Currency Markets in the News
G-20 Actions Applauded by Market
April 2, 2009
Today’s summit of G-20 leaders in London had hung over financial markets throughout March. Expectations of what might get accomplished had diminished late in that month amid publicly aired disputes over the need for additional fiscal stimulus on a national level, how tightly to regulate, the pros and cons of quantitative monetary easing, and whether [...] More
Central Bank Watch
Danish Central Bank Only Matches ECB Rate Cut
April 2, 2009
Denmark’s central bank subordinates any notion of independent monetary policy to the goal of a stable krone against the euro. It does this by maintaining a premium of its key rate to the ECB rate. That premium was only 25 basis points a year ago but swelled to 175 basis points when upward general pressure [...] More
Central Bank Watch
ECB Hands Down Disappointing Result
April 2, 2009
The ECB cut its three key rates by 25 basis points. The main refinancing rate becomes 1.25% instead of the 1.0% that markets were discounting. The decision was “measured,” meaning a guarded consensus and not unanimous. The released statement of the Bank’s 22-person governing council made no mention of plans to buy corporate bonds or [...] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Stocks Soar as G-20 Leaders Meet
April 2, 2009
In Asia, stocks advanced 7.4% in Hong Kong, 4.6% in India, 4.4% in Japan, 3.5% in South Korea, 3.0% in Taiwan and Thailand, 2.7% in Vietnam and 2.4% in Malaysia. Equities climbed 3.3% in South Africa and 2.8% in Australia. The German Dax, Paris Cac, and British Ftse are trading up 4.6%, 4.1%, and 3.3% in [...] More
