Central Bank Watch
Central Bank of The Philippines Cuts Rate But Signals Pause
July 9, 2009
A sixth rate since December was announced today, with a size of 25 basis points like the prior three moves. The first two were by 50 basis points each, so the overnight borrowing rate now becomes 4.0%, down from peak of 6.0% prior to December 18. Unlike the earlier five reductions, the statement released by […] More
Central Bank Watch
Bank of England Decided Not to Increase Asset Purchase Plan Now
July 9, 2009
A terse statement from the Bank of England 9-person Monetary Policy Committee revealed a wait-and-see stance but gave no explanation of latest thinking about current conditions and the economic outlook. The Bank Rate remains at 0.5%, where such has been since March, and the Bank’s Gbp asset purchase plan was not expanded even though it […] More
New Overnight Developments Abroad - Daily Update
New Overnight Market Developments: Sharp Wednesday Market Moves Reversed Partly
July 9, 2009
The dollar recovered 0.4% against the yen but has fallen back 0.9% against sterling and the Aussie dollar, 1.1% against the kiwi, and 0.7% relative to the Swissy, euro and Canadian dollar. The Dax, Cac40, and Ftse are higher by 1.4%, 1.1%, and 0.8% in Europe. The Nikkei lost another 1.4%, but stocks closed flat […] More
Central Bank Watch
South Korean Monetary Policy Unchanged
July 9, 2009
The Bank of Korea left its seven-day repo rate at 2.0%, the level since a 50-basis point cut on February 12th. This decision had been expected. A statement from the central bank promised to retain the current accommodative stance for the time being and said slumps in exports and domestic demand were moderating, CPI inflation is […] More
