New Overnight Developments Abroad - Daily Update
Dueling U.S. Economic and Political Concerns
February 29, 2024
Markets today are most focused upon inflation, with investors and analysts expected the U.S. PCE price deflator due shortly to arrive on the high side. For political wonks, however, the paramount issue involves America’s failed immigration system and the dysfunctional Congress that won’t address the problem. Migration favors Trump’s quest for reelection, which if successful […] More
New Overnight Developments Abroad - Daily Update
Lots of Data and Some Other Surprising Developments
February 28, 2024
Michigan voters, whose support was critical to Joe Biden’s 2020 election win, dealt him a big setback in yesterday’s Democratic Party primary. Almost 101k voters made an organized protest against U.S. military support for Israel by casting an “uncommitted ballot. In addition to votes for Williamson and Phillips, that meant that almost 1 in 5 […] More
Central Bank Watch
Full Percentage Point Cut in Hungary’s Central Bank Base Rate
February 27, 2024
A reduction in the Central Bank of Hungary’s Base Rate from 10.0% to 9.0% bring its decline since October to 400 basis points. This cumulative decline is slightly less than the concurrent lessening of core consumer price inflation from 10.9% to 6.1% and two percentage points less than the slowdown in total CPI inflation from […] More
New Overnight Developments Abroad - Daily Update
Still Pausing
February 27, 2024
The dollar slipped back overnight by an additional 0.3% against the yen, 0.2% versus the Canadian and Australian dollars and 0.1% relative to the euro, Swiss franc and sterling. Ten-year sovereign debt yields fell three basis points in the U.K. and a single basis point each in Germany and the United States. Alternatively, the Spanish […] More
New Overnight Developments Abroad - Daily Update
Marking Time Monday
February 26, 2024
Today has been another Monday, with scant news to act upon and investors looking ahead to events later in the week with market-moving potential. The dollar has settled back 0.2% on a weighted basis, dipping 0.3% against the euro, 0.2% versus sterling and 0.1% relative to the Canadian currency but edging 0.1% higher against the […] More
Foreign Exchange Insights and Next Week
Next Week’s Menu: February 24 – March 1, 2024
February 23, 2024
Central Banks: Interest rate policies will be reviewed in Kyrgyzstan, Hungary, New Zealand and Israel. Bostic, Mester, and Goolsbee and Lagarde and McCaul of the ECB are some of the monetary officials speaking publicly next week. Special Events: South Carolina Republican primary on February 24th. Russian President Putin presents annual state of the nation address […] More
Central Bank Watch
Kazakhstan’s Fifth Central Bank Cut since August
February 23, 2024
To counter swelling inflation that crested a year ago at a 21st century high of 21.3%, the National Bank of Kazakhstan’s policy interest rate was 775 basis points between July 2021 and the end of 2022. After the final hike, central bank officials signaled an end to the streak but also promised not to cut […] More
New Overnight Developments Abroad - Daily Update
Soft European Activity, A Holiday in Japan, and a Kazakhstani Central Bank Rate Cut
February 23, 2024
The dollar is marginally weaker this morning, with overnight dips of 0.3% against the Aussie dollar, 0.2% versus the Mexican peso and sterling, and 0.1% vis-a-vis the euro and Canadian dollar. Dollar/yen is steady with the Tokyo market shut in observance of the Emperor’s Birthday holiday. Ten-year sovereign debt yields have declined today by six […] More
New Overnight Developments Abroad - Daily Update
Renewed Appetite for Risk
February 22, 2024
Following a near-3% slide Wednesday prior to a better-than-forecast earnings report, Nvidia stock has shot up 13% in pre-open futures trading. The tech-intensive Nasdaq has climbed 2% in pre-market trading, followed by a 1.3% jump in the SPX and a lesser 0.4% DJIA advance. Other stock markets have done well, too. Japan’s Nikkei finally after […] More
New Overnight Developments Abroad - Daily Update
Stock Market Interference
February 21, 2024
China’s government introduced a new weapon to prop of their stock market, a ban on net selling at daily market openings and closings. The Hang Seng and Shanghai composite indices consequently closed up 1.6% and 1.0%, but stock market indices in Singapore, Australia, India, Thailand and Japan closed down by 0.8%, 0.7%, 0.6%, 0.4% and […] More
