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: Peru 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
