Central Bank Watch
First Czech Interest Rate Cut Since December
May 6, 2010
The Czech National Bank two-week repo rate was sliced for the first time in five months by 25 basis points to 0.75%. Many analysts thought the risk of Greek contagion would have deterred such a move. The Czech budget and external deficits are running this year at 5-6% and around 2% of GDP, respectively. Seven […] More
Central Bank Watch
Latest ECB Tactics Not Helping Euro Stabilize
May 6, 2010
As expected, the ECB Governing Council left its three rates unchanged and where such have stayed for the past 12 months: a 1.0% refinancing rate flanked symmetrically by a 0.25% deposit rate and a 1.75% marginal lending rate. Forex dealers responded to an ECB strategy of not appearing to be panicking and instead emphasizing continuity […] More
New Overnight Developments Abroad - Daily Update
Awaiting ECB Press Conference and British Election Outcome
May 6, 2010
A lot is happening…. Asian stocks were hammered. A 3.3% drop in the reopened Japanese Nikkei was the largest decline since March 30, 2009. Chinese stocs fell 4.6% to an 8-month low. Equities dropped 2.2% in Australia, 2.0% in South Korea, 1.5% in Thailand and Taiwan, 1.3% in Indonesia, 0.7% in Singapore and 0.6% in […] More
