Deeper Analysis
North American Data This Monday Morning
August 30, 2010
The Canadian current account deficit widened 30.2% last quarter to CAD 11.0 billion (equivalent to around 2.6% of GDP) as the trade balance swung into the red for the first time since 3Q09. After the start of the world financial panic, the current account weakened from a CAD 15.6 billion surplus in 2007 to a […] More
Central Bank Watch
Bank of Japan Expands Liquidity-Enhancing Facility to Encourage Bank Lending
August 30, 2010
An unscheduled three-hour policy meeting was most noteworthy for actions not taken. A statement released by the Policy Board noted recently unstable currency and equity markets but said nothing about planned currency intervention or steps explicitly aimed at the stock market. Nor did officials change the key interest rate of 0.1% since December 2008 or […] More
New Overnight Developments Abroad - Daily Update
Emergency Bank of Japan Meeting Has Louder Bark Than Bite
August 30, 2010
The dollar fell overnight by 0.9% against the Canadian dollar, 0.6% versus sterling, 0.4% against the yen, and 0.1% relative to the Swiss franc. The dollar firmed 0.4% against the kiwi, 0.2% against the euro and 0.1% relative to the Australian dollar and Chinese yuan. Japan’s Nikkei-225 equity index closed 1.8% higher but had climbed […] More
