Central Bank Watch
ECB Preview
February 8, 2012
The ECB interest rate announcement will be made Thursday at 12:45 GMT and be followed at 13:30 GMT by President Draghi’s fourth press conference. Draghi has received good reviews for his communication and leadership skills at these monthly occurrences. The ECB refinancing rate was cut by 25 basis points each in November and December but […] More
Central Bank Watch
Bank of England Preview
February 8, 2012
In March 2009, the Bank of England’s benchmark interest rate hit virtual bottom at 0.5%, which continues to be its level, and the cutting edge of monetary stimulus switched to quantitative asset buying. The initial GBP QE ceiling of GBP 75 billion was raised to GBP 125 billion in May 2009, GBP 175 billion in […] More
Central Bank Watch
Key Polish Central Bank Rate Kept at 4.5% as Expected
February 8, 2012
At the National Bank of Poland, also known as Narodowy Bank, the monetary policy reference rate was left unchanged as were the 3% deposit rate and 6% Lombard rate that flank it symmetrically. Four 25-basis point increases were implemented in the first half of 2011 but none since June 8 of last year. The reference […] More
Central Bank Watch
"Quite Accommodative" Icelandic Monetary Policy Unchanged
February 8, 2012
Sedlabanki’s Monetary Policy Committee (MPC) retained a 4.75% Icelandic seven-day collateralized lending rate. This is 175 basis points lower than on-year inflation even after two 25-basis point increases administered last August and November. A statement from the MPC accentuates the upward bias of rates in the future, calling the present stance "quite accommodative" and conceding […] More
New Overnight Developments Abroad - Daily Update
Euro Climbs to Best Level Since December 12
February 8, 2012
Although Greek officials still have not reached a final austerity package accord that would permit a second bailout of EUR 130 billion, progress is said to be occurring, and the euro advanced to $1.3290. That’s 5.3% stronger than the January 16th low of $1.2623. Investors seem to be concluding that there’s no realistic alternative to […] More
