Bank of Norway

Nine-Week High in Trade-Weighted Dollar Despite Adverse U.S. News

September 24, 2020

The dollar rose overnight to a nine-week trade-weighted high of 94.55. The U.S. currency touched a three-month high of NOK 9.5974 against the Norwegian krone, two-month highs of 1.1633 per euro and CHF 0.9269, and 1-month highs of $0.6516 against the New Zealand dollar and ZAR 17.2230 versus the South African rand. Gold, which tends […] More

Sharp Equity Declines but Mixed Dollar

August 20, 2020

The U.S. equity market correction triggered by downbeat FOMC minutes┬áreleased yesterday afternoon set the tone for overnight losses in European and Asian markets where bourses tumbled 3.7% in South Korea and 3.3% in Taiwan and by at least 1.0% in China, Hong Kong, Japan, Singapore, India, Germany, France, Italy, U.K., and Spain. Indonesia’s market did […] More

More Concern than Hope in Thursday’s Marketplace

June 18, 2020

It’s been a busy day for central bank watchers, as monetary policy was reviewed in the U.K., Norway, Switzerland, Brazil, Taiwan, and Indonesia. Released statements and some new data adhere to the baseline view that economic activity contracted even more sharply in the second quarter than the first but that the rate of slide began […] More

Bank of Norway

May 7, 2020

The Bank of Norway‘s policy interest rate was cut 25 basis points to zero percent. That’s down from 1.5% prior to reductions of 50 basis points on March 13 and 75 bps one week later. Officials at the central bank observe an abrupt drop in the economy, accentuated by lower oil prices for this energy […] More

Disconnection Thursday Between Recessionary Data and Buoyant Stocks

May 7, 2020

Equities were mixed in Asia but have risen more impressively in Europe this morning. There were drops of 0.8% in India, 0.7% in Hong Kong and 0.2% in China but advances of 0.6% in Taiwan, 0.3% in Japan and 0.5% in New Zealand. The British Ftse, German Dax, and Paris Cac each have risen at […] More

Bank of Norway

March 20, 2020

the Bank of Norway, which had cut its policy rate to 1.0% from 1.5% on March 12, cut such again on the 19th after an unscheduled meeting to 0.25%, asserting simply that “the situation in the Norwegian economy has continued to worsen” in the past week. The reduction a week ago had been the first […] More

Coronavirus Spreading and Three Central Banks Review Monetary Policy

January 23, 2020

Share prices slumped another 2.8% in China, 1.5% in Hong Kong, 1.0% in Japan, 0.9% in South Korea, and 0.6% in Australia and Singapore as the deadly pneumonia-like disease centered in Asia claimed more victims. Share prices in Europe are so far today down 0.4% in Germany and 0.3% in the U.K. and Switzerland but […] More

Thursday Rundown of Overnight News, Data Reports, and Central Bank Decisions

December 19, 2019

President Trump has been impeached by a House of Representatives partisan vote of 229-197. He will get a trial in the senate. Market movements today are mostly unremarkable. Sovereign debt yields are up. Equities are down a bit in Europe but started on an up note in the United States. New Zealand’s stock market rallied […] More

Norges Bank Tightened But Maybe for Last Time

September 19, 2019

Norway has the only central bank in the Group of Ten that’s still raising interest rates. A fourth 25-basis point policy rate hike was engineered today at the Bank of Norway, following earlier such increases in September 2018 and March and June of this year. That said, officials today strongly suggested that this string of […] More

Eight More Central Bank Meetings, a U.S. Current Account Report, and Downgraded Global Growth

September 19, 2019

Dollar movement overnight was mixed, with gains against the Australian dollar, kiwi, sterling, and yuan but losses relative to the yen, Swiss franc, euro, loonie and peso. The 10-year U.S. Treasury and Japanese JGB yields fell three basis points. Their German and British counterparts are respective a basis point higher and a basis point lower. […] More

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