Central Bank Watch
Third Large Serbian Rate Cut of 2009
April 22, 2009
The National Bank of Serbia today implemented a cut in the two-week repo rate to 14% from 15%. Reductions of 125 basis points and 150 basis points had earlier been announced on January 22 and April 6, bringing the year-to-date drop to 375 basis points. Inflation of 9.4% is now within the central bank’s target […] More
Currency Markets in the News
Japanese Trade
April 22, 2009
Analysts were encouraged by Japan’s March merchandise trade figures. First derivative comparisons — the rate of change — remained awful. The surplus fell 99% from Y 1096 billion in March 2008 to Y 11 billion in March 2009 despite a 50.6% decline in mineral fuel imports. Overall exports plunged 45.6%, including drops of 56.1% to […] More
British Budget Gets Poor Market Reception
April 22, 2009
Ten-year gilt yields are 11 basis points higher than their close on Tuesday, and the pound has lost 1.8% against the euro and 1.4% relative to the dollar. The annual budget message failed to reassure already very worried investors. The budget generally conforms to expectations. The picture is a poor one. Public sector net borrowing […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Awaiting British Budget and More Geithner Comments
April 22, 2009
Many Asian stock markets fell: Hong Kong -2.7%, China -3.7%, Pakistan -3.3%, and Thailand -1.2%. But Japan’s Nikkei edged 0.2% higher, and in Europe, the Dax, Ftse, and Cac40 show modest 0.5% rises. The yen is up 0.9% against the dollar, but the kiwi and Aussie dollar fell by 1.8% and 1.0%. Sterling and the […] More
