International financial developments

Quarterly Bulletin 1988 Q4
Published on 01 December 1988

Among the main developments:

  • Both the US current account deficit and the Japanese surplus fell in the second quarter to their lowest levels for two years: latest monthly data suggest, however, that the pace of adjustment has slowed. The German current account surplus rose sharply in the second quarter.
  • Activity in the international capital markets remained buoyant in the third quarter, with issuer and investor confidence continuing to improve, helped by greater stability in foreign exchange markets. There was a marked recovery in the euronote sector, offsetting a decline in fixed-rate bond issuance .
  • In the foreign exchange market, the US dollar remained in strong demand throughout July and early August and, although weakening somewhat thereafter in generally quiet market conditions, ended the quarter on a steadier note, having risen 2% in effective terms over the period.

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