Central Bank Watch
Singapore Dollar Devalued Less Than Expected
April 14, 2009
The Monetary Authority of Singapore (MAS) adjusts monetary policy by raising or lower its target trading band for the Singapore dollar against a basket of other currencies. Because of severe recession where GDP fell around 18% at an annual rate over the past two calendar quarters and substantially lower inflation, a significant devaluation of at […] More
Central Bank Watch
Monetary Policy Eased in Saudi Arabia
April 14, 2009
The Saudi Arabian Monetary Agency (SAMA) cut its reverse repo rate today by 25 basis points to 0.5%. Such was the second easing of 2009 following a 75-bp cut on January 19th. There were five cuts during 2008 totaling 250 basis points and three cuts in the last two months of 2007 totaling another percentage […] More
Currency Markets in the News
Euro Cross-Rates
April 14, 2009
Currency market participants use the term “cross rates” to refer to the euro’s rate of exchange against a currency other than the U.S. dollar. Three cross rates that hold special importance are the sterling cross, Swiss franc cross, and yen cross. These three crosses do not move in tandem even though they all now represent […] More
New Overnight Developments Abroad - Daily Update
Dollar, Yen and Stocks Firmer
April 14, 2009
Overnight currencies movements reflect more risk aversion, but equity gains suggest easing economic worries. The dollar eased 0.1% against the yen but is showing advances of 0.9% against the Swiss franc, 0.8% relative to the euro, 0.7% against the kiwi, 0.5% against the Australian dollar and 0.1% vis-a-vis the Canadian dollar. Sterling is 0.3% firmer […] More
