Archive for October 22nd, 2009

New Overnight Developments Abroad - Daily Update

More Thursday Data and Event Highlights

October 22, 2009

Thursday had already seen a large volume of economic news before North America opened.  Here’s a brief update on the rest of the day. The euro was trading back under $1.50 when New Overnight Developments Abroad got posted but closed in New York near the day’s high at $1.5036.  $/yen and cable closed above 91 […] More

Central Bank Watch

Canadian Monetary Policy Report: The Rest of the Story

October 22, 2009

As always, the Bank of Canada quarterly review is extensive, and wire service headlines do not do justice to the nuggets and other insights that one finds inside the report. The statement released two days ago when an unchanged 0.25% overnight target rate was retained created a commotion in the market with the claim that […] More

Central Bank Watch

Swedish Riksbank Monetary Policy Unchanged

October 22, 2009

Put six economists on a committee, and you’ll get six opinions.  It was almost like that at the latest policy meeting of the Riksbank Executive Board, which Retained a 0.25% repo rate as it did at the prior meeting in early September. Projected growth of 2.5% next year and 3.4% in 2011. Projected core CPI […] More

Central Bank Watch

South African Reserve Bank Keeps Repo Rate Target of 7.0%

October 22, 2009

As expected, the SARB did not cut or raise its target interest rate.  In making this decision, monetary policymakers replicated the action of their prior September meeting and released a statement that observed no marked changes in inflation risks since that previous meeting.  Prior to that, six reductions totaling 500 basis points were engineered between […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Lower Stocks Lift Dollar

October 22, 2009

Symptomatic of heightened risk aversion, the German Dax, Paris Cac and British Ftse have traded 1.6%, 1.5% and 1.3% lower. Share prices closed down by 0.6% in Japan, 1.4% in South Korea, 1.1% in The Philippines and Thailand, 0.5% in Hong Kong and Australia, 0.7% in China, 1.2% in Taiwan, 1.3% in India, 1.8% in […] More

Central Bank Watch

Central Bank of Brazil Kept 8.75% Selic Rate As Expected

October 22, 2009

Brazilian monetary officials did not change policy for a third straight meeting.  The policy Selic rate has been 8.75% since a 50-basis point cut announced on July 22nd.  There were also four rate reductions during the first half of 2009 totaling 450 basis points.  The prior cyclical peak of 13.75% had been in place from […] More

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