Archive for July 11th, 2012

Central Bank Watch

An Eighth Central Bank Rate Cut for Brazil

July 11, 2012

COPOM, the monetary policy committee at the Central Bank of Brazil, cut its Selic interest rate to 8.0% from 8.5%.  From a peak of 12.5%, the rate was cut earlier by 50 basis points in August, October, November of 2011, and January 2012, then by 75 bps each in March and April of this year, […] More

New Overnight Developments Abroad - Daily Update

Spain Getting Another Dose of Fiscal Austerity

July 11, 2012

Spain’s government will implement its fourth package of fiscal austerity in the last seven months.  It will amount to EUR 65 billion, too much for social sustainability but insufficient to reach budget targets. The dollar fell overnight against commodity-sensitive currencies, dropping 0.8%, 0.7% and 0.4% relative to the Australian, New Zealand and Canadian dollars.  The […] More