Deeper Analysis
February in Figures
March 1, 2010
The yen, commodities and most stocks rose during February. The dollar and long-dated bond yields were mixed, while European currencies depreciated. 10-Yr Yield 01/29/10 02/26/10 Chg vs End-Jan U.S. 3.58% 3.62% +4 Basis Points Germany 3.20% 3120% -10 Japan 1.32% 1.30% -2 U.K. 3.91% 4.03% +12 Canada 3.35% 3.39% +4 3-month euros […] More
Central Bank Watch
Table Set for Australian Rate Hike Tuesday
March 1, 2010
A failure of the Reserve Bank of Australia to signal a 25-basis point cash rate increase to 4.0% at 01:30 GMT tomorrow (20:30 EST Monday) would constitute a breakdown in communication with the market. Clues have been given that February’s decision to retain a 3.75% level after three increases in 4Q09 was no more than […] More
Central Bank Watch
Bank of Canada Preview
March 1, 2010
In April 2009 when the Bank of Canada halved its overnight target rate to 0.25%, officials made a conditional promise not to raise that rate above 0.25% before the July 2010 meeting. The one stipulation expressed that the inflation outlook remain benign has not been jeopardized, so the central bank’s pledge has been reaffirmed after […] More
Deeper Analysis
Smallest U.S. Minus Euroland PMI-Mf’g Spread in Twelve Months
March 1, 2010
Although good for building national pride, a strengthening dollar creates new challenges of U.S. exporters. A near-doubling of the U.S. versus euro area PMI differential in manufacturing in January had been surprising in light of the faltering euro, and alas turned out to be short-lived. More than the total of January’s improvement was reversed last […] More
New Overnight Developments Abroad - Daily Update
Sterling Sank Sharply
March 1, 2010
Sterling opened March with a 2.5% drop against the dollar and is 6.4% weaker than on February 1. The greenback otherwise also advanced 0.7% against the Swiss franc, 0.6% versus the euro, 0.5% relative to the yen and kiwi, 0.2% against the Canadian dollar and 0.2% against the Australian dollar. Ten-year bund, gilt, and JGB […] More
