Archive for April 22nd, 2009

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