Archive for May 6th, 2008

And What About Britain?

May 6, 2008

The British PMI scores in April reflect an intensifying slowdown of that economy. The service-sector index had a 50.4 reading, essentially connoting stagnation. That was down 1.7 points from 52.1 in March and down 7.4 points from 57.8 in August when the global credit crunch began. The manufacturing PMI score in April was 51.0, down […] More

Currency Markets in the News

Convergence Around the Atlantic in PMI Scores

May 6, 2008

The view that the U.S. economy may not be as weak as thought and that Euroland may be in worse shape than heretofore assumed has supported the dollar lately. April PMI scores corroborate the new thinking. The U.S. manufacturing PMI was unchanged at 48.6, while its Ezone counterpart fell by 1.3 from 52.0 to 50.7. […] More

Australian Monetary Policy Tight But on Hold

May 6, 2008

The last four Australian interest rate hikes in Aug 2007, Nov, Feb and March 2008 coincided with a global financial market crunch from which Australia was not exempt. As a result, authorities at the Reserve Bank of Australia shifted their policy bias to neutral in April, observing then that monetary conditions since mid-2007 had tightened […] More

New Overnight Developments Abroad - Daily Update

New Developments Abroad

May 6, 2008

The dollar is down 0.4% against the kiwi and Swiss franc but otherwise little changed. Oil spiked overnight to a new record high of $120.93/bbl but settled back to a net dip of 0.1% to $119.88/barrel. A Goldman Sachs research study predicts oil will climb above $150/bbl amid supply constraints within two years. Gold is […] More