Archive for March 3rd, 2010

Central Bank Watch

ECB Preview: Conference Poses Risks for Euro

March 3, 2010

No chance exists of a change in ECB interest rates.  A 0.25% deposit rate and 1.75% marginal lending rate flank the 1.0% refinancing rate. New staff forecasts will be unveiled for growth and inflation, and further steps in the dismantling of market-supporting liquidity enhancements are due to be announced.  In December, projected growth in 2010 […] More

Deeper Analysis

U.S. Minus Euro Area Services PMI Spread Swings Into Black

March 3, 2010

The relative positions of the U.S. and Euroland economies remained little changed in February as seen in the right-most column of the table below.  Reported manufacturing PMIs on Monday revealed a sharply diminished U.S. advantage, in part reflecting the lagged effect of euro depreciation on competitiveness.  Service-sector purchasing manager indices out today show an offsetting […] More

Central Bank Watch

Bank of England Preview: Stance to Remain Unchanged

March 3, 2010

At 12:00 GMT on Thursday, the Monetary Policy Committee is likely to announce a decision to leave the key Bank Rate at 0.5%, its level for the past twelve months and to retain a Gbp 200 billion cap on the asset buying program, which was exhausted by the end of January.  Rhetoric by Bank officials, […] More

New Overnight Developments Abroad - Daily Update

New Greek Austerity Measures Lift European Currencies

March 3, 2010

The dollar and yen slid 0.6% against sterling, 0.4% against the euro and Swissy, and 0.3% against the Canadian dollar.  The greenback is unchanged against the Aussie dollar but 0.6% higher against the kiwi. Stocks rose 1.4% in India, 0.7% in China and Australia, 0.5% in South Korea, 0.4% in Singapore and Taiwan, and 0.3% […] More

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