New Overnight Developments Abroad - Daily Update

Sterling and Price of Oil Falter

June 20, 2017

Sterling declined 0.6% following delayed Mansion house speeches by Bank of England Governor Carney and Chancellor of the Exchequer Hammond. Carney reiterated warnings that Brexit will damage the British economy, cited anaemic wage growth and slower personal consumption, and expressed opposition to hiking the central bank’s interest rate. Hammond staked out a soft position on […] More

New Overnight Developments Abroad - Daily Update

Global Stocks Higher after French Parliamentary Electioon

June 19, 2017

Share prices advanced 1.2% in Hong Kong, 0.9% in Taiwan, 0.8% in India, 0.7% in China, 0.6% in Japan and New Zealand, 0.5% in Australia and Singapore, and 0.4% in South Korea. Equities in Europe have thus far gained 1.5% in Greece, 0.9% in France, 0.8% in Germany and Spain and 0.6% in Great Britain. […] More

Foreign Exchange Insights and Next Week

Next Week

June 16, 2017

Central Banks: Monetary policy meetings in the Philippines, Mexico, Norway, New Zealand and Hungary. Bullard, Dudley, Mester, Kaplan, Fisher, and Evans are Fed officials who will speak publicly. So will JorTdan of the SNB and Kuroda of the BOJ. Special Event: Second runoff round of French Parliamentary election on the 18th. Japanese Data: Trade balance, […] More

New Overnight Developments Abroad - Daily Update

Better Tone in Stocks

June 13, 2017

Australian stocks rallied 1.7%, led by financials. A rebound in technology has lifted other stock markets. China and Hong Kong bourses closed up 0.4%. South Korea’s Kospi climbed 0.7%. Indonesian and Singapore markets rose 0.3%. The German Dax, Paris Cac and British Ftse are up 0.5%, 0.4% and 0.1%. Japan’s Nikkei lost 0.1%, however, and […] More

New Overnight Developments Abroad - Daily Update

Share Prices Falling

June 12, 2017

There has been a large backlash against populist and extremist politics in both France and Italy over the weekend. In the first round of French parliamentary elections, President Macron’s LREM Alliance appears likely to secure about three-fourths of the seats, the highest percentage for a ruling party in over fifty years. Turnout was marginally lower […] More

Foreign Exchange Insights and Next Week

Next Week

June 10, 2017

Central Banks: Monetary policy reviews are scheduled in the United States, U.K., Switzerland, Japan, Russia, South Korea and Turkey. The FOMC, which appears likely to raise the federal funds target, will also release fresh forecasts, and the meeting will be followed by a press conference presided over by Chair Janet Yellen. Special Events: Brexit talks […] More

Central Bank Watch

Peruvian Monetary Policy Rate Left at 4.0% after Being Cut in May

June 9, 2017

The Central Reserve Bank of Peru Board had cut its interest rate four weeks ago in the first policy change in fifteen months. A statement released last Thursday after its June meeting reiterates the arguments made when policy was eased in May:┬áPeru has in-target inflation, which should continue over the next two years; GDP is […] More

New Overnight Developments Abroad - Daily Update

Markets Calm Considering What’s Happened

June 9, 2017

Comey’s testimony, in which he basically called Trump a liar and laid out accusations that could be construed as an attempted obstruction of justice, may yet prove very damaging to the Trump Presidency and elicited a fairly rare full six-column headline on page 1 of the New York Times. The Conservatives lost their parliamentary majority […] More

Central Bank Watch

National Bank of Serbia

June 8, 2017

Serbia’s central bank policy interest rate was cut 775 basis points in 2013-15 and by an additional 25 basis points to 4.0% in July 2016 where such continues to remain after the latest review by officials. A statement from the Executive Board projects in-target inflation (3.0% give or take 1.5 percentage points) during the next […] More

Central Bank Watch

ECB Leaves Policy Settings Same, Boosts Projected Growth but Trims Projected Inflation

June 8, 2017

The European Central Bank retained its refinancing rate at zero, its deposit rate at negative 0.40%, its marginal lending facility rate at +0.25%, and quantitative stimulus was reaffirmed at a monthly pace of EUR 60 billion through December 2017, “or beyond if necessary, and in any case until the Governing Council sees a sustained adjustment […] More

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