Archive for May 28th, 2009

Currency Markets in the News

Recession: Is The End Really in Sight?

May 28, 2009

Given the failure of Japan, Canada, and Europe to decouple from the United States, the answer for most advanced economies rests with America.  Emerging economies, on the other hand, are demonstrating greater independence from the U.S. business cycle. A view emerged this spring that a U.S. recovery will occur sooner than 2010 or even late […] More

Central Bank Watch

Philippine Central Bank Rates Cut 25 Basis Points As Expected

May 28, 2009

The key borrowing rate of Bangko Sentral ng Pilipinas was cut to 4.25% from 4.5% today.  Such had earlier been reduced by 50 basis points each last December 18 and January 29 and by 25 bps on March 5 and April 16.  The key lending rate also got reduced by 25 bps to 6.25%.  Officials […] More

Central Bank Watch

Reserve Bank of South Africa Cuts Repo Rate to 7.5% from 8.5%

May 28, 2009

Analysts had been divided over whether South Africa’s central bank would ease by 50, 75, or 100 basis points.  Officials chose the most aggressive action, cutting rates by a full percentage point for a fourth straight month.  An initial cut of 50 basis points was implemented in December when CPI inflation exceeded 10% versus 8.5% […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Softer Yen

May 28, 2009

The dollar advanced 1.7% against the yen but weakened by 1.5% against the kiwi, 0.8% relative to the Australian dollar, 0.2% against the Canadian dollar, and 0.1% each against the euro and Swissy.  The pound is 0.2% lower against the dollar. Markets were closed in China, Hong Kong and Taiwan. The Nikkei firmed 0.1% but […] More

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