Archive for November 2020

New Overnight Developments Abroad - Daily Update

Share Prices Up and Dollar Down on Favorable Covid Vaccine News

November 23, 2020

A third Covid-19 vaccine has been found to be quite effective in trials, and Regeneron’s antibody therapeutic treatment has received authorization for emergency use against the disease. Global cases are fast approaching the six million mark, 21% of which in the United States. After spiking to nearly 200k last Friday, new U.S. cases fell Saturday […] More

Foreign Exchange Insights and Next Week

Next Week’s Menu: November 21 – 27, 2020

November 20, 2020

Central Banks: Monetary policy meetings are scheduled in Sweden, South Korea, Colombia, and Sri Lanka. Minutes from the last policy reviews by the FOMC and the European Central Bank Governing Council get released. Bank of Japan Governor Kuroda, Deputy Governor Debelle of the Reserve Bank of Australia, and Bank of England Monetary Policy Committee members […] More

New Overnight Developments Abroad - Daily Update

Trump Fans Political Chaos but Dollar Slippage Stays Orderly

November 20, 2020

The Trump campaign is continuing to try to discredit election results in several states. If it can persuade some key states not to certify Biden’s win, the President-Elect could fall short of the needed 270 electoral votes, throwing the election decision back to state legislatures, the House of Representatives, and perhaps the Supreme Court. The […] More

Central Bank Watch

South African Reserve Bank

November 19, 2020

Although the South African Reserve Bank’s repo rate was left unchanged at 3.5%, the vote not to ease of 3-2 was razor-thin. Each dissenter preferred a 25-basis point cut to add to earlier easing moves this year of 25 basis points in January, 100 bps each in March and April, 50 bps in May and […] More

Central Bank Watch

Rate Cut at Bangko Sentral ng Pilipinas

November 19, 2020

The Filipino policy interest rate was reduced by 25 basis points to a record low of 2.0%. This was the fifth cut of 2020, followings ones of 25 bps in February and a trio of 50-bp moves in March, April and June. The Philippines has been slammed not only by the pandemic but also a […] More

Central Bank Watch

Bank Indonesia Cuts Interest Rate

November 19, 2020

A 25-basis point cut in Bank Indonesia’s seven-day reverse repo rate to 3.75% had not been anticipated today. The move follows four earlier 25-basis point reductions this year between February and July. According to an accompanying statement, the latest easing is meant to maintain liquid money markets and promote economic recovery in the face of […] More

Central Bank Watch

Central Bank of Turkey Tightens Sharply

November 19, 2020

The Central Bank of Turkey┬áraised the one-week repo rate by 475 basis points to 15.0% in an action to counter inflation caused by the depreciation of the lira. Among emerging market economies, Turkey’s currency this year has been the weakest. Turkish monetary officials, like their counterparts around the world, had lowered their interest rate progressively […] More

New Overnight Developments Abroad - Daily Update

Correlation Between Covid Cases and the Dollar

November 19, 2020

The dollar has frequently benefited from intensifying Covid infections and the rise in general uncertainty that accompanies such. Today has been one of those days. New coronavirus cases in the United States topped 170k yesterday, but the increase over the last 24 hours as of this writing is in fact just shy of 180,000. And […] More

Central Bank Watch

Central Bank of Iceland

November 18, 2020

Monetary officials in Iceland cut their seven-day term deposit rate by 25 basis points to 0.75%, bringing the cumulative rate reduction since February to 225 basis points. Today’s was the first cut since a 75-basis point reduction in May. A released statement from the Monetary Policy Committee also announced that Icelandic GDP is likely to […] More

New Overnight Developments Abroad - Daily Update

Covid News Proceeding on Two Tracks, While Dollar Slipping but Slows

November 18, 2020

There’s been more good news regarding Covid vaccine developments as Pfizer’s product, like Moderna’s, has been shown to be 95% effective. Before vaccines can be distributed widely, however, current spikes in cases and deaths point to a very difficult winter ahead for public health and economic activity. New U.S. cases and deaths yesterday approached 160,000 […] More

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