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April 3, 2024
The news from the Middle East keeps going from bad to worse, and evolving U.S. activity and price data haven’t been quite cooperating with the hope of some Federal Reserve officials to start reducing interest rates at the June FOMC meeting. Fed Chairman Powell delivers a speech today before the Stanford Business, Government and Society […] More
Tags: Euroland CPI and unemployment, service sector purchasing manager survey results, Turkish CPI and PPI inflation
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on More Reasons to Keep Investments Safe
April 2, 2024
The DOW, S&P 500 and Nasdaq are 1.0% or more in the red today. Equity markets in Germany, France and Italy are down by a similar magnitude, while the Japanese and Australian share prices have barely moved. Comparatively hot activity and price data have unnerved investors’ appetite for risk, and the start of a new […] More
Tags: German CPI, Manufacturing PMIs
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Leaving Equities for Safer Ground
April 1, 2024
Almost all European markets remain closed today for Easter Monday, a holiday of particular sentimental value to yours truly because it marks the 49th anniversary of my first day working in the New York Fed’s foreign department. Europe’s custom of extending the Easter break past the weekend tends to mute currency market trading and the […] More
Tags: Bank of Japan Tankan, manufacturing purchasing manager indices
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on PMIs, Bank of Japan Tankan, New Quarter, and Easter Monday
March 28, 2024
Governor Waller is the latest top Federal Reserve Governor to affirm the prudence to not cutting rates as soon as the FOMC had been signaling earlier this year. This patience in the face of robust U.S. economic data has not adversely affected investor sentiment the way such did not long ago. U.S. equities are so […] More
Tags: British GDP and current account, Fed Governor Chris Waller, retail sales in Germany and Australia, U.S. GDP
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Fed Showing Patience Amid Robust U.S. Economic Data
March 27, 2024
The U.S. stock market near noontime shows a gain so far this Wednesday of about half a percent, and the dollar is buoyant with gains of 0.4% against the Mexican peso, 0.2% versus the Swiss franc, and 0.1% relative to the Chinese yuan and euro. It’s been a rare non-Monday with no U.S. data to […] More
Tags: Euroland economic sentiment, South African Reserve Bank, Swedish Riksbank
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Thumbs Up for U.S. Economy but Thumbs Down for China’s
March 26, 2024
Today’s moves in the dollar and equities have been muted ahead of released figures for U.S. home prices, consumer confidence, durable goods orders, and the Richmond Fed and Dallas Fed manufacturing surveys. Ten-year sovereign debt yields are a touch softer. Japanese Finance Minister Suzuki reiterated yesterday’s warning from his Vice Minister for International Affairs that […] More
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Equities Up and Dollar a Bit Down While Awaiting Several U.S. Data Releases
March 25, 2024
With the yen down 12.5% against the dollar so far this quarter and hovering not far from a its three-decade low, Japanese Vice Minister for International Affairs Masato Kanda made a not-subtle threat of direct intervention purchases of the currency. The weakening of the yen is not in line with fundamentals and is clearly driven […] More
Tags: British distributive trades survey, Masato Kanda comment on the yen
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Japanese Finance Ministry Amps Up Threat of Yen Intervention Support
March 22, 2024
Fed Chairman’s reassuring press conference, central bank rate cuts in Switzerland, Brazil, Mexico, and the Czech Republic, and a hint from the German Bundesbank president that the ECB Governing Council might consider easing by early summer have lifted the mood of investors. The dollar has withstood this shift in sentiment. The weighted DXY dollar index […] More
Tags: British retail sales, Central Bank of Russia, German business climate index and import prices, Japanese CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Growing Confidence that Central Bank Interest Rates Are Coming
March 21, 2024
Since Federal Reserve President Powell said the Fed’s view on inflation had not materially changed, several other central banks have chimed in with their decisions. Interest rates were cut in Switzerland, the Czech Republic and Brazil, raised in Turkey and Taiwan, and left steady in Norway and the Bank of England. Preliminary March composite PMI […] More
Tags: Bank of England, Central Bank of Brazil, Central Bank of China (Taiwan), Central Bank of Turkey, Czech National Bank, Norgest Bank, preliminary PMIs, Swiss National Bank
Posted in New Overnight Developments Abroad - Daily Update, Uncategorized | Comments Off on A Mixed Bag of Central Bank Moves, Purchasing Manager Surveys, and Current accounts
March 20, 2024
At 14:00 EDT (18:00 GMT), the Federal Open Market Committee will telegraph the decisions from its second scheduled policy meeting of 2024. The federal funds rate target will be left at 5.25-5.50% where such has been since last July. An updated set of forecasts also at 14:00 EDT will provide the first indication of any […] More
Tags: Bank Indonesia, British CPI, Central Bank of Iceland, FOMC meeting today, German PPI, National Bank of Morocco, Peoples Bank of China
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on A Focus on Central Banks, Particularly the Fed
