New Overnight Developments Abroad - Daily Update
Executive Recap
December 18, 2008
Dollar posted 24-hour gains from Wednesday close of 3.2% against sterling, 2.3% against the yen, and 1.0% against the euro. Oil hit a low of $35.98 today, 10.2% lower than yesterday’s close. DJIA fell 2.5%. S&P 500 off 2.1%. Nasdaq down 1.7%. Trading volumes thinning ahead of the holidays. Chatter that Chinese central bank was […] More
Currency Markets in the News
Bank of Japan Quantitative Easing Then and Now
December 18, 2008
The Fed’s interest rate is now effectively zero, and the the operational target has shifted to quantitative criteria that can be monitored by rapid growth in its balance sheet. The Bank of Japan’ s two-day policy meeting will likely end with an announcement tonight of a target rate cut of 20 basis points to 0.1% […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Verbal Trashing of Yen
December 18, 2008
Japan’s finance minister asserted that officials have the means to halt yen appreciation, sending Japan’s currency down 1.4% against the dollar. The dollar otherwise fell 1.9% against the Swiss franc, 1.7% against the kiwi, 1.3% against the euro and 0.6% against the Canadian dollar. Sterling, off 0.2% versus the greenback, remains weak. The Swissy’s lead […] More
