Central Bank Watch
New Zealand Cash Rate Held Steady at 2.5% as Expected
July 29, 2009
As at the previous interest rate meeting on June 11, New Zealand monetary officials did not cut rates further but released a pretty somber statement warning of the risks of an excessively high kiwi and wholesale interest rates. The central bank cash rate was first cut a year ago by 25 basis points to 8.0%. […] More
Central Bank Watch
Announcing a New Post Category on Currency Thoughts
July 29, 2009
One cannot deconstruct foreign exchange market activity without engaging in a considerable amount of central bank watching. I have routinely previewed and reviewed on this service those interest rate policy meetings for currencies that are covered regularly. When I began this site in the spring of 2008, however, I did not foresee the immense number […] More
Central Bank Watch
Polish Monetary Policy Settings Left Unchanged
July 29, 2009
A streak of six consecutive monthly rate reduction by the National Bank of Poland ended as expected in July. The reference rate will remain at 3.5% after cuts totaling 250 basis points from November through June (four of 25 bps and one each in December and January of 75 bps). In contrast to a severe […] More
Central Bank Watch
Bank Negara Leaves Malaysian Credit Policy Unchanged as Expected
July 29, 2009
The overnight policy interest rate will remain at 2.0%. Thus Malaysian officials reached the same decision as expected and as they did after the prior two policy meetings on May 26 and April 29th. The next rate announcement is scheduled for August 25th. From a peak of 3.5%, Bank Negara had cut rates by 25 […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Concern Over European Banks
July 29, 2009
Chinese stocks, down 5.3%, posted their sharpest daily drop in eight months. Elsewhere in the Pacific Rim, equities fell by 2.4% in Hong Kong, 1.3% in Indonesia, 1.1% in Vietnam, 0.7% in Malaysia where Bank Negara is expected to leave the benchmark interest rate at 2%, 2.1% in Pakistan, 0.9% in New Zealand, and 0.6% […] More
