Central Bank Watch
Australian Cash Rate Not Raised This Month
February 1, 2010
The Reserve Bank of Australia cash rate was somewhat unexpectedly left at 3.75%, but the statement from officials noted that “if economic conditions evolve broadly as expected, the Board considers it likely that monetary policy will, over time, need to be adjusted further in order to ensure that inflation remains consistent with the target over […] More
Central Bank Watch
Australian Interest Rate Preview
February 1, 2010
I expect a 25-basis point rate hike by the Reserve Bank of Australia to be announced at 03:30 GMT Tuesday (22:30 EST in the U.S. tonight). It’s been nine weeks since the last RBA Board’s last policy meeting, when a third straight hike of 25 basis points to 3.75% was implemented. Reviewing that action on […] More
Deeper Analysis
U.S. Minus Euroland PMI-Mf’g Spread Nearly Doubled
February 1, 2010
Although the pace of manufacturing activity accelerated in January in both Euroland and the United States and outperformed expectations in each case, the improvement was considerably more dramatic in the United States and resulted in a near doubling of the PMI spread to 6.0 points in January. The U.S. reading of 58.4 constituted a 65-month […] More
New Overnight Developments Abroad - Daily Update
Euroland and British PMI-Mf’g Readings in January Surpass Forecasts
February 1, 2010
The dollar gained 0.7% against sterling and 0.5% relative to the Australian dollar overnight. Other dollar rates have moved only marginally, with 0.1% upticks against the New Zealand and Canadian dollars and downticks of 0.2% against the Swiss franc and euro. Stock markets fell at least 1% in China, Taiwan, the Philippines and Australia. Bourses […] More
