Archive for July 15th, 2009

Currency Markets in the News

Global Recession Produced Collapsing Trade Flows

July 15, 2009

Collapsing is not my word.  It’s how a report released today by the Organization for Economic Cooperation and Development chose to characterize commercial trade flows during the final quarter of 2008 and first quarter of this year.  Nominal exports of goods and services from this 30-nation bloc of advanced economies dropped 13.4% in the first […] More

Central Bank Watch

Bank of Thailand Key Rate Left at 1.25% As Expected

July 15, 2009

The one-day repo policy rate in Thailand was left at 1.25%.  Economic and world financial conditions have improved gradually, and officials project more of the same, assuming a sustained global upturn and intensifying fiscal stimulus.  Although the monetary stance is deemed to be accommodative, the bank’s statement today reiterated that subdued inflation allows scope to […] More

Central Bank Watch

Bank of Japan Extends Duration of Quantitative Credit Facilities

July 15, 2009

Two unanimous 8-0 votes by the BOJ Policy Board agreed to leave the seven-month-old 0.1% overnight rate target unchanged and to push backward the expiration of temporary liquidity-supporting measures (e.g., outright purchases of corporate bonds and commercial paper) by three months.  A statement from the central bank upgraded the economic statement, claiming that conditions are […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Dollar and Yen Lower

July 15, 2009

The dollar is mostly lower, and stocks have risen following better-than-expected corporate quarterly earnings announced yesterday. The dollar lost 1.0% against the kiwi and Australian dollar, 0.9% relative to the Swiss franc, 0.8% against the euro, 0.5% versus sterling,and  0.4% against the Canadian dollar.  The U.S. currency is 0.1% higher against the yen.  The euro […] More

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