Archive for December 22nd, 2010

Foreign Exchange Insights and Next Week

Next Week

December 22, 2010

This is only the sixth time since the dollar floated in 1973 when Christmas Day and New Year’s Day fall on a Saturday.  That’s the most disruptive of configurations, because some countries have extra market closures before the holiday but other like Britain and Japan celebrate afterward.  Wednesday will be the only normal day for […] More

Central Bank Watch

Polish 7-Day Repo Reference Rate Left at 3.5%

December 22, 2010

Officials at the Narodowy Bank voted to leave its interest rate structure unchanged, which was the result analysts were anticipating.  The key 3.5% key reference rate has already been at this level for a year and a half, following six reductions totaling 250 basis points from October 2008 through June 2009. A statement from the […] More

Central Bank Watch

Czech National Bank Leaves Interest Rates As Such Were

December 22, 2010

The key two-week repo rate was left at 0.75% as widely expected and will continue to be flanked by a 0.25% discount rate and a 1.75% Lombard Rate.  At a press conference today, officials made several points.  Eight cuts from August 2008 through May 2010 reduced the two-week repo rate by a cumulative 300 basis […] More

Central Bank Watch

Bank of Japan Policy Board: No Further Changes in Stance

December 22, 2010

After meeting on Monday and Tuesday for a combined six hours and forty minutes, the Policy Board released a statement yesterday that by a 9-0 vote Reaffirmed an target range of zero to 0.1% for the uncollateralized overnight call rate. Announced that a program to buy 35 trillion yen of various financial assets and longer-term […] More

New Overnight Developments Abroad - Daily Update

China Help for European Debt Crisis?

December 22, 2010

The dollar has lost 0.7% against the Swiss franc, 0.4% relative to the Canadian dollar, 0.3% against the euro and yen, 0.2% versus the Australian and New Zealand dollars and 0.1% against the yuan.  The greenback is up 0.1% against sterling. The dollar poked above 1.3100 per euro on indications that China may buy some […] More

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