New Overnight Developments Abroad - Daily Update
September 28, 2023
Oil inventory data on Wednesday sent the price of West Texas Intermediate up to a 14-month high of $95.03 per barrel overnight, but the price subsequently settled back and is currently 0.5% below yesterday’s close. Investors or on tenterhooks to see where the oil price heads next. An additional concern, which has buttressed sovereign debt […] More
Tags: Chinese and Indian current accounts, Euroland economic sentiment, German CPI, U.S. GDP
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New Overnight Developments Abroad - Daily Update
September 27, 2023
German consumer confidence dropped to a 6-month low in late September with a depressed reading of -26.5. French consumer confidence fell two points to a 4-month low of 83 in September, well below its long-term mean of 100. At -11.5, Finnish consumer sentiment slid 3.5 points in September to its weakest value since February. Business […] More
Tags: Austrian manufacturing PMI, German and French consumer confidence
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New Overnight Developments Abroad - Daily Update
September 26, 2023
The U.S. is careening toward a government shutdown that could tarnish its credit rating. Kashkari and Bowman are the latest Fed officials to warn of likely interest rate hikes next quarter. Although down 0.7% so far today, the high price of WTI oil, which touched $91.5 per barrel last week, remains a threat to the […] More
Tags: IFO Institute German business climate survey, Japanese corporate service prices, South Korean consumer confidence
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Foreign Exchange Insights and Next Week
September 22, 2023
Central Banks: In addition to the release of Bank of Japan Board meeting minutes, monetary policies will be reviewed in the Czech Republic, Colombia, Mexico, Hungary and Thailand. Special Event: In the coming final week of the third quarter and U.S. fiscal year, market attention will become increasingly focused on efforts to avert a government […] More
Tags: Economic Data Calendar
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Central Bank Watch
September 22, 2023
The Swedish Riksbank‘s executive board engineered a 25-basis point interest rate hike to 4.0% today, claiming that “inflationary pressures in the Swedish economy are still too high.” That compares with a zero percent rate at the start of the second quarter of 2022 and -0.50% in November 2018. Swedish inflation of 7.5% is far […] More
Tags: Bank of Brazil, Bank of Norway, Central Bank of Turkey, Swedish Riksbank
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New Overnight Developments Abroad - Daily Update
September 22, 2023
Preliminary September purchasing manager survey results out today attest to deepening economic weakness in Europe. Euroland’s composite PMI reading of 47.1 after 46.7 in August and 47.0 in July are consistent with a 0.4% quarter-on-quarter drop in GDP in 3Q. Such would represent a fourth straight listless quarter following a 0.1% dip in the final […] More
Tags: Bank of Japan, Japanese CPI, preliminary purchasing manager surveys
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New Overnight Developments Abroad - Daily Update
September 21, 2023
Sovereign debt has been well-bid in the wake of the Fed’s message not to expect interest rates to fall much in 2024. Many other central banks have chimed in with hawkish messages today. Ten-year sovereign debt yields rose overnight by nine basis points in Italy, seven basis points in the U.K., six bps in the […] More
Tags: Bank Indonesia, Bank of Brazil, Bank of England, Bank of Norway, Central Bank of The Philippines, South African Reserve Bank, Swedish Riksbank, Swiss National Bank
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Central Bank Watch
September 20, 2023
Today’s is the sixth of eight scheduled policy meetings in 2023. After ten straight interest rate hikes beginning in March 2022, the Federal Open Market Committee left the federal funds target unchanged at this year’s June meeting but implemented an 11th increase at the subsequent meeting eight weeks ago. Compared to the pandemic low range […] More
Tags: FOMC preview
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New Overnight Developments Abroad - Daily Update
September 20, 2023
The dollar slipped overnight by 0.4% against the Australian and New Zealand currencies, 0.2% versus the euro and peso, and 0.1% relative to the Canadian dollar and Swiss Franc. Equities closed down 1.2% in India, 0.7% in Japan, 0.6% in Taiwan and Hong Kong and 0.5% in China but are currently showing overnight gains of […] More
Tags: British CPI and PPI, German producer prices, Peoples Bank of China
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New Overnight Developments Abroad - Daily Update
September 19, 2023
The dollar slipped overnight by 0.4% against the Canadian, Australian and New Zealand dollars, 0.2% relative to sterling, 0.3% against the peso and 0.1% vis-a-vis the euro and Swiss franc. Dollar/yen is steady. Share prices fell 0.9% in Japan, 0.7% in Singapore, 0.6% in South Korea, 0.5% in Australia and 0.4% in India and Taiwan. […] More
Tags: Bank of Korea, Reserve Bank of Australia
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