Central Bank Watch
Bank of Japan Leaves Policy Unchanged
September 6, 2011
The Policy Board as expected announced no further policy changes after this month’s meeting. The vote was unanimous. A statement released on the central bank web site projects a moderate recovery in October-March, powered by exports and restoration of capital stock damaged in the earthquake. Core CPI inflation is now running at around zero, a […] More
Deeper Analysis
Wider U.S. Advantage over Euroland in PMI Service Readings
September 6, 2011
The U.S. minus Euroland service sector purchasing managers differential widened to 1.8 points in August from 1.1 points in July and minus 3.9 points in April. The U.S. score unexpectedly rose 0.6 to 53.3, signifying faster growth than in July. The sum of the manufacturing and services PMIs was +3.4 in August, constituting a 5.9-point […] More
New Overnight Developments Abroad - Daily Update
Swiss Authorities Set Ceiling on Franc
September 6, 2011
The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development. The Swiss National Bank (SNB) is therefore aiming for a substantial and sustained weakening of the Swiss franc. With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below […] More
