Archive for June 30th, 2010

Central Bank Watch

Bank of Japan Business Survey Results Better Than Expected

June 30, 2010

The so-called Tankan survey, a quarterly snapshot of business confidence, conditions and expectations, has improved sharply and persistently since hitting bottom in the first quarter of 2009.  Gains this past quarter not only surpassed what firms were expecting to occur when last polled three months ago but also exceeded recent projections by street analysts.  This […] More

Deeper Analysis

June and Second Quarter in Figures

June 30, 2010

The impression of a strong dollar in June is not corroborated by its changes since end-May.  The advance against the euro, while exceeding 10% in the quarter, was smaller than 1.0% in the final month of the quarter.  And the dollar lost ground against the yen both in the second quarter and the month of […] More

Central Bank Watch

Romania’s Monetary Policy Rate Kept Steady

June 30, 2010

Credit policy in Romania was left on hold as expected.  It had been in easing mode until early last month.  Policymakers had cut their key interest rate five times by a combined 225 basis points in 2009 and four more times earlier in 2010 by a further 175 bps.  In contrast to a cyclical peak […] More

Deeper Analysis

More Evidence of a North American Slowdown

June 30, 2010

According to the ADP estimate, private employment increased just 13K in June, about a fifth as much as expected.  The measly rise in June was the smallest since a 3K uptick in February and compares to 51K per month in March-May.  The data bode poorly for Friday’s Labor Department monthly survey.  According to the latter, […] More

Central Bank Watch

Polish Monetary Settings Unchanged But CPI Forecast Revised Upward

June 30, 2010

Narodowy Bank policymakers are keeping the central bank reference rate at 3.5%.  A year has now gone by since the last of six rate reductions.  The first of these in November 2008 and final three in February, March and June of 2009 were by 25 basis points, while those announced in December 2008 and January […] More

New Overnight Developments Abroad - Daily Update

Some Better News From Europe

June 30, 2010

At the ECB’s 3-month tender, banks only requested EUR 131.9 billion of liquidity to replace EUR 442 billion of maturing one-year funds.  This lower-than-projected amount results in a EUR 310 billion net withdrawal, suggesting banking sector strains may not be as severe as imagined.  British business investment last quarter rose 7.8% and was 7.7% lower […] More

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