Foreign Exchange Insights and Next Week
Next Week
May 3, 2013
Central Bank policy meetings are scheduled next week at the Bank of England, Reserve Bank of Australia, Bank Malaysia Negara, National Bank of Poland, Bank of Korea, and Central Bank of Norway. The monthly ECB Bulletin will be published, and ECB Pdt Draghi speaks publicly. Fed officials speaking publicly include Bernanke, Evans, Stein, and George. […] More
Central Bank Watch
Fourth Central Bank Rate Cut in India
May 3, 2013
Officials at the Reserve Bank of India followed up on cuts in its repo rate of 50 basis points in April 2012, 25 bps in January 2013, and 25 bps in March 2013 with a fourth reduction today, this time again by 25 basis points to 7.25%. The action had been anticipated but was tempered […] More
Central Bank Watch
ECB Eases in May
May 3, 2013
The ECB cut an interest rate for the first time in ten months. On May 2, the refinancing rate was cut to 0.50% from 0.75%, but the deposit rate was left at zero percent. Fixed rate unlimited MROs were extended to continue through July 2014, and a 3-month LTRO was announced. In President Draghi’s introductory […] More
New Overnight Developments Abroad - Daily Update
Whipsawed by Fed, ECB, and Then U.S. Labor Statistics
May 3, 2013
It’s been a week full of surprises but ultimately accentuating Europe’s relatively dismal outlook. The Fed on Wednesday left its policy guidance unchanged and affirmed the data-driven algorithms that will dictate future decisions. While the ADP private jobs estimate that day was disappointing, new jobless insurance claims out Thursday of 324K, a 5-year low, and […] More
