New Overnight Developments Abroad - Daily Update
November 22, 2021
Market movement has been limited this Monday. The most notable development has been a net 0.3% drop in the net price of oil. WTI crude is down 0.3% but about a dollar above the intra-day seven-week low of $74.68 per barrel. The weighted DXY dollar index has edged up 0.1% but is currently close to […] More
Tags: Chinese loan prime rates, Dutch and Belgian consumer confidence, Turkey consumer confidence
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Foreign Exchange Insights and Next Week
November 19, 2021
Central Banks: Monetary policies will be reviewed in Sweden, New Zealand, South Africa, China, Israel, and Sri Lanka. Minutes from the last policy meetings of the FOMC and European Central Bank are to be published, as will Sweden’s Monetary Policy Report. Two central bankers speaking publicly will be Haskel of the Bank of England and […] More
Tags: Economic Data Calendar
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New Overnight Developments Abroad - Daily Update
November 19, 2021
The weighted DXY dollar index advanced 0.4% overnight, climbing 0.7% against the euro, 1.2% versus the Turkish lira, 0.5% relative to the Australian dollar, kiwi and sterling, 0.4% vis-a-vis the Canadian dollar but just 0.1% against the Swiss franc, which traditionally thrives when global inflation becomes a concern. News today on the Covid-19 front has […] More
Tags: ECB President Lagarde, German PPI, Japanese CPI, UK retail sales
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Central Bank Watch
November 18, 2021
Turkish monetary policy has become very politicized this year, conforming to the wishes of President Erdogan’s view that inflation conforms positively, not inversely, to changes in the central bank interest rates. Erdogan has secured his desired downtrend in Turkey’s one-week repo rate by replacing policymakers at the Central Bank of Turkey who disagreed with him. […] More
Tags: Central Bank of Turkey
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Central Bank Watch
November 18, 2021
The South Africa Reserve Bank’s repo rate was increased by 25 basis points to 3.75% from a record low of 3.5% in place since April 2020. The approved decision passed by a narrow 3-2 vote by members of the Monetary Policy Committee. Analysts had been anticipating an initial rate hike this month. CPI inflation has […] More
Tags: South Africa Reserve Bank
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New Overnight Developments Abroad - Daily Update
November 18, 2021
Central bank officials today cut Turkey’s one-week repo rate by 100 basis points, left record-low policy interest rates unchanged in the Philippines and Indonesia, and are widely expected to announce an interest rate hike in South Africa. This year’s unexpectedly sharp acceleration of inflation to multi-year and multi-decade highs around the world has overshadowed Covid […] More
Tags: Bangko Sentral Ng Pilipinas, Bank Indonesia, Central Bank of Turkey, South Africa Reserve Bank
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Central Bank Watch
November 17, 2021
The Central Bank of Iceland‘s policy interest rate has also been raised multiple times in response to the recent acceleration of inflation. Today’s hike to 2.0% from 1.5% increased the ante following 25-basis point advances in May, August, and October. “The inflation outlook has deteriorated somewhat since August, owing in part to more persistent global […] More
Tags: Central Bank of Iceland
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New Overnight Developments Abroad - Daily Update
November 17, 2021
The weighted DXY dollar index touched 96.24 overnight, its strongest level since the first week of July 2020, but has settled back to show no net changed. Relative to Tuesday closing levels, the dollar is down 0.3% relative to the kiwi, yuan, peso, and sterling and by 0.1% vis-a-vis the euro, yen and loonie. The […] More
Tags: Bank of Iceland, Central Bank of Iceland, Central Bank of Jamaica, Euroland CPI, Japan trade balance and machinery orders
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Central Bank Watch
November 16, 2021
Magyar Nemzeti Bank’s base rate was raised 30 basis points today to 2.1%. The increase and its size matched expectations. This cycle of gradual increases began in June, hasn’t missed a month, and thus far totals 150 basis points. More tightening is to be expected, as officials served notice that projected inflation in 2022 will […] More
Tags: Magyar Nemzeti Bank
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New Overnight Developments Abroad - Daily Update
November 16, 2021
The virtual summit between the Presidents of China and the United States exceeded three hours. The talks were reportedly civil but didn’t yield newsworthy compromises on the key contentious issues. The Fed and Bank of England seem closer to an interest rate lift-off than the European Central Bank or Bank of Japan. Minutes published from […] More
Tags: British labor market data, Growth in Euroland GDP and jobs, Japanese tertiary index, Reserve Bank of Australia minutes
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