Currency Markets in the News
Euroland Rundown
May 28, 2008
Elevated inflation is spoiling consumer sentiment in Continental Europe. German consumer prices rose by a faster-than-forecast 0.6% in May. They rose 3.8% saar in the last three reported months and by 3.0% y/y, twice the 1.5% per annum pace in the six years between May 2001 and May 2007. The German PPI advanced 7.6% saar […] More
Currency Markets in the News
Confusion About Japanese Growth
May 28, 2008
Real GDP measures aggregate demand. Japan’s all-industry index calibrates aggregate supply. The two gauges should tell a similar story but aren’t doing so lately. GDP expanded 2.6% saar in 4Q07 and 3.3% in 1Q08. The all-industry index, in contrast, slipped 0.4% saar in the final quarter of 2007 and then slumped by 3.7% in 1Q08. […] More
Upward Rate Risks in Norway and Australia
May 28, 2008
Norway’s central bank, the Norges Bank, kept its benchmark rate unchanged at 5.5% after a policy meeting today. That’s right in the center of a 5-6% range that officials had expected to be observed during 1H08. A statement released today explained why there was no immediate follow-up to April’s 25-basis point tightening but reaffirmed that […] More
New Overnight Developments Abroad - Daily Update
New Developments Abroad
May 28, 2008
Oil prices fell another 1.6% overnight. At $126.78, such are now 6.2% below peak. Gold prices slumped 1.9% to a sub-$900 reading of $895.8/ounce. The dollar is mixed, advancing 0.4% against the yen and 0.1% versus the Swiss franc and C-dollar. The dollar is unchanged against the euro and A-dollar and off 0.1% against sterling. […] More
