Deeper Analysis
Best U.S. Minus Euroland Manufacturing Advantage in Five Months
November 2, 2010
The October purchasing manager surveys show evidence that the weaker dollar is indeed endowing the United States with a greater competitive edge vis-a-vis the euro area. The dollar’s average euro value in October was 12.2% lower than in June. The U.S. PMI manufacturing index had a reading of 56.9, 2.5 points higher than in September, […] More
Central Bank Watch
A Fifth Rate Hike in India
November 2, 2010
The Reserve Bank of India raised both its repo rate and reverse repo rates by 25 basis points to 6.25% and 5.25% and released a statement outlining the latest thinking of policymakers. Four earlier increases were announced on March 9, April 20, July 2, and July 26 all of this year and, along with today’s […] More
Central Bank Watch
Romanian Central Bank Rate Left at 6.25%
November 2, 2010
At their final scheduled monetary policy meeting of 2010, officials did not change key rates or the required reserve ratio. The monetary policy rate has been at 6.25% since early May but was reduced by 175 basis points earlier this year on top of 225 basis points of reduction implemented in 2009, mostly in the […] More
Central Bank Watch
Australia’s Interest Rate Hike
November 2, 2010
The Policy Board of the Reserve Bank of Australia ended a six-month pause in its rate-rising campaign. Only about a quarter of analysts anticipated today’s seventh hike of the Official Cash Rate to 4.75% from 4.50%. A statement released today by the central bank calls today’s action “modest” and “prudent,” while also declaring that medium […] More
New Overnight Developments Abroad - Daily Update
Interest Rate Hikes in Australia and India
November 2, 2010
The dollar fell 1.1% against the Australian dollar, 0.9% versus the Swiss franc, 0.6% against the euro, 0.5% relative to the Canadian dollar, 0.4% against the kiwi, and 0.2% against the yuan. The greenback gained 0.4% against sterling and 0.3% versus the yen. The Reserve Bank of Australia lifted the Official Cash Rate by 25 […] More
