Archive for March 1st, 2011

Deeper Analysis

U.S. Minus Euroland Manufacturing PMI Spread Narrowed Last Month

March 1, 2011

Euroland’s purchasing managers index advanced 1.7 points to 59.0 last month.  The rise was nearly three times larger than the 0.6 point improvement of the U.S. manufacturing PMI index, and trimmed the differential between the two data series to a U.S. advantage of 2.4 points from 3.5 points in January.  The U.K. manufacturing PMI reading […] More

Central Bank Watch

Bank of Canada Kept Overnight Rate Target at 1.0% as Expected

March 1, 2011

There had already been three increases of 25 basis points each but none more recently than last September 8th.  A statement released by Canadian monetary authorities observed that economic recovery had lately been “slightly faster than expected” and “early evidence of a recovery in net exports” had even surfaced.  The point is also made that […] More

Central Bank Watch

Pause in Australian Monetary Policy Continued

March 1, 2011

The Australian Official Cash Rate was left at 4.75% as expected.  Australia escaped the Great Recession, thanks to heads-up monetary and fiscal stimulus.  The cash rate was slashed to 3.0% from a prior peak of 7.25%, but the Reserve Bank of Australia was among the first central banks to start reversing course, undertaking an initial […] More

New Overnight Developments Abroad - Daily Update

Heavy Data Barrage But Not Much Currency Movement

March 1, 2011

The dollar shows gains of 0.3% against the yen and 0.2% relative to the kiwi.  The U.S. currency is unchanged against the yuan and Swiss franc and down 0.1% against sterling, the Canadian dollar, the euro and the Australian dollar.  Today see a slew of data releases and the spotlight on several central banks. The […] More

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