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New Overnight Developments Abroad – Daily Update

Disappointing Data and Inflammatory Remarks from Pompeo ahead of U.S. Jobs Report

September 4, 2020

After Thursday’s selloff, financial markets have quieted ahead of the U.S. August labor market report. Share prices in the Pacific Rim fell 3.1% in Australia, 2.0% in New Zealand, 1.3% in Hong Kong, 1.1% in Japan, and 0.9% in China, but European markets bounced up 1.2% in Spain, 0.4% in Italy, and 0.3% in the […] More

Upward Bounce in the Dollar

September 3, 2020

Dollar advances today amount to 0.6% against the Australian dollar and sterling, 0.5% versus the Canadian and New Zealand dollars, and 0.3% relative to the yen and euro. A new high in the dollar was touched against Turkey’s lira after investors learned that Turkish reserves have drained to a 15-year low. The Russian ruble is […] More

Equities Still Well Bid for the Most Part

September 2, 2020

Fed Governor Brainard’s call for more fiscal and monetary stimulus encouraged the risk appetite of investors overnight especially in European trading. Ten-year German bund and British gilt yields fell by 3 basis points each, and stock markets have risen by 2.3% in France and Germany, 2.2% in Italy, 1.7% in Switzerland, and 1.6% in Great […] More

Dollar Loses More Ground as Trump’s Reelection Prospects Improve

September 1, 2020

On the heels of a weak performance in August, the dollar fell another 0.8% against sterling overnight and also lost 0.5% relative to the euro, kiwi, and peso, 0.4% versus the yuan, 0.3% vis-a-vis the loonie, and 0.1% against the yen and Australian dollar. It also costs more dollars today than yesterday to buy commodities […] More

A Wide Mix of Data Reports on August’s Final Day

August 31, 2020

The dollar strengthened 0.5% against the yen, 0.3% versus the peso, and 0.2% relative to sterling but fell 0.3% against the euro and yuan, 0.2% vis-a-vis the loonie and Swiss franc, and 0.1% against the Australian dollar. British markets are shut for the late summer bank holiday. Share prices elsewhere advanced 1.1% in Japan but […] More

Dollar Downtrend Accelerates

August 28, 2020

Powell’s speech that formally redefined the Federal Reserve’s inflation target and policy response function implies lower U.S. interest rates for longer and gave the dollar’s pandemic-related downtrend further impetus. Overnight the dollar depreciated by 1.3% against the Mexican peso, 1.7% relative to the Australian dollar, 1.2% versus the yen and kiwi, 0.8% vis-a-vis sterling and […] More

Awaiting Speeches from Central Bankers

August 27, 2020

The third night of the Republican National Convention was mostly about law and order. The event concludes today with President Trump’s key speech to the party faithful. The message of “law and order” surfaced during the President Nixon’s 1968 successful run for president and has been a basic tenet of Republican campaigns ever since. Law […] More

Marking Time Amid an Eclectic Assortment of Data Reports

August 26, 2020

There’s been no dominant market theme Wednesday. Investors await the virtual Jackson Hole central banker symposium that kicks off tomorrow with a widely awaited speech from Fed Chairman Powell. The RNC provided more red meat to the pro-Trump faithful on its second night. Optimism persists that the United States and China will avoid all-out trade […] More

Some Encouraging U.S.-Sino Trade News Fans Investor Sentiment Further

August 25, 2020

Equity markets had rallied strongly on Monday and then received a further lift overnight from the news that U.S. and Chinese trade negotiators reported progress and reaffirmed that the Phase I trade deal remains effective. In other overnight developments, The Republican Party National Convention kicked off with loads of fear-mongering directed at the Democratic Party […] More

Vaccine and Treatment Hopes Spring Eternal

August 24, 2020

Faith is trumping science in guiding market thinking regarding Covid-19. My doctor recently told me not to expect to get a coronavirus vaccine for almost another year but to be very sure to get my annual flu vaccine this autumn because the ride is apt to get bumpy then. Markets, on the other hand, are […] More

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