Central Bank Watch
Central Bank of Iceland
November 6, 2013
Monetary officials decided to keep Iceland’s seven-day collateralized lending rate at 6.0%, its level over the past year encompassing eight interest rate policy meetings. The rate was increased in six moves by 175 basis points between August 2011 and November 2012, and officials continue to signal an eventual need for more rate normalization as spare […] More
Central Bank Watch
National Bank of Poland Extends Likely Unchanged Monetary Policy to Mid-2014
November 6, 2013
The Monetary Council of Narodowy Bank retained its record low 2.5% reference interest rate. From 4.75%, such was cut by 225 basis points in eight moves to its present level between November 2012 and July 2012. A 25-bp cut in July was the most recent rate change, and a statement accompanying today’s decision extended the […] More
Deeper Analysis
Bigger U.S. Advantage over Ezone in Services
November 6, 2013
The differential between the U.S. and Euroland service sector purchasing manager indices increased by 1.3 points to 3.5 in October. That spread was still much smaller than August’s differential and indeed the tightest spread since August 2011. Each region has posted PMI indices of more than 50.0 in both manufacturing and non-manufacturing for the last […] More
New Overnight Developments Abroad - Daily Update
Slightly Softer Dollar and Yen
November 6, 2013
The dollar edged 0.1% higher against the yen but is otherwise down 0.5% against the kiwi, 0.4% versus the euro, 0.3% relative to the Swiss franc, sterling and Australian dollar, and 0.1% against the loonie. The yuan is unchanged on a day that saw Chinese share prices drop 1.3%. In other stock markets, share price […] More
