Central Bank Watch
Surprise Rate Cut in Poland
May 8, 2013
Officials had suggested earlier this spring that scope for further monetary easing had been exhausted but today decided to slice the key 7-day central bank interest rate from 3.25% to a record low of 3.0%. Reductions between November 2012 and March 2013 had taken 150 basis points off the rate, and most analysts were not […] More
Central Bank Watch
Norwegian Monetary Policy Remains on Hold
May 8, 2013
There hasn’t been a Norwegian interest rate change in 14 months. The 1.5% policy rate was reaffirmed after the Executive Board of Norges Bank met. Analysts were not looking for a policy change at this time. The rate was cut by 450 bps to 1.25% between October 2008 and mid-2009, raised back to 2.25% in […] More
New Overnight Developments Abroad - Daily Update
Softer Kiwi and Dollar
May 8, 2013
In testimony, Governor Wheeler of the Reserve Bank of New Zealand disclosed that the central bank had conducted currency intervention recently to counter a significantly overvalued exchange rate. It’s been some five years since the bank last intervened. The kiwi has slipped 0.4% in response against its U.S. counterpart. The U.S. dollar otherwise has lost […] More
