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New Overnight Developments Abroad – Daily Update

Dollar Down, Stocks Mixed Ahead of Powell’s Speech at Jackson Hole

August 24, 2018

The dollar posted overnight declines of 0.7% against the Aussie currency, 0.5% relative to the Chines yuan, 0.4% against the kiwi, 0.3% vis-a-vis the euro and sterling, 0.2% versus the Mexican peso and Swiss franc and 0.1% relative to the loonie. Share prices in the Pacific Rim rose 0.9% in Japan, 0.5% in South Korea, […] More

Investors Sifting Through Diverse Array of Market Movers

August 23, 2018

The dollar rose 0.8% against the Aussie dollar, 0.3% relative to the Mexican peso and kiwi, 0.2% versus the yen, and 0.1% against the euro and sterling. The dollar slipped 0.3% against the Chinese yuan, 0.2% relative to the Swiss franc and 0.1% vis-a-vis the loonie. Stock markets in European and Asia have also produced […] More

Dollar Softens Further

August 22, 2018

The dollar lost some further modest ground against major currencies like the euro (0.3%), Swiss franc and Canadian dollar (0.2%), and New Zealand dollar (0.1%). The dollar edged up 0.1% against the Aussie dollar and sterling, by contrast. U.S. stocks remained buoyant yesterday on strong corporate earnings prospects, but investor misgivings about Trump’s legal uncertainties […] More

A Wide-Ranging Trump Interview Depresses the Dollar

August 21, 2018

In an exclusive interview with Reuters, President Trump criticized Fed Policy as insufficiently accommodative and having an unconstructive influence on ongoing trade talks. Regarding Fed Chairman Powell, whom he appointed previously to replace Janet Yellen, he answered his own rhetorical question: ” Am I happy with my choice? I’ll let you know in four years” when […] More

Few Data Releases, Firmer Share Prices and Metals, Steady Oil and Sovereign Debt Yields

August 20, 2018

Dollar/yen is unchanged. The dollar is down 0.3% against the yuan but has risen 0.3% against the euro, 0.2% relative to the Australian dollar, kiwi, and Mexican peso, and 0.1% versus the Swiss franc, loonie and sterling. Equities climbed Monday by 1.9% in Indonesia, 1.5% in Hong Kong, 1.1% in South Korea, 0.9% in India […] More

Fresh Bout of Weakness in Turkish Lira

August 17, 2018

The dollar was little changed on net overnight against the the euro, Swiss franc, sterling, yuan, Canadian dollar, Australian dollar or New Zealand dollar, but it jumped 4.8% against the Turkish lira. Turkey’s finance minister said capital controls or a deal with the IMF won’t been necessary. President Trump is considering additional tariffs against Turkey […] More

Yuan Rebounds and U.S. Stocks Set to Rise Too

August 16, 2018

Equity losses early in Asia’s session were trimmed after an announcement  from China’s Minister of Commerce Wang Shouwen that China accepts the invitation from U.S. Undersecretary of the Treasury Malpass to resume trade talks. Talks broke down in June. A delegation of Chinese officials will visit the U.S. late this month for new talks, kindling […] More

Global Equities Slide Amid Policy Changes in Turkey, China, and Indonesia

August 15, 2018

Turkey raised tariffs on a slew of U.S. imported goods, including the doubling of those on cars and alcoholic beverages. In a move to boost the beleaguered lira by impeding short selling of the currency, Turkish authorities also imposed curbs on currency swaps and similar vehicles. The U.S. dollar is down 3.3% against the lira […] More

A Rebound in Many Emerging Market Currencies

August 14, 2018

The dollar has settled back 5.3% against the Turkish lira, 1.6% relative to the South African rand, 1.5% versus the Russian ruble, 0.9% vis-a-vis the Mexican peso, 0.5% against the Brazilian real and 0.25% versus the Indian rupee after touching a record low of INR 70.09 earlier in the day. However, today’s respite in the lira-led […] More

Deepening Turkish Crisis Kindles Contagion Fears

August 13, 2018

The dollar has appreciated another 8.7% against the Turkish lira and is hovering around 7/USD. The lira touched a record low of 7.2 per dollar earlier. Turkish share prices have fallen 4.7%, and the 10-year Turkish sovereign debt yields climbed 51 basis points to 21.18%. Turkey’s central bank pumped fresh liquidity into money market by […] More