Central Bank Watch
Bank of Japan Preview
October 29, 2009
Japan’s central bank Policy Board has three orders of business to decide at Friday’s meeting. The uncollateralized overnight money rate target has been 0.1% since last December and is unlikely to get raised for a couple of more calendar quarters. Although Japan is coming out of recession, the economic outlook is fraught with risks, and […] More
Currency Markets in the News
Economic Recovery in the U.S., Euroland, Japan, and Britain
October 29, 2009
The data from major advanced economies continues to inspire less hope than what China and other developing economies are reporting. Aspects of the 3.5% rise of U.S. GDP last quarter look too good to last. Slightly over two-thirds of the increase resulted from consumption of durable goods (much of which reflects the expired cash for […] More
Central Bank Watch
Another Central Bank Rate Cut in Russia
October 29, 2009
The backdrop to today’s announced 50-basis point reduction in the Central Bank of Russia’s refinancing rate includes two cuts in September totaling 75 basis points, a cut of 25 bps in August and reductions of 50 basis points each in July, June, May and April. The 9.5% new rate level, effective tomorrow, compares to 13.0% […] More
Central Bank Watch
New Zealand Cash Rate To Stay Low Through Mid-2010
October 29, 2009
The Reserve Bank of New Zealand implemented seven reductions of its cash rate between July 24, 2008 and April 30, 2009 from a year-long peak of 8.25% to a trough of 2.5%. After the April 30th meeting, officials indicated that the benchmark rate was unlikely to move above 2.5% before the second half of 2010. […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Dollar Down Slightly Despite Further Drop in Asian Stocks
October 29, 2009
The dollar has lost 0.7% against the Australian dollar, 0.6% versus sterling, 0.4% relative to the kiwi, 0.3% against the euro and Swissy, and 0.2% against the Canadian dollar. Dollar/yen is unchanged. Stocks fell 2.5% in China, 2.4% in Taiwan, 1.8% in Japan, 3.1% in Vietnam, 1.7% in South Korea, 2.3% in Hong Kong and […] More
