Currency Markets in the News
ECB Preview
August 5, 2009
At Thursday’s press conference, I expect ECB President Trichet on behalf of that bank’s governing council to Make no changes in the key interest rate structure of 1.0% refinancing rate, 0.25% deposit rate, and 1.75% marginal lending rate. Call the present policy stance “appropriate.” Announce no expansion of the covered bond purchase plan. Say that […] More
Bank of England Preview
August 5, 2009
The Bank of England will announce its latest monetary policy thoughts and plans at 11:00 GMT on Thursday. The Bank Rate has been at 0.5%, an effective bottom, since March. The rate had been at 5.0% at the start of last October. Additional stimulus since the rate reached 0.5% was provided through quantitative easing, specifically […] More
Currency Markets in the News
U.S./Euroland Gap in Service Sector Activity Narrow Again
August 5, 2009
PMIs 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
Central Bank Watch
Bank Indonesia Cuts Benchmark Interest Rate to 6.5% from 6.75%
August 5, 2009
As widely forecast, Indonesia’s central bank implemented a ninth consecutive monthly rate cut. Six of these, including today’s, were by 25 basis points, while the three made during the first quarter of 2009 amounted to 50 basis points each. Today’s cut was justified by “limited domestic demand” and lower inflation. However, a statement released by […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Narrowly Mixed Dollar
August 5, 2009
The dollar firmed 0.3% against the Swiss franc and Canadian dollar, 0.2% against the Australian dollar and 0.1% against the yen and euro, but the greenback lost 0.3% against sterling and 0.1% against the New Zealand kiwi. Sterling was buoyed by supportive British data and talk that the Bank of England probably will end its […] More
