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New Overnight Developments Abroad – Daily Update

Dollar Slightly Lower in Pre-Thanksgiving Trading

November 21, 2023

The dollar fell overnight by 0.7% against the yuan, 0.5% versus the yen but just 0.2% relative to sterling and 0.1% against the euro and Swiss franc. Investors await the release at 20:00 GMT today (15:00 EST) of FOMC minutes. Ordinarily a Wednesday event, such are being released a day early due to the upcoming […] More

Dollar Opens Week of Thanksgiving with a Dip

November 20, 2023

The dollar fell overnight by 1.0% against the yen, 0.7% versus the kiwi, 0.6% vis-a-vis the Australian dollar and Chinese yuan, 0.3% against the Mexican peso, 0.2% versus the Swiss franc and 0.1% relative the the euro and sterling. Data and event highlights this week will include Federal Reserve FOMC minutes, the British Autumn Statement […] More

Softer Growth Into the Holidays

November 17, 2023

With the Thanksgiving holiday less than a week away, 2023 is moving into the home stretch with plenty of unanswered questions. Investors wonder how the twin wars in Ukraine and Gaza will resolve and whether the federal funds rate has in fact crested and, if so, how long it will stay at its peak. Will […] More

Awaiting Several More U.S. Data Releases Scheduled Today

November 16, 2023

In addition to the usual Thursday weekly report on jobless insurance claims, the U.S. data menu features import prices and industrial production and also includes the Philly Fed and K.C. Fed manufacturing surveys, the NAHB monthly housing market index, capacity utilization, and Treasury-compiled capital flows between the U.S. and other countries. So far, financial markets […] More

More Favorable Data Reported for the U.S.

November 15, 2023

The U.S. producer price index dropped 0.5% on month (most in 42 months) and recorded a 3-month low of 1.3% when compared to the same month a year earlier. Core producer prices — unchanged versus September and +2.4% year-on-year — was 0.3 percentage points below expectations. U.S. October retail sales contracted by a smaller-than-anticipated 0.1% […] More

U.S. CPI Figures about to Be Released

November 14, 2023

Analysts expect to learn of a further dip in U.S. inflation last month shortly. While waiting for confirmation, financial markets around the world marked time overnight. Dollar changes against other major currencies were held to plus or minus 0.2%. U.S. stock futures are likewise steady. Share prices in the Pacific Rim closed up 0.3% in […] More

Potentially Momentous Week Starts Quietly

November 13, 2023

The dollar edged 0.2% higher overnight against the Japanese yen, Canadian dollar, Swiss franc, and both the Aussie and New Zealand currencies. The dollar firmed 0.1% against the euro but slid 0.1% relative to sterling. Share prices in the Pacific Rim closed mixed, with gains of 1.3% in Hong Kong and 0.9% in Taiwan but […] More

Continuing Uncertainty Saps Financial Markets of Direction

November 9, 2023

Fed Chairman Powell‘s remarks yesterday didn’t touch on current monetary policy, but he’ll be speaking publicly again today. Investors are hoping for clarification regarding what the Fed is likely to do. Two earthquakes of slightly more than 5.0 on the Richter scale in the oil-producing region of Texas injects confusion into the next move in […] More

Marking Time Ahead of Powell’s Speech at 13:00 EST

November 8, 2023

Federal Reserve Chairman Powell is scheduled to speak today at the central bank’s Research & Statistics Division centennial conference. Vice Chairman Jefferson also will be making remarks there. Remarks by Fed officials since Powell’s press conference on November 1 have tended to be more hawkish than the perceived message of the FOMC a week ago, […] More

Lessening Confidence that U.S., European, or Japanese Central Banks Will Ease Monetary Policy Soon or By Much

November 7, 2023

A big takeaway from the 1970s is that inflationary periods evolve in waves when monetary policy is sensitive to signs of weakening growth. That is why central bankers for the past year have been emphasizing a need not just for actual and expected price deceleration but strong confidence that inflation will return all the way […] More