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New Overnight Developments Abroad – Daily Update

Upbeat ECB Minutes Lift Euro

January 11, 2018

Minutes of the December ECB Governing Council meeting seem to proclaim the beginning of the end of the central bank’s ultra-easy stance. Quantitative settings were not changed, and a continuing determination to complete the current campaign of quantitative stimulus was projected. But the following paragraph initiates a coming shift in forward guidance. ┬áIt was argued […] More

Bond Market Slide Weighing on Dollar and Stocks

January 10, 2018

Rising long-term interest rates caused by growing optimism about global growth prospects is now depressing the dollar and stocks. The 10-year Treasury yield is 18 basis points above the end-2017 level just seven business days into 2018. Another Treasury market depressant has been an apparent Chinese decision to suspend purchases of U.S. government debt. The […] More

Firmer Yen

January 9, 2018

The Japanese yen advanced 0.4% overnight against the dollar and by even more versus main European currencies. Investors reacted after the Bank of Japan bought fewer 10-year and longer JGBs in its operations today, which kindled suspicion the quantitative stimulus may be throttled back in 2018. The Japanese Nikkei-225 share price index climbed 0.6%, but […] More

More Evidence of Strong Growth in the Euro Area

January 8, 2018

Economic sentiment in the euro area leaped 1.6 points to a December reading of 116.0, best since October 2000. Sentiment improved across the board — industry, households, services, retail, and construction. A separate measure, the business climate index, rose 1.7 points to the best score ever in this data series dating back to 1985. The […] More

Dollar and Stocks Up and Commodities Down Ahead of U.S. Jobs Report

January 5, 2018

The dollar has advanced overnight by 0.5% against the yen, 0.4% vis-a-vis the peso, 0.3% versus the Aussie dollar, 0.2% relative to the euro and Swiss franc, and 0.1% against the loonie. There’s been a dip of 0.1% versus the yuan. The Nikkei-225 in Japan recovered another 0.9%, and the South Korean Kospi is 1.3% […] More

Leaping Equities

January 4, 2018

The spirited surge in equities was extended in overnight trading, with Japan’s first session of the new year posting a 741-point or 3.3% rise in the Nikkei-225 index. Share prices also climbed 1.1% in Singapore, 0.8% in Hong Kong, 0.7% in Indonesia and 0.5% in India and China. With the baton passing to Europe, stocks […] More

Stocks Keep Rising but Dollar Steadies

January 3, 2018

In overnight trading, the dollar recouped 0.4% against the Swiss franc, 0.3% versus the euro, 0.2% relative to sterling and 0.1% vis-a-vis the loonie, yuan and kiwi. A particularly large 1.1% advance against the Mexican peso followed U.S. President Trump’s renewed call for a southern border wall and tighter restraints on immigration. The dollar dipped […] More

Dollar Falling on First Business Day of 2018

January 2, 2018

The start of a new calendar year finds the dollar picking up where 2017 ended with a slip-sliding trend. Overnight losses amount to 0.5% against the euro, 0.6% relative to the Mexican peso, 0.4% versus the yen, kiwi, and sterling, 0.3% vis-a-vis the Swiss franc and Aussie dollar, 0.2% against the yuan and 0.1% relative […] More

Softer Dollar

December 28, 2017

The dollar is mostly softer. Stocks show little net movement. Ten-year sovereign debt yields have risen, and gold is firmer. Japanese industrial production grew 0.6% on month and 3.7% on year in November, prompting the first upgraded assessment in 13 months to “picking up” from “signs of picking up.” Japanese retail sales leaped 1.9% in […] More

Scant Data and News as Yearend Draws Closer

December 27, 2017

The euro rose slightly against the dollar and yen. Oil settled back but remains above $59.00 per barrel. Gold is littloe changed, and 10-year U.S., German and British sovereign debt yields are marginally lower. In contrast to the lower Richmond Fed manufacturing index in December, the Dallas Fed manufacturing index jumped 10.3 points to a […] More

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