Currency Markets in the News
Ezone and U.S. Service Sector Purchasing Manager Surveys Weakened
November 5, 2008
A 2.6-point decline in Euroland’s service-sector PMI score in October was followed today by even gloomier news that the U.S. counterpart tumbled 5.8 points. Each index, 45.8 in Euroland and 44.4 in the United States was sufficiently below the 50-line separating expansion from contraction to convey a serious recession. The first difference between these indices […] More
Larry's Blog
Landslides
November 5, 2008
Some are calling Obama’s electoral vote victory a landslide. The electoral count margin is similar to those in both Clinton victories, 370-168 in 1992 and 379-159 in 1996. However, the presidential winner took over 400 electoral votes in 13 of the last 22 elections including this year, and an extreme term like “landslide” ought to […] More
Currency Markets in the News
Tomorrow's ECB Rate Decision
November 5, 2008
Unlike the Bank of England, I do not expect ECB officials to cut rates by more than 50 basis points, but they probably should. At a prescheduled meeting on October 2nd, ECB key rates were left unchanged even thought a cut was discussed. The released statement after the October 2nd meeting observed that downside risks […] More
Bank of England Likely to Cut Bank Rate More Than 50 Bps Tomorrow
November 5, 2008
From a peak of 5.75% from July 2007 until December 2007, the Bank of England’s benchmark interest rate was lowered in four increments to 4.5%, consisting of 25-basis point cuts last December, February and April and a 50-bp reduction on October 8th in conjunction with a Fed-led consortium of other central banks. The first three […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Obama Won But Dems Fell Short of 60 Senate Seats
November 5, 2008
President-Elect Obama captured 53% of of the popular vote and won the electoral college count by a big margin of 349-159. The new Senate has 54 confirmed Democrats, 40 Republicans, 2 independents and 4 seats still to be decided. Sixty senate votes are needed to stop a filibuster. Democrats won 22 more seats in the […] More
