Archive for August 11th, 2011

Central Bank Watch

Peru: Another Central Bank Deterred by Global Uncertainty

August 11, 2011

Like their Norwegian and South Korean counterparts earlier this week, officials at the Central Reserve Bank of Peru left their key reference rate unchanged at 4.25%, concluding that prudence would be the better part of valor.  In their statement of explanation, the authorities cited some evidence of slowing Peruvian growth and the increased uncertainty in […] More

Central Bank Watch

Bank of Korea More Guarded

August 11, 2011

As at other central banks, Bank of Korea monetary authorities are not able to normalize interest rates as quickly as domestic economic conditions would seem to warrant, and the reason is external risks.  U.S. and European growth prospects have worsened, and South Korean financial markets have not been immune from the turbulence in other countries.  […] More

Deeper Analysis

Today’s North American Data

August 11, 2011

More evidence of a softening Western Hemisphere economy has surfaced.  Trade flows contracted in June in both the United States and Canada.  U.S. consumer confidence sank to a 3-month low last week, but the latest data on unemployment insurance claims were better than anticipated, providing a rare bright spot.  Unlike U.S. housing prices, their Canadian […] More

New Overnight Developments Abroad - Daily Update

Dollar Looking to Stocks for Direction

August 11, 2011

The Swiss franc fell back 1.9% against the dollar and has lost 4.6% since its record peak on Tuesday.  The yen, in contrast, rose 0.4% and got within six pips of this year’s 76.25 record high. The dollar dropped 0.4% against the Chinese yuan, which reached a record high of 6.3895 per dollar in overnight […] More

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