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New Overnight Developments Abroad – Daily Update

WTI Oil Above $70 Per Barrel for First Time Since Thanksgiving 2014

May 7, 2018

Compared to closing levels before the weekend, the dollar has climbed 0.8% against the peso, 0.4% relative to the euro, 0.2% vis-a-vis the yen, Swiss franc and Australian dollar, and 0.1% vis-a-vis the yuan. Sterling and the Canadian dollar are 0.3% and 0.1% firmer, and the kiwi is unchanged. The Indonesian rupiah weakened through the […] More

No Sino/U.S. Trade Deal, Falling Turkish Lira, and U.S. Jobs Day

May 4, 2018

U.S. Treasury Secretary Mnuchin has left Beijing with no agreement on trade. Investors wonder how soon tit-for-tat tariffs may follow. The Turkish lira tumbled by more than 1% overnight, moving past 4.28/USD and bringing cumulative depreciation to almost 5% over the past four sessions. Turkey has double-digit inflation and an autocratic government that’s dissuading the […] More

Market Disturbances

May 3, 2018

Share prices fell late yesterday in the wake of an FOMC statement that reinforced the possibility of faster, rather than slower, rate hike normalization. Overnight in the Pacific Rim, Japan’s string of Golden Week holidays resumed with Constitution Day, but stocks elsewhere fell 2.6% in Indonesia, 1.4% in Hong Kong, 1.1% in Singapore, 0.6% in […] More

An FOMC Announcement and Lots of Data Releases

May 2, 2018

In this second day of the third FOMC policy review of 2018, a statement will be released at 14:00 EDT (18:00 GMT). No rate changed is expected, and no subsequent press conference is scheduled. The fed funds target was last raised at the prior March 21-22 meeting. In light of further evidence of rising inflation, […] More

May Day 2018

May 1, 2018

A slew of countries are observing May Day holiday closures to honor workers. These include India, China, Hong Kong South Korea, Taiwan, Indonesia, Singapore, Italy, Spain, Switzerland, Greece, Germany, France, Mexico, Norway, South Africa, and Brazil. The main market-sensitive developments are 1) a batch of weak British data weighing on sterling and 2) U.S. President […] More

Dollar and Equities Strengthening on Final Day of April

April 30, 2018

The dollar shows overnight gains of 0.6% against the kiwi and peso, 0.5% versus the Australian dollar, 0.4% relative to the euro and sterling, and 0.3% vis-a-vis the yen, loonie and Swiss franc. The Japanese and Chinese markets were closed today for Showa Day and Labor Day, respectively. Markets in China will remain shut tomorrow […] More

Plenty of News to Focus Upon

April 27, 2018

The meeting between the presidents of South Korea and North Korea agreed to end their multi-decade war and to deescalate nuclear armament. Share prices in the Pacific Rim climbed 1.3% in New Zealand, 1.0% in Hong Kong, and 0.7% in Japan, South Korea, India and Australia. British GDP growth slowed more than forecast last quarter, […] More

Modest Market Retrenchment Ahead of ECB Announcement

April 26, 2018

The ECB Governing Council is holding a policy review to be followed by Draghi’s press conference. The Bank of Japan Board began a two-day meeting whose results will be revealed Friday. The BOJ also releases a quarterly Outlook for Economic Activity and Prices tomorrow, which will update its macroeconomic forecasts. After meetings with U.S. President […] More

Dollar Broadly Stronger… Gold and Global Bonds Down

April 25, 2018

The Mexican peso extended its recent swoon, falling 1.0% against the dollar and moving past the 19 per USD threshold. U.S./Mexican relations appear headed for another dive, as Lopez Obrador, the former Mexico City mayor and a populist, retained a huge lead in presidential election polls. The election is just over two months away. It’s […] More

Paused Rise of Dollar and Sovereign Debt Yields but Commodity Rally Continued Overnight

April 24, 2018

The dollar slipped overnight by 0.2% against the Aussie dollar and sterling and 0.1% versus the euro. The kiwi and yen fell 0.3%, while the loonie is flat. The ten-year Treasury yield eased back a basis point and, at 2.97%, remains below the key 3.0% threshold. Ten-year German bund, British gilt and Japanese JGB yields […] More

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