Foreign Exchange Insights and Next Week
Next Week’s Menu: May 23 – 29, 2020
May 22, 2020
Central Banks: Monetary policy meetings in South Korea, Hungary, Poland and Israel. Federal Reserve publishes Beige Book of regional economic conditions. Bank of Canada Governor Poloz speaks publicly. Holidays: U.S. Memorial Day and late spring British Bank holiday on Monday. Some Islamic countries to observe end of Ramadan. Scheduled U.S. Economic Statistical Releases: Quarterly GDP […] More
Central Bank Watch
40-Basis Point Indian Central Bank Interest Rate Cut on Top of March’s 75-Basis Point Reduction
May 22, 2020
The Reserve Bank of India Monetary Policy Committee also held an emergency policy review ahead of the regularly scheduled one previously set for early June. The Committee announced a 40-basis point reduction of its repo rate to 4.0%, which follows a previous 75 basis point cut in late March. Officials released a statement enumerating a […] More
Central Bank Watch
Bank of Japan Board Holds Emergency Session
May 22, 2020
The Bank of Japan held an emergency unscheduled policy Board meeting that lasted just under an hour and did not change the the short-term policy interest rate of -0.1% or the 10-year JGB yield target of around zero percent. However, officials did unveil a new lending facility for small to mid-sized firms and moved out […] More
New Overnight Developments Abroad - Daily Update
Provocations by Chinese National People’s Congress and Special Central Bank Meetings in Japan and India
May 22, 2020
China’s government has decided to crack down on Hong Kong dissonance with a series of new security laws. Protesters will have fewer liberties and will be punished more severely. Hong Kong’s stock market plunged 5.6% in response. At China’s National People’s Congress, the tradition of setting an annual growth target was abandoned in a sign […] More
