Central Bank Watch
A Second Central Bank Interest Rate Cut in the Philippines
March 1, 2012
Monetary policy easing, the first since July 2009, announced January 19 has been followed up with a second 25-basis point reduction of the Filipino overnight borrowing and lending rates to 4.0% and 6.0%, respectively. In taking today’s action, Monetary Board officials at Bangko Sentral ng Pilipinas restored the cyclical lows that had prevailed from July […] More
Deeper Analysis
U.S.-Ezone Manufacturing PMI Spread Last Month Smallest since July
March 1, 2012
While Euroland’s manufacturing purchasing managers index nudged 0.2 points higher to a reading in February of 49.0, the comparable U.S. measure unexpectedly fell back 1.7 points to 52.4, which is close to the 2H11 average of 52.25. Being comfortably above 50, that still conveys a picture of expansion but at a decelerating pace. The index […] More
New Overnight Developments Abroad - Daily Update
March Comes in Like a Lamb
March 1, 2012
Amid a deluge of data releases, markets were generally well-behaved to start the new month. The dollar is steady against the euro and Swissie and shows modest losses of 0.3% versus the Canadian and Australian dollars and 0.2% against the yen, kiwi, and sterling. The dollar edged 0.1% higher against the yuan. Stocks were mixed […] More
