Currency Markets in the News
Data Beat Goes On As Calendar Year Winds Down
December 9, 2008
A new calendar day for foreign exchange traders begins each day in Asia, where Japanese machinery orders and corporate goods prices will be released Wednesday morning local time and this evening for U.S. investors. Core private domestic machinery, a leading indicator of business investment, plummeted 35.6% at an annualized rate in the third quarter despite […] More
Central Bank Watch
Bank of Canada Cuts Overnight Target to 1.5% from 2.25%
December 9, 2008
A seventh rate reduction over the past 12 months was announced this morning. Such was the largest move so far and brought the cumulative decline to 300 basis points. Many analysts had expected a drop of 50 bps but bumped up those expectations after a series of out-sized rate cuts last week by other central […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Dollar and Yen Stronger
December 9, 2008
Dollar/yen is unchanged. Both rose 2.0% against the Australian dollar, 1.4% against the kiwi, 1.0% against the Swissy and sterling, and 0.9% versus the euro. Among commodity currencies, the Canadian dollar (-0.2%) has been resilient ahead of the Bank of Canada rate cut announcement due at 14:00 GMT. The Nikkei firmed 0.8%, but stocks fell […] More
Currency Markets in the News
Japan's Recession Worst in G-7 So Far
December 9, 2008
Japanese real GDP growth in the third quarter was revised downward more sharply than expected to -1.8% saar from -3.7% saar in the second quarter, yielding a 2.8% annualized rate of decline during the middle two quarters of this year. That negative pace was significantly lower than Euroland’s -0.8% or Britain’s -1.0%. U.S. growth over […] More
