Archive for May 8th, 2008

Currency Markets in the News

ECB Officials Hold Their Line

May 8, 2008

After not changing rates, which came as no surprise, ECB officials made next to no modification to their verbalized policy stance. The formal written statement presented at today’s off-site press conference in Athens reads even more closely to the April statement than is typical in a typical two-month sequence. Medium-term price risks remain upwardly skewed […] More

Currency Markets in the News

ECB Refinancing Rate Left at 4.0%

May 8, 2008

As universally thought, the European Governing Council, a 21-person committee comprised of six directors plus the 15 central bank presidents from the members of the European Monetary Union, did not change its benchmark rate structure this month. The last rate change, a rise of 25 bps, was implemented in early June 2007. The size of […] More

U.K. Rates Stay Unchanged

May 8, 2008

The Monetary Policy Committee of the Bank of England, which earlier had implemented rate cuts in Dec, Feb and April of 25 basis points each, left its benchmark bank rate at 5.0%. This is the result investors expected, although a risk of another rate reduction had grown in recent days amid soft British data. The […] More

New Overnight Developments Abroad - Daily Update

New Developments Abroad

May 8, 2008

The dollar is mixed. Biggest gain is +1.2% against kiwi. Largest loss is -0.5% against the yen. Also down 0.2% against sterling and -0.1% versus the A-dollar. Up 0.3% against the euro and unchanged against the Swiss franc and C-dollar. Ten-year JGB auction attracted weak demand — yield off 1 bp. Other sovereign bond yields […] More

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