New Overnight Developments Abroad - Daily Update

Dollar Slightly Lower in Pre-Thanksgiving Trading

November 21, 2023

The dollar fell overnight by 0.7% against the yuan, 0.5% versus the yen but just 0.2% relative to sterling and 0.1% against the euro and Swiss franc. Investors await the release at 20:00 GMT today (15:00 EST) of FOMC minutes. Ordinarily a Wednesday event, such are being released a day early due to the upcoming […] Read Article

Foreign Exchange Insights and Next Week

A Lack of Dollar Volatility in 2023 So Far

November 28, 2023

With only a month left in 2023, this year ranks comparatively low in net dollar movement against other highly traded currencies. The range against the euro from a high of $1.0506 in October from a low $1.1243 in July constitutes a trading range spread of just 7.0%, and the current rate of $1.0993 is a […] Read Article

Central Bank Watch

Fifth 25-Basis Point Interest Rate Hike of 2023 Done in Australia

November 7, 2023

As expected, officials at the Reserve Bank of Australia ended a five-month pause in their interest rate-tightening cycle, which previously had seen the Official Cash Rate climb from a pandemic low of 0.10% (Nov 2020-May 2022) to 3.1% by the end of 2022 and 4.1% by early June of this year. Today’s increase was by […] Read Article

Deeper Analysis

November 2023 in Figures

November 30, 2023

Financial market movements in November 2023 were dominated by decelerating inflation around the world, falling energy prices and the consequence of those trends on expectations of future monetary policies. Central bank benchmarks for short-term interest rates were changed in only a couple of instances, including Australia (+25 basis points), Turkey (+500 basis points), Brazil (-50 […] Read Article

New Overnight Developments Abroad - Daily Update

Dollar Opens Week of Thanksgiving with a Dip

November 20, 2023

The dollar fell overnight by 1.0% against the yen, 0.7% versus the kiwi, 0.6% vis-a-vis the Australian dollar and Chinese yuan, 0.3% against the Mexican peso, 0.2% versus the Swiss franc and 0.1% relative the the euro and sterling. Data and event highlights this week will include Federal Reserve FOMC minutes, the British Autumn Statement […] More

New Overnight Developments Abroad - Daily Update

Softer Growth Into the Holidays

November 17, 2023

With the Thanksgiving holiday less than a week away, 2023 is moving into the home stretch with plenty of unanswered questions. Investors wonder how the twin wars in Ukraine and Gaza will resolve and whether the federal funds rate has in fact crested and, if so, how long it will stay at its peak. Will […] More

Foreign Exchange Insights and Next Week

Next Week’s Menu: November 18 – 24, 2023

November 17, 2023

Central Banks: Minutes from recent policy review meetings will be published by the Fed, Reserve Bank of Australia and European Central Bank. Monetary policy reviews are scheduled in Sweden, Iceland, Sri Lanka, Turkey, South Africa, Indonesia and at the People’s Bank of China. Central bank officials with public speaking engagements include Reserve Bank of Australia […] More

New Overnight Developments Abroad - Daily Update

Awaiting Several More U.S. Data Releases Scheduled Today

November 16, 2023

In addition to the usual Thursday weekly report on jobless insurance claims, the U.S. data menu features import prices and industrial production and also includes the Philly Fed and K.C. Fed manufacturing surveys, the NAHB monthly housing market index, capacity utilization, and Treasury-compiled capital flows between the U.S. and other countries. So far, financial markets […] More

New Overnight Developments Abroad - Daily Update

More Favorable Data Reported for the U.S.

November 15, 2023

The U.S. producer price index dropped 0.5% on month (most in 42 months) and recorded a 3-month low of 1.3% when compared to the same month a year earlier. Core producer prices — unchanged versus September and +2.4% year-on-year — was 0.3 percentage points below expectations. U.S. October retail sales contracted by a smaller-than-anticipated 0.1% […] More

New Overnight Developments Abroad - Daily Update

U.S. CPI Figures about to Be Released

November 14, 2023

Analysts expect to learn of a further dip in U.S. inflation last month shortly. While waiting for confirmation, financial markets around the world marked time overnight. Dollar changes against other major currencies were held to plus or minus 0.2%. U.S. stock futures are likewise steady. Share prices in the Pacific Rim closed up 0.3% in […] More

New Overnight Developments Abroad - Daily Update

Potentially Momentous Week Starts Quietly

November 13, 2023

The dollar edged 0.2% higher overnight against the Japanese yen, Canadian dollar, Swiss franc, and both the Aussie and New Zealand currencies. The dollar firmed 0.1% against the euro but slid 0.1% relative to sterling. Share prices in the Pacific Rim closed mixed, with gains of 1.3% in Hong Kong and 0.9% in Taiwan but […] More

Foreign Exchange Insights and Next Week

Next Week’s Menu: November 10-17, 2023

November 11, 2023

Central Bank News: Filipino monetary policy will be reviewed. Special Focus: U.S. and Chinese Presidents Biden and Xi to hold talks Wednesday on the sideline of the APEC Conference in San Francisco. Temporary debt ceiling deadline on November 17 to avoid federal shutdown. Scheduled U.S. Data Releases: Consumer prices, producer prices, import prices, retail sales, […] More

New Overnight Developments Abroad - Daily Update

Continuing Uncertainty Saps Financial Markets of Direction

November 9, 2023

Fed Chairman Powell‘s remarks yesterday didn’t touch on current monetary policy, but he’ll be speaking publicly again today. Investors are hoping for clarification regarding what the Fed is likely to do. Two earthquakes of slightly more than 5.0 on the Richter scale in the oil-producing region of Texas injects confusion into the next move in […] More

New Overnight Developments Abroad - Daily Update

Marking Time Ahead of Powell’s Speech at 13:00 EST

November 8, 2023

Federal Reserve Chairman Powell is scheduled to speak today at the central bank’s Research & Statistics Division centennial conference. Vice Chairman Jefferson also will be making remarks there. Remarks by Fed officials since Powell’s press conference on November 1 have tended to be more hawkish than the perceived message of the FOMC a week ago, […] More