Central Bank Watch
Polish Monetary Policy Eased Again
July 3, 2013
Officials at the National Bank of Poland agreed to a further 25-basis point cut of the reference central bank interest rate to a record low of 2.5%. The Lombard and deposit rates were cut similarly to 4% and 1%. A statement from Narodowy Bank acknowledges the zloty’s depreciation since mid-May but attributes such to external […] More
Central Bank Watch
Swedish Riksbank Keeps 1.0% Repo Rate Level
July 3, 2013
The repo rate needs to remain low to support the economy and enable inflation to rise to the target of 2 per cent. Gradual increases in the repo rate are expected to begin during the second half of 2014, as assessed earlier. The future repo rate path was not changed either after the latest Riksbank […] More
Deeper Analysis
PMIs Show a Further Convergence of the U.S. and Ezone Economies
July 3, 2013
The sum of the manufacturing and service-sector purchasing manager survey differentials fell for a fourth straight time in June and, at +6.0 points, was more than nine points narrower than last October’s peak width. That’s the main takeaway from today’s service-sector figures. The U.S. service-sector PMI printed at 52.2, almost two points less than forecast, […] More
New Overnight Developments Abroad - Daily Update
Equities Hit by New European Concerns
July 3, 2013
Portugal’s foreign minister, and the head of the center-right coalition partner, resigned. The root cause is an old theme, mounting intolerance to relentless and unworkable austerity. Portuguese and Greek sovereign debt under new pressure. The political mess in Egypt where PM Morsi refuses to step down also is promoting a risk-off atmosphere. Share prices slumped […] More
