Foreign Exchange Insights and Next Week
Not the Euro
January 24, 2013
Britain’s relationship to Continental Europe has always been a restless one. Britain approached the Common Market late, not joining until 1973, and the island nation is now contemplating the possibility of leaving the European Union unless its rights and responsibilities as a member can be renegotiated. Britain has twice abandoned participation in joint European currency […] More
Central Bank Watch
South African Monetary Policy on Hold
January 24, 2013
The repo rate of the South African Reserve Bank will remain at 5.0%, its multi-decade low since a 50 basis point cut last July. The benchmark interest rate was previously reduced by 50 bps in 2008, 450 bps in 2009, and 150 bps in 2010 but not at all in 2011 and just once in […] More
Central Bank Watch
Filipino Central Bank Maintains Key Policy Rates but Fine Tunes SDA Facility
January 24, 2013
The overnight borrowing and lending rates of Bangko Sentral ng Pilipinas were left at 3.5% and 5.5%. These were cut four times during 2012 — in January, March, July and October most recently — each time by 25 basis points. The Monetary Committee’s statement called inflation prospects “manageable, noting inflation is in the lower half […] More
New Overnight Developments Abroad - Daily Update
Drop in Yen and Share Price of Apple
January 24, 2013
The yen has declined 1.0% against the dollar. Japan posted another monthly and annual trade deficit. Apple shares slumped some 10% following news of weaker revenue growth. The World Economic Forum in Davos, Switzerland entered its second day. The HSBC Chinese manufacturing purchasing managers index rose to a 24-month high of 51.9 in January according […] More
