Larry's Blog
The Age of Negativity
July 14, 2010
The fear genie is out of the lamp and running wild. Just read the press headlines. From a single page in today’s Financial Times, one can choose from “Three years on, fault lines threaten the world economy”, “The war on greed begins at the dinner table,” or “Hell no is not a platform for power.” […] More
Central Bank Watch
Bank of Japan Preview
July 14, 2010
No changes are anticipated from the monthly meeting of the BOJ’s Policy Board on Wednesday and Thursday. Because rates were already very low, officials implemented only 40 basis points of cuts to 0.1% in the autumn of 2008. Outright purchases of JGBs have been kept at 1.8 trillion yen per month since March 2009, and […] More
Central Bank Watch
Thailand Gets a Central Bank Rate Hike
July 14, 2010
Interest rate normalization has begun in yet another Asian economy. The Bank of Thailand had delayed that decision because of domestic political unrest. But officials now conclude that any adverse impact on tourism, consumption or investment had been surprisingly mild and temporary. That’s the message of a statement released today after a 25-basis point increase […] More
New Overnight Developments Abroad - Daily Update
Awaiting U.S. Retail Sales and FOMC Minutes
July 14, 2010
From a high of 88.02/USD, the yen had lost 0.7% by yesterday’s close, but it did not retreat further overnight. The dollar is also unchanged against the Aussie dollar and Chinese renminbi. The greenback has fallen 0.6% against sterling but shows gains of 0.3% against the Swiss franc, 0.2% versus the kiwi and Canadian dollar, […] More
