Morning Commentary: The 11th Hour of the 11th Day of the 11th Month
A daily summary and commentary of events and factors that affect the global markets, with a particular emphasis on the foreign exchange markets.
The 11th Hour of the 11th Day of the 11th Month
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David Atkinson Foreign Exchange Sales Manager
City National branches and offices are closed today in observation of Veterans Day. It started out as Armistice Day in 1919, commemorating the signing of the Treaty of Versailles on the 11th hour of the 11th day of the 11th month in 1918 to end “the war to end all wars.” It turned out to be the first of many deadly conflicts of the 20th century. In the U.S., the federal holiday was renamed Veterans Day in 1954 to honor all those who serve or have served in the U.S. armed forces. Canada and many other countries note this holiday as Remembrance Day.
While the bond market is closed, U.S. stocks are trading as usual, as are most other markets around the world. Perhaps fittingly, trading is subdued. Equity indexes in the U.S. and around the world are generally within 1% of yesterday’s trading. Bonds outside the U.S. have barely moved.
In currency news, the Turkish lira rallied over 3% after President Recep Tayyip Erdoğan pledged to take “bitter pill policies if needed.” And yes, they are needed. Outside of that, the U.S. dollar is in usual ranges against most other major currencies, although the Mexican peso is off a bit this morning.
Finally, Veterans Day carries a poignancy this year, as World War I was fought in the midst of a pandemic. The flu of 1918 infected roughly 500 million worldwide, which at the time was a third of the world’s population. Death estimates are around 50 million. Today’s Johns Hopkins coronavirus tracker notes 51.6 million infections and 1.27 million deaths globally. Our current pandemic doesn’t have the 1918 numbers and of course is not over, but it still obviously causes pain and suffering.
Have a great day as we thank and honor our veterans.
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