Archive for May 15th, 2013

Deeper Analysis

First-Quarter Euro Area GDP Growth

May 15, 2013

The single fact that the euro area’s economy contracted about a third as rapidly last quarter as it had in the final period of 2012 is about the extent of consolation one take take from today’s release of preliminary national income accounts.  Only three of the seventeen members reported positive growth.  Most had weaker growth […] More

Central Bank Watch

Central Bank of Iceland Holds Policy Steady for Now

May 15, 2013

Officials at Sedlabanki kept the seven-day collateralized Icelandic lending rate at 6.0%, its level since a 25-basis point hike in mid-November 2012.  There were five increases of 25 bps and one of 50 basis points between August 2011 and November 2012, totaling 175 bps.  The current 6.0% rate remains at just a third of the […] More

New Overnight Developments Abroad - Daily Update

Weak Ezone GDP Data Sends Euro Below $1.2900

May 15, 2013

The dollar is stronger across the board, with gains of 0.8% against the Swissie, 0.6% versus the euro, 0.4% relative to the yen, loonie and Aussie dollar, 0.2% against the kiwi, and 0.1% versus the yuan and sterling. Japan’s Nikkei-225 shot up 338 points or 2.3%, closing above 15,000 for the first time since January […] More