Archive for September 3rd, 2008

Bank of England Preview: Markets Look for No Rate Change Yet

September 3, 2008

The Bank of England’s key rate has been at 5.0% for the past five months after three reductions of 25 basis points each last December, February, and April.  The surprising thing about this week’s meeting is how solidly investors are convinced that rates will be lowered again in 2008, but just not this month.  From […] More

Currency Markets in the News

ECB Preview: Looking for Clues to How Soon Easing Might Begin

September 3, 2008

It is only two months since the ECB hiked its refinancing rate by 25 basis points to 4.25%.  With Euroland likely to have entered a recession in the second quarter, that increase has drawn considerable debate.  Some approve the move, others are very critical, and many want to see it reversed before yearend.  Seven months […] More

Canadian Monetary Statement Less Dovish Than One Might Expect

September 3, 2008

The Bank of Canada left its overnight money target at 3.0%, passing up any temptation to ease further for a third straight meeting.  A statement accompanying the decision did not reveal any bias toward easing further, even though economic growth in both the first quarter of minus 0.8% at a seasonally adjusted annual rate and […] More

Central Bank Watch

Canadian Money Rate Target Held Steady at 3.0%

September 3, 2008

Click to read the Bank of Canada’s Statement More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Spotlight on Weak Europe Sends Dollar Higher

September 3, 2008

The dollar climbed 1.5% against the kiwi, 1.2% against the Australian dollar, 0.9% against the Canadian dollar, 0.8% against the Swiss franc, 0.7% against the euro, 0.6% against sterling but only 0.1% against the yen.  The Nikkei rose 0.9%, but the Dax is 0.9% lower.  The Ftse edged up 0.3%. Who’s afraid of a storm […] More