Central Bank Watch
Norges Bank
March 27, 2014
The Executive Board of Norway’s central bank chose to retain the overnight deposit rate at 1.5%, its level since cuts of 50 basis points in December 2011 and a follow-up 25 basis points in March 2012. Moreover, a released statement included forward guidance that the key interest rate will likely not be raised until the […] More
Central Bank Watch
Central Bank of the Republic of China (Taiwan) Calls Existing Policy Settings Appropriate
March 27, 2014
Monetary policy in Taiwan is reviewed quarterly. The discount rate was cut at five sequential meetings from June 2010 to June 2011, each time by 12.5 basis points, but the end-point of that streak, 1.875%, has been retained since June 2011 and will continue over the coming three months. Taiwan’s central bank statement projects moderate […] More
New Overnight Developments Abroad - Daily Update
Kiwi Climbs 0.8% against USD to 29-Month High of $0.8682
March 27, 2014
The U.S. dollar also slipped overnight by 0.2% against sterling and 0.1% versus the loonie but has advanced by 0.3% against the euro and Swiss franc, 0.2% relative to the yen and 0.1% versus the yuan. The Aussie dollar touched a four-month high of USD 0.9246 but is currently unchanged on balance. Trading yesterday afternoon […] More
Larry's Blog
Germany and Russia: A Parallel
March 26, 2014
Authoritarian governments in Germany and Russia during the twentieth century committed atrocities against their own people and those of surrounding countries, which were annexed. After surrendering unconditionally in 1945, Germany lost its conquered lands and had its own territory divided and overseen initially by the allies that had won the European theater of WW2. Greater […] More
New Overnight Developments Abroad - Daily Update
Aussie and New Zealand Dollars Strengthen
March 26, 2014
The U.S. currency has declined 0.8% against the Australian dollar, which hit a 4-month high of USD 0.9237, 0.5% versus the kiwi, and 0.2% relative to the loonie. The greenback is also unchanged against the yen and sterling, up 0.4% vis-a-vis the Swiss franc, 0.2% higher against the euro and up 0.1% versus the yuan. […] More
Central Bank Watch
Hungary’s Monetary Policy Easing Cycle Approaching Endpoint
March 25, 2014
The incremental cut of the two-week deposit rate, a drop of 10 basis points to 2.60%, was reduced from 15 bps after the January and February monthly meetings, 20 bps each in the final five months of 2013, and 25 bps per month over the year to July 2013. The rate level prior to August […] More
New Overnight Developments Abroad - Daily Update
Little Reaction to Unexpected Data Results
March 25, 2014
The German IFO Institute business climate index fell in March for the first time since October and by more than forecast. Such printed at a two-month low of 110.7 after 111.3 in February. While current conditions went up 0.8 points, business expectations fell 1.9 points to a 5-month low of 106.4. The biggest adverse swing […] More
Central Bank Watch
Bank of Israel
March 24, 2014
Israel’s benchmark central bank lending rate, which was cut by 25 basis points on February 24 and by 250 basis points since September 2011, was left unchanged at 0.75% after today’s monthly meeting. A statement from officials predicts that CPI inflation, which fell to 1.2% in the 12 months to February from 1.4% on year […] More
New Overnight Developments Abroad - Daily Update
Festering Geopolitical Tension and Mixed Purchasing Manager Survey Developments
March 24, 2014
The dollar opened unchanged against the loonie, kiwi, and sterling in the final week of the first quarter. Itis up 0.4% against the Swiss franc, 0.3% versus the yen and 0.2% relative to the euro but down 0.3% against the Australian dollar. Despite another deterioration in Chinese manufacturing, Chinese equities and the yuan advanced by […] More
Central Bank Watch
Central Bank of Sri Lanka
March 21, 2014
For a second meeting since a 50-basis point cut of the Sri Lankan reverse repo rate to 8.0% — a move that was opposed by the IMF — officials elected not to change either that interest rate or the borrowing repo rate of 6.5%. Both rates had been cut by 25 basis points in December […] More
