Archive for July 27th, 2011

Central Bank Watch

Reserve Bank of New Zealand Statement Possibly Misinterpreted

July 27, 2011

New Zealand’s Reserve Bank kept a 2.5% Official Cash Rate but released a statement that persuaded many analysts to predict a 50-basis point rate hike at the next meeting scheduled for mid-September.  A perusal of the statement, however, reveals three conditions that need to be met to reverse the whole March rate cut, which had […] More

Larry's Blog

Nixon’s Dollar/Gold Speech

July 27, 2011

According to reports in the New York Times and elsewhere, August 15th appears to be a truer date than August 2 for when the United States federal government is likely to run out of resources to meets its expenses, barring Congressional action to raise the debt ceiling.  This new deadline is fraught with historic irony. […] More

New Overnight Developments Abroad - Daily Update

Six Days and Counting

July 27, 2011

No discernible progress has been reported in the U.S. debt ceiling talks, yet markets are not falling apart. The dollar recovered 0.3% against the euro and edged up 0.1% against the yuan and sterling.  The dollar fell 0.2% against the yen and loonie but is unchanged against the Swiss franc.  Former Japanese Prime Minister Sakakibara […] More