URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 10/01/20

US-dollar-denominated exchange reserves - that would be US Treasury securities, US corporate bonds, US mortgage-backed securities, etc. held by foreign central banks - rose 1.9% in the second quarter to $6.9 trillion, according to the IMF's COFER data release. The yen has backed off a...

In China, the official September PMI composite rose to a new high of 55.1 from 54.5. Following Germany and Spain yesterday, Italy and France have also reported lower-than-expected HICP September inflation readings. Oil prices skidded lower, with both Brent and WTI falling to two-w...

Tensions over stimulus are not only playing out in the U.S. The EU's economic recovery package, which includes €750B in jointly-backed debt and a €1.07T common EU budget, is in trouble due to differences between member states over democratic standards."We observe with concern th...

A consolidative tone continues across the capital markets. Equities have lost their momentum. The dollar is in narrow ranges, mostly a bit softer, led by the Antipodeans and British pound, which has been resilient in recent days. The liquid accessible emerging market currencies, l...

EUR/CAD is trading significantly higher in late-September 2020, relative to the start of the year. These higher prices follow the emergence of the COVID-19 pandemic, which has sent oil prices tumbling. Even with relative oil market stability at present, oil prices remain low and a...

The US dollar had one of its best weeks in months. Euro: The single currency fell for the second consecutive week, the first back-to-back loss in Q3. Ahead of the weekend, the Australian dollar, like sterling, traded on both sides of the previous day's range. After rallying al...

The US dollar's eight-week slide against the Chinese yuan, the longest in more than 2 1/2 years, ended this week with about a 0.75% advance. UK Chancellor of the Exchequer Sunak will replace the furlough job program, which expires at the end of October, with a new program. The Hou...

China continues to harass Taiwan with incursions into its air defense zone. The bullying practice has escalated in the past week or so. European banks took 174.5 bln euros from the ECB's latest Targeted Long-Term Refinancing Operation. In the UK, Chancellor Sunak canceled the fall...

It used to be that central banks heavily influenced inflation through tools such as interest rates, money supply and bank reserves. However, in a post-COVID-19 world with interest rates close to their lower bounds, this balance may be shifting, with fiscal policy now a much more impor...

Japan's preliminary September PMI was little changed from October, and the composite remained below the 50 boom/bust level. The French PMI showed a similar pattern to the German report, but a bit worse. The US preliminary PMI is expected to follow the European pattern of a continu...