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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This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. This report is not a recommendation or an offer or solicitation to buy or sell any financial instrument discussed. It is not specific investment advice. Financial instruments discussed may not be suitable for the reader. Readers must make independent investment decisions based on their own investment objectives and financial situations. Prices and financial instruments discussed are subject to change without notice. Instruments denominated in a foreign currency are subject to exchange rate and other risks. City National Bank (and its clients or associated persons) may engage in transactions inconsistent with this report and may buy from or sell to clients or others the financial instruments discussed on a principal basis. Past performance is not an indication of future results. This report may not be reproduced, distributed or further published by any person without the written consent of City National Bank. Please cite source when quoting.
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