Central Bank Watch
Central Bank of Brazil
March 3, 2016
Brazil is gripped by an extreme case of stagflation. In all likelihood, GDP will post a second straight contraction this year of more than 3.0% despite Brazil’s hosting of the summer Olympic Games. And CPI inflation was 10.7% in January and rising, thanks to the pass-through of real depreciation. The Zika virus has pressed the […] More
Deeper Analysis
Service Sector Activity Slowed Last Month in Eurozone and U.S.
March 3, 2016
The U.S. purchasing managers index for non-manufacturing, which is compiled by the Institute of Supply Management and shown in the comparative table below, slipped 0.1 point to 53.4 in February. Although representing just a marginally slower activity pace than in January, such was the fourth straight drop in the index, which stood at 58.3 four […] More
New Overnight Developments Abroad - Daily Update
Stronger Euro, Weaker Yen
March 3, 2016
The dollar rose as high as JPY 114.28 overnight, its strongest level since February 15. It’s off that high currently but still up 0.4% on balance. At the same time, the U.S. currency shows overnight losses of 0.6% against the New Zealand and Australian dollars, 0.4% versus the euro, 0.3% relative to the Swiss franc […] More
