Foreign Exchange Insights and Next Week
Dollar Absorbing Twin Body Blows
September 19, 2013
It’s been a difficult Thursday-to-Thursday statement week for the dollar, which got sandbagged by yesterday’s Fed surprise not to begin reducing quantitative easing. In the period, the U.S. currency suffered losses of 2.8% against the kiwi, 2.2% relative to the Swiss franc, 1.8% versus the Australian dollar, 1.7% against the euro and 1.5% at sterling’s […] More
Central Bank Watch
South African Reserve Bank
September 19, 2013
South Africa’s monetary policy committee left its repo rate at 5.0% but flagged a possible future need to tighten if inflation stays above target or rand depreciation resumes. A statement released today by the SARB concludes Currently, a sustained breach of the inflation target is not our central forecast, but the upside risks to the […] More
Central Bank Watch
Swiss National Bank: No Policy Changes
September 19, 2013
SNB officials concluded their quarterly monetary policy review with no change in the stance and a statement that Acknowledges lessening global financial market stress, Retains an interest rate policy of virtually zero within a 3-month libor target range of 0-0.25%. Pledges to do whatever it takes in the way of intervention and other steps to […] More
Central Bank Watch
Norwegian Monetary Policy Unchanged
September 19, 2013
The analyses imply a key policy rate at today’s level in the period to summer 2014, followed by a gradual increase to a more normal level,” says Deputy Governor Jan F. Qvigstad. This was the ninth straight meeting in which the policy rate was left at 1.5%. The last changes were cuts of 50 basis […] More
New Overnight Developments Abroad - Daily Update
The Morning After Delivers More Central Bank News
September 19, 2013
In the wake of the Federal Reserve’s decision not to cut quantitative stimulus just yet, the euro soared to a 7-month high of $1.3569, gold has climbed 4.4% to $1365.5 per ounce, other commodities like WTI crude oil (+0.6% to $108.76) are also higher, share prices are higher in Europe and Asia (especially where selling […] More
