Deeper Analysis
November 2022 in Figures
November 30, 2022
The dollar, Bitcoin and long-term interest rates in North America and Europe fell sharply in November, while equities and oil and gold prices climbed substantially. November was an active month for central banks. In addition to the 75-basis point policy rate hikes shown below at the Fed and Bank of England, monetary benchmark rates were […] More
New Overnight Developments Abroad - Daily Update
Month-End, Powell’s Speech, and a Whole Lot of Released Data to Digest
November 30, 2022
Investors are awaiting Fed Chairman Powell’s luncheon speech today at the Brookings Institution, scheduled to start at 13:30 EST (18:30 GMT). The last business day of each month typically offers a very heavy menu of released data. November saw the biggest monthly drop in the dollar in over a decade, as long-term interest rates fell […] More
New Overnight Developments Abroad - Daily Update
Some Upside Data Surprises and Kyrgyzstan’s First Central Bank Rate Cut Since May 2019
November 29, 2022
The dollar traded lower this Tuesday and has so far lost 1.2% against the Aussie dollar, 1.0% relative to the kiwi, 0.8% versus the Mexican peso, 0.7% vis-a-vis the Chinese yuan, 0.5% against the yen and sterling and 0.3% versus the euro and loonie. The Swiss franc edged 0.1% higher, in contrast. A report out […] More
New Overnight Developments Abroad - Daily Update
World Financial Markets React to Street Protests in China Against Covid Policy
November 28, 2022
A Fresh burst of risk aversion to start the week sent the dollar up 0.8% against the Australian dollar, 0.7% relative to the kiwi, 0.5% versus the loonie and Chinese yuan, 0.4% vis-a-vis sterling, 0.2% against the yen, and 0.1% versus the Swiss franc. The euro notably edged 0.1% higher against the dollar, aided by […] More
Foreign Exchange Insights and Next Week
Coming Week’s Menu: November 26 – December 2, 2022
November 27, 2022
Central Bank Activity: Monetary policy will be reviewed at the Bank of Thailand, and the Federal Reserve publishes its Beige Book of economic conditions in the twelve separate FRS districts. Powell, Cook, Williams, Evans, Logan and Bowman are some of the Fed officials speaking publicly during the period. European Central Bank President Lagarde and Vice […] More
New Overnight Developments Abroad - Daily Update
Dollar Recovers Some Ground
November 25, 2022
The dollar rose overnight by 0.6% against the yen, Swiss franc, and both Australian and New Zealand dollars. The dollar also climbed 0.5% versus the euro and 0.4% relative to the Canadian dollar and sterling. U.S. financial markets will close early today at 13:0o EST for equity trading and 14:00 EST (19:00 GMT) in the […] More
Central Bank Watch
Interest Rate Hike in Sweden and South Africa
November 24, 2022
The Swedish Riksbank’s repo rate was increased today by 75 basis points to 2.5%, and another increase early in 2023 is also anticipated. Even before the pandemic’s onset, Riksbank officials had experimented with a negative interest rate of as much as -0.50% until a pair of 25-basis point hikes in December 2018 and December 2019. […] More
Central Bank Watch
Central Bank of Turkey Takes One More Rate Cut for the Road
November 24, 2022
The curious case of monetary policy at the Central Bank of Turkey moved further down the rabbit hole today with a 150-basis point additional drop in the policy rate to 9.0%. That’s ten percentage points below the 19% level that prevailed from March 2021 until September 2o21. This easing has been juxtaposed against accelerating inflation, […] More
New Overnight Developments Abroad - Daily Update
Several Central Bank Policy Meetings Elsewhere on This U.S. Thanksgiving Day
November 24, 2022
With the U.S. observing its quintessentially most unique holiday, the dollar continued to back off from recent highs, dropping 0.3% on a weighted DXY basis overnight and extending its cumulative decline from peak to 7.8%. The dollar lost 0.9% against the yen today and 0.6% versus sterling but just 0.1% relative to the euro. Prices […] More
Central Bank Watch
Rate Hikes at the Reserve Bank of New Zealand and the Central Bank of Iceland
November 23, 2022
Although not a surprise to investors, the Reserve Bank of New Zealand official cash rate was increased by a larger 75-basis point increment to 4.25%. The prior five changes had been each an increase of a half percentage point. At the start of the tightening cycle in October 2021, the rate had been just 0.25%. […] More
