Archive for September 22nd, 2010

Central Bank Watch

Norwegian Benchmark Interest Rate Kept at 2.0% But Statement Less Dovish

September 22, 2010

Similar to decisions at the prior two meetings on June 23 and August 11, the Norges Bank retained a 2.0% interest rate but gave a stronger signal of its intent to resume a normalization of rate levels. The statement in June said that further rate increases would be needed later than previously envisaged and mentioned […] More

Central Bank Watch

Central Bank of Iceland Cuts Key Interest Rates by 75 Basis Points

September 22, 2010

Monetary officials in Iceland reduced all key interest rates today, including the main seven-day collateralized lending rate from 7.0% to 6.25%.  This was the sixth cut in 2010, all of which total 375 basis points.  Six rate cuts also were made in 2009, totaling 800 basis points, from a peak of 18% after an IMF-mandated […] More

Central Bank Watch

Hong Kong Monetary Authority Left Base Rate Steady at 0.5%

September 22, 2010

Hong Kong has an exchange rate policy, which for the past 27 years has pegged the Hong Kong dollar to the U.S. currency.  In adopting such a policy, officials eschewed any semblance of an independent domestic monetary policy, agreeing to let Federal Reserve short-term interest rate decisions determine Hong Kong’s as well.  Further information on […] More

New Overnight Developments Abroad - Daily Update

Dollar Falters in Wake of FOMC Statement

September 22, 2010

The dollar has lost 1.3% against the Australian dollar, 1.0% against the euro, 0.8% versus the Swiss franc, 0.7% relative to the Canadian dollar, 0.6% against the kiwi, 0.5% versus the yen and 0.3% relative to sterling.  The yuan did not move overnight against the dollar. The German Dax and Paris Cac are 0.8% weaker […] More

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