British PMIs Depict Lessening Weakness
May 6, 2009
The U.K. PMIs bottomed in November but remain below a reading of 50. This suggests more quarters of negative growth but not quite as much so as the 7.4% annualized decrease of GDP last quarter. Britain’s manufacturing PMI printed in April at 42.9, 3.4 points higher than in March, 6.2 points greater than its first-quarter […] More
Central Bank Watch
Central Bank of Romania Eases 50 Basis Points, Too
May 6, 2009
Romania’s monetary policy rate was cut today to 9.5% from 10.%. This is the second reduction of 2009 following a 25-bp cut on February 4th. Analysts leaned toward expected another 25-bp cut today. In 2008 when inflation rose and the Romanian lei like many Eastern European currencies depreciated sharply, Romania’s central bank implemented six hikes […] More
Central Bank Watch
Norwegian Central Bank Rate Cut By 50 Basis Points to 1.5%
May 6, 2009
Norges Bank officials have implemented their sixth rate reduction since October 15th. The 50-bp size of the move was as analysts had forecast. Five of the six cuts were by 50 bps, the exception being a mega-175 basis point cut in mid-December. A brief statement from monetary officials makes no reference to possible future policy […] More
Currency Markets in the News
U.S. & Ezone Rates of Service-Sector Contraction Slowed in Tandem
May 6, 2009
U.S. Ezone U.S. Ezone Sum of Services Services Spread Mf’g Mf’g Spread Spreads Feb 2008 49.7 52.3 -2.6 48.8 52.3 -3.5 -6.1 March 49.9 51.6 -1.7 49.0 52.0 -3.0 -4.7 April 51.9 52.0 -0.1 48.6 50.7 -2.1 -2.2 May 51.2 50.6 +0.6 49.3 50.6 -1.3 -0.7 June 48.8 49.1 -0.3 49.5 […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Yen Stronger on Risk Aversion
May 6, 2009
The yen rose 0.6% against the dollar, helped by a report that stress test sees need for Bank of America to boost capital by greater-than-assumed $34 billion. The stress test formal results get released tomorrow. The dollar otherwise rose 0.4% against the Canadian dollar, but dipped 0.3% against the kiwi and 0.1% versus sterling and […] More
