Foreign Exchange Insights and Next Week
Weekly Foreign Exchange Insights: November 7th
November 7, 2008
The dollar’s steep uptrend through much of October broke down in the final days of last month and was not restored in early November. Strong advances were limited to gains through noon on Friday of 2.0% against sterling and 1.5% against the Swiss franc, but such were balanced by weakness against commodity-sensitive currencies. The Canadian […] More
Central Bank Watch
South Korea Implements Third Rate Cut in Past Month
November 7, 2008
Emerging economies have not been insulated from the global slowdown. Acting preemptively, the Bank of Korea sliced its Base Rate to 4.0% from 4.25% and hinted more relief will be coming. Today’s move follows reductions of 75 basis points on October 27th and 25 bps on October 9th, which ended a prolonged streak of tightening […] More
Canadian Monthly Labor Statistics Mixed
November 7, 2008
Canada added 9.5 thousand jobs in October, including 47.5K full-time positions. Analysts had looked for a similar-sized decline following September’s surprising 106.9K leap in employment. However, much of the job growth last month stemmed from needs to administer parliamentary elections. Public-sector jobs went up by 30.1K and accounted for 39% of the 223K increase in […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Lower Dollar Ahead of U.S. Employment Report
November 7, 2008
The dollar lost 0.9% against sterling, 0.8% versus the Australian dollar, 0.5% against the euro and 0.4% relative to the yen, Canadian dollar, Swissy and kiwi. Gilts rallied sharply on outsized Bank of England rate cut. The 10-year Gilt yield is 9 bps lower versus a 2-bp drop in bunds and 2-bp rise of JGB’s. […] More
