Tags: Bank of Canada, Bank of Thailand, Reserve Bank of New Zealand, U.S. CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Bad U.S. CPI News Impacts Financial Markets Immediately
April 9, 2024
Tuesday’s been another wait-and-see day, with little fresh data to provide direction and being just ahead of tomorrow’s release of U.S. consumer price figures and minutes from the last FOMC U.S. monetary policy meeting. The dollar’s a touch softer, declining overnight by 0.5% against the Australian currency, 0.4% versus the Swiss franc, 0.3% relative to […] More
Tags: French current account, Japanese consumer sentiment, U.S. small business sentiment
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Waiting Game Except in Gold’s Case
April 8, 2024
Ten-year sovereign debt yields climbed so far today by four basis points in Germany, two bps in the U.S. and U.K., and a basis point in Japan. The dollar is marginally lower, slipping 0.2% versus the euro, 0.4% against the kiwi, 0.3% relative to the Aussie dollar, and 0.1% vis-a-vis sterling. Not all dollar relationships […] More
Tags: Bank of Israel, Central Bank of The Philippines, German industrial production and trade surplus, Japanese current account
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Long-Term Interest Rates Higher Still
April 5, 2024
Whereas share prices have fallen compared to Thursday closing levels by 2.0% in Japan, 1.7% in Spain, 1.5% in Italy, 1.4% in Germany and Great Britain, 1.0% in South Korea, and 0.6% in Australia and Taiwan, the DOW and U.S. S&P 500 show gains of 0.6%, and the tech-intensive Nasdaq index is up 1.1% thus […] More
Tags: Euroland construction PMI, German orders and import prices, Japanese index of coincident economic indicators, Reserve Bank of India, U.S. labor market situation
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Spectacular U.S. Jobs Report Underscores Superiority of America’s Economy
April 4, 2024
There’s an old adage not to bet against the central bank. Market participants earlier this week had been unnerved by fears that disinflation is stalling amid improving aggregate demand. Yesterday’s speech at Stanford University by Fed Chairman Powell depicted essentially unchanged forward policy guidance. The precise path of the federal funds target may be currently […] More
Tags: ECB minutes, Euroland and British composite PMIs, National Bank of Poland, National Bank of Romania, Swiss CPI, U.S. and Canadian trade balances
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Better Market Tone Than Earlier This Week
April 3, 2024
The news from the Middle East keeps going from bad to worse, and evolving U.S. activity and price data haven’t been quite cooperating with the hope of some Federal Reserve officials to start reducing interest rates at the June FOMC meeting. Fed Chairman Powell delivers a speech today before the Stanford Business, Government and Society […] More
Tags: Euroland CPI and unemployment, service sector purchasing manager survey results, Turkish CPI and PPI inflation
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on More Reasons to Keep Investments Safe
April 2, 2024
The DOW, S&P 500 and Nasdaq are 1.0% or more in the red today. Equity markets in Germany, France and Italy are down by a similar magnitude, while the Japanese and Australian share prices have barely moved. Comparatively hot activity and price data have unnerved investors’ appetite for risk, and the start of a new […] More
Tags: German CPI, Manufacturing PMIs
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Leaving Equities for Safer Ground
April 1, 2024
Almost all European markets remain closed today for Easter Monday, a holiday of particular sentimental value to yours truly because it marks the 49th anniversary of my first day working in the New York Fed’s foreign department. Europe’s custom of extending the Easter break past the weekend tends to mute currency market trading and the […] More
Tags: Bank of Japan Tankan, manufacturing purchasing manager indices
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on PMIs, Bank of Japan Tankan, New Quarter, and Easter Monday
March 28, 2024
Governor Waller is the latest top Federal Reserve Governor to affirm the prudence to not cutting rates as soon as the FOMC had been signaling earlier this year. This patience in the face of robust U.S. economic data has not adversely affected investor sentiment the way such did not long ago. U.S. equities are so […] More
Tags: British GDP and current account, Fed Governor Chris Waller, retail sales in Germany and Australia, U.S. GDP
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Fed Showing Patience Amid Robust U.S. Economic Data
March 27, 2024
The U.S. stock market near noontime shows a gain so far this Wednesday of about half a percent, and the dollar is buoyant with gains of 0.4% against the Mexican peso, 0.2% versus the Swiss franc, and 0.1% relative to the Chinese yuan and euro. It’s been a rare non-Monday with no U.S. data to […] More
Tags: Euroland economic sentiment, South African Reserve Bank, Swedish Riksbank
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Thumbs Up for U.S. Economy but Thumbs Down for China’s
