Deeper Analysis
Round-Up of U.S. Data Released Today
July 27, 2023
U.S. GDP growth accelerated from 2.0% at an annualized rate in the first quarter to a quarterly 2.4% pace in the second quarter. This was the earliest estimate and exceeded analyst expectations of a slowdown to 1.8%. The earliest estimate of growth in the first quarter was 1.1%, but that figure eventually got revised up […] More
Central Bank Watch
Like the Fed’s Move, ECB’s 25-Basis Point Refinancing Rate Hike Matched Market Expectations
July 27, 2023
The deposit, refinancing and marginal lending facility rates of the European Central Bank were each lifted by 25 basis points to 3.75%, 4.25% and 4.50%, respectively, after today’s scheduled monetary policy review. There have been no pauses as yet since the tightening cycle began in July 2022, but the cumulative 425 basis point rise in […] More
New Overnight Developments Abroad - Daily Update
Dollar Softer After Yesterday’s Fed Rate Hike
July 27, 2023
The dollar in overnight trading lost 0.6-0.7% against the New Zealand and Australian currencies, 0.5% versus the euro and Swiss franc, 0.4% relative to the Turkish lira and 0.2% vis-a-vis the Canadian dollar. Prices for Bitcoin and WTI oil are up 0.5% and 1.0%. U.S. stock futures have strengthened, and 10-year sovereign debt yields are […] More
