Archive for February 11th, 2009

New Overnight Developments Abroad - Daily Update

February 12th

February 11, 2009

Tomorrow is the 200th birth anniversary of Charles Darwin and Abraham Lincoln.  I can think of no other recorded date in history that was the birth date for two people, who influenced the world as profoundly as those two. Plenty of gloomy data will be released. Extremely depressed U.S. retail sales likely fell again, and […] More

Bank of England Inflation Report Still Very Dovish

February 11, 2009

The Bank of England quarterly Inflation Report from last November signaled a further sharp drop in its interest rates by projecting CPI inflation of 0.8% in the medium term (4Q10) even if the repo rate stayed at the then lower level of 3.0%.  The repo rate is now just 1.0% after cuts of 100 bps […] More

Central Bank Watch

Swedish Riksbank Halves Repo Rate to 1.0% and an Easing in Sri Lanka as Well

February 11, 2009

As in December, Swedish monetary officials cut their benchmark interest rate by more than markets had expected. The rate was reduced 100 basis points and is now 375 basis points lower than at the start of October.  A statement was released, which cut price and growth forecasts for 2009 sharply, bumped down 2010 growth more […] More

Currency Markets in the News

Shrinking Trade Magnifying Global Recession

February 11, 2009

Canadian and U.S. trade figures released today add to the picture of plunging two-way international commerce.  Canadian merchandise exports fell 9.7% between November and December, producing Canada’s first deficit since March 1976 during Pierre Trudeau’s first stint as prime minister.  Such was the largest monthly export drop in over 26 years. Exports of industrial goods […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Plunge in Two-Way Chinese Trade Flows

February 11, 2009

The dollar has lost 0.5% against the yen, 0.4% relative to sterling, 0.3% against the euro and kiwi, and 0.1% versus the Australian dollar and Swiss franc. The greenback gained 0.1% against its Canadian counterpart on speculation about a further Bank of Canada rate cut. The Swedish Riksbank halved its repo rate to 1.0% and […] More

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