Archive for December 4th, 2013

Central Bank Watch

National Bank of Poland Monetary Policy Stance Left Unchanged

December 4, 2013

Officials at Narodowy Bank again left Poland’s reference interest rate at 2.5% after this month’s meeting.  The interest rate was lowered in eight steps between November 2012 and July 2013 from 4.75% to 2.50%.  A statement released by the central bank projects subdued inflation and a continuing gradual economic recovery.  The on-year CPI inflation rate […] More

Deeper Analysis

PMIs Highlight Lessening U.S. Advantage against Europe

December 4, 2013

The U.S.-minus-Euroland service-sector purchasing manager index differential was 2.7 points last month, down from 3.8 points in October and 7.9 points in August.  The sum of the non-manufacturing and manufacturing spreads, seen in the rightmost column below fell by 0.5 points to 8.4 points in November and was 3.8 points lower than in August.  The […] More

Central Bank Watch

Bank of Canada Deems Substantial Monetary Policy Stimulus Still Appropriate

December 4, 2013

Canada’s overnight money target has been 1.0% since a sequence of three 25-basis point hikes in June, July and September of 2010.  Today policy statement notes a stronger-than-assumed housing sector but retains the forecast of a soft landing in that sector.  Meantime, non-commodity exports are disappointing, Canadian oil export prices have eased, the investment recovery […] More

New Overnight Developments Abroad - Daily Update

Significant Day for Data Releases

December 4, 2013

The dollar climbed against commodity-sensitive currencies, gaining 1.2% against the Aussie dollar, 0.5% versus the kiwi and 0.1% relative to the loonie. Opec oil ministers meeting in Vienna hope to leave production quotas unchanged in an effort to keep price stable and near $100 per barrel.  WTI oil advanced 1.3% overnight to $97.25 per barrel.  […] More

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