Archive for February 24th, 2009

Currency Markets in the News

G-7 Industrial Orders Bad All Over

February 24, 2009

In today’s overnight summary of economic news and market developments, I editorialized that the steep drop in Euroland industrial orders last quarter was as close as one generally gets to a free-falling trend.  The intent of this post is not to rescind that comment but to extend it to the rest of the Group of […] More

Central Bank Watch

Bank Negara Malaysia Cuts Overnight Target Rate by Another 50 Basis Points

February 24, 2009

Malaysia’s central bank cut its target rate to 2.0% from 2.5% and halved reserve requirements to 1%.  Two earlier rate reductions in the past three months amounted to 75 basis points on January 21st and 25 bps last November 24th.  Officials spoke of rapidly deteriorating trade, production and investment on a global and regional scale […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Yen, Dollar, Stocks, Bond Yields All Lower

February 24, 2009

The yen lost another 1.1% against the dollar, hitting a 12-week low. The dollar in turn is weaker by 1.0% against the Swiss franc and Australian dollars, 0.9% against the euro, 0.8% against the kiwi, 0.4% against sterling and 0.1% against the Canadian dollar. Ukraine’s hrynvia slumped to a new record low after a ratings […] More