Archive for July 1st, 2013

Central Bank Watch

National Bank of Romania Implements Another 25-Basis Point Cut of Policy Interest Rate

July 1, 2013

Easing of the monetary policy rate in Romania had been paused since March 2012.  Today’s cut to a record low brings the cumulative drop since 2008 to 525 basis points.  400 bps of that drop occurred in 2009-10, and four 25-bp moves were squeezed into a 3-month span between November 2011 and March 2012. Inflation […] More

Deeper Analysis

Bigger U.S. Advantage Versus Euroland Last Month in Manufacturing

July 1, 2013

A drop to 49.0 in the U.S. manufacturing purchasing manager index in May had broken a streak of five consecutive readings above 50 — the no change threshold — but a new streak of expansion began in June.  The PMI printed last month 1.9 points higher than in May at 50.9. Sub-indices for production, up […] More

New Overnight Developments Abroad - Daily Update

Hot Fun in the Summertime: Good Data Reported in Japan and Europe

July 1, 2013

The Bank of Japan’s quarterly corporate survey revealed a 12-point advance to +4 in the diffusion index for large manufacturers, a 6-point increase to +12 in the index for large non-manufacturers, and sharp upwardly revised investment plans for the present fiscal year. France, Italy, Spain, the Netherlands, Ireland, Austria, and Greece reported higher purchasing manager […] More