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
