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New Overnight Developments Abroad – Daily Update

A Fresh Political Mandate in Japan, While U.K. and Spain Stay Embroiled in Uncertainty

October 23, 2017

The Japanese Nikkei jumped 239 point or 1.1% following Sunday’s lower house election that gave Prime Minister Abe a resounding mandate and his LDP-led ruling coalition with Komeito more than a two-thirds majority in both houses of parliament. Abe now has the wherewithal to enact constitutional revisions that will affect foreign policy. The ten-year JGB […] More

Dollar Climbs on Likelier U.S. Tax Reform

October 20, 2017

The dollar benefited from several factors on Friday, climbing 0.7% against the yen, kiwi and Swiss franc, 0.6% versus the peso, 0.4% relative to the euro and Australian dollar, 0.2% against the loonie and 0.1% vis-a-vis the yuan. The greenback edged 0.1% lower against sterling. The Republican-controlled senate approved a filibuster-proof budget that enhances prospects […] More

Dollar Climbs Further

October 18, 2017

The dollar was buoyed by negative European factors (Catalonia, Brexit and a weak construction output report) and expectations of a widening U.S. interest rate premium. Yellen is generally expected not to be reappointed as Fed Chair, and that suggests a steeper incline in the federal funds target especially if U.S. tax reform is enacted. The […] More

Mostly Firmer Dollar Tone

October 17, 2017

The dollar recorded overnight gains of 0.5% against the yuan, 0.4% versus sterling, 0.3% relative to the euro, 0.2% vis-a-vis the loonie, swissie, and peso, and 0.1% versus the yen and Australian dollar. The dollar edged 0.1% lower against the kiwi, in contrast. Inflation reports released today tended to be above expectations. Consumer prices in […] More

Commodity Prices Strengthen

October 16, 2017

West Texas Intermediate crude oil advanced 1.3% to $52.10 per barrel, and copper strengthened nearly 3%. Comex gold is 0.2% higher. Comments over the weekend at the IMF meetings in Washington from the likes of Yellen, Zhou, and Constancio stressed that growth is doing well and expressed puzzlement that wage inflation continues to lag. BOJ […] More

More Evidence of Subdued Inflation

October 13, 2017

The dollar fell overnight by 0.7% against the Australian dollar, 0.6% relative to the kiwi, 0.4% versus the yen and sterling, 0.3% vis-a-vis the Swiss franc, 0.2% against the euro and 0.1% versus the yuan. The peso and loonie remained unchanged even as President Trump suggests that it may not be possible to fix the […] More

Sterling Down on Stalemated Brexit Talks

October 12, 2017

A fifth round of Brexit talks between the U.K. and EU failed to make progress settling the matter of Britain’s debt to the common currency, and without such the EU won’t discuss Britain’s future relationship with Continental Europe. Sterling fell 0.6% against the euro and dollar overnight. Sentiment toward the euro was buoyed by the […] More

Quiet Start to Wednesday

October 11, 2017

The dollar is marginally softer, with overnight dips of 0.3% against the peso, 0.2% versus the yen and Aussie dollar and 0.1% vis-a-vis the euro and Swiss franc. The dollar also rose 0.4% against the yuan and 0.1% relative to sterling but is flat against the loonie and kiwi. Tensions over Spain’s political situation eased […] More

Civilization Under Strain

October 10, 2017

Catalan is the latest place to see tribal forces running amuck. The separatist leader Carles Puigdemont appears poised to declare complete or perhaps qualified independence from Spain, setting the stage for more violence with Spanish police. The IBEX has declined 0.9%. The dollar is on its heels following holidays Monday in The U.S., Japan, Canada […] More

Market Spotlight on Turkey and Spain

October 9, 2017

On a day when holiday closures in the United States (Columbus Day), Japan (Health Sports Day), Canada (Thanksgiving), and South Korea (Hanguil Day) ordinarily might be expected to sap the market of leadership and thus depress volatility, there have been big movements affecting Turkey and Spain. A diplomatic dispute between Turkey and the United States […] More

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