Archive for July 23rd, 2008

Reserve Bank of New Zealand Does First Ease

July 23, 2008

New Zealand’s cash rate was cut to 8.0% from 8.25%, a level that had been in force for 12 months.  This easing was considered possible by market analysts but much less probable than a reduction in September.  The cash rate was last reduced in July 2003.  From a 5.0% level after that, there had been […] More

Currency Markets in the News

Reading Japan

July 23, 2008

Markets are bracing for another end-month round of weak Japanese indicators.  A consensus is building that 2H08 might even be recessionary.  The long-awaited pick-up of Japanese inflation has not been welcome.  Deflation battered growth in the 1990’s and at the turn of the century.  A restoration of headline consumer price inflation of more than 1% […] More

Canadian Retail Sales Squeezed by Higher Inflation

July 23, 2008

Total CPI inflation in Canada rose 3.1% in the year to June, more than double the 1.4% on-year pace in March.  A more acute sense of this acceleration can be observed in seasonally adjusted consumer prices, which advanced 4.5% at an annualized rate during the first half of 2008 compared to just 1.4% in the […] More

New Overnight Developments Abroad - Daily Update

New Developments Abroad: Oil Price Drop Extended

July 23, 2008

Oil prices fell another 1.9% to $125.95/barrel overnight, extending their decline since the July 11 peak to 14.5%.  Gold dropped 1.5% to $934.70/ounce. The dollar is higher except for a 0.2% dip against sterling.  Gains range from 1.0% versus the kiwi to 0.7% against the Aussie dollar, 0.3% relative to the yen, euro and Swissy, […] More