Archive for September 12th, 2012

Central Bank Watch

New Zealand Monetary Policy Left Unchanged

September 12, 2012

New Zealand’s Official Cash Rate (OCR) has been at 2.5% since a 50-basis point cut in March 2011 following a devastating earthquake on the South Island.   The economy is now benefiting from reconstruction of damaged infrastructure.  However, growth in coming years will be only modest because of dampened demand in export markets, a pricey exchange […] More

New Overnight Developments Abroad - Daily Update

Dollar Continues to Retrace Earlier Gains of 2012

September 12, 2012

Germany’s Federal Constitutional Court gave a conditional green light to the permanent EU bailout fund, the ESM, and to a new fiscal pact.  This ruling removes a major impediment to the Draghi plan.  The ESM will be functional October 8.  The court said Germany’s contribution to the ESM cannot exceed EUR 190 billion without getting […] More