Bangko Sentral Ng Pilipinas
Filipino Central Bank Rate Hike
July 14, 2022
Officials at the Central Bank of the Philippines had not scheduled a policy review for today. But with Filipino CPI inflation jumping 0.7 percentage points to 6.1% in June, a 92-month high and over 2 percentage points above the target corridor of 2-4%, they felt they could not delay intensifying the monetary tightening cycle any […] More
Revolting Developments but the Dollar Rally Plays On and Central Bankers Scramble to Catch Up
July 14, 2022
Not for the first time this year, JP Morgan CEO Jamie Dimon’s candid remarks about a deteriorating global economic outlook has fanned investors’ flight to safety. The litany of problems includes soaring inflation, tighter monetary policies, Russia’s relentless destruction of Ukrainian infrastructure, other geopolitical tensions, and weakening business and consumer confidence. He could have added […] More
Emerging Evidence of A More Pressing Recessionary Risk in Europe than the United States
June 23, 2022
Preliminary June purchasing manager survey results highlight scant demand, a rise in unsold inventories, a mounting drag from elevated inflation, and weakening trends in both business and consumer confidence. The findings contrast with Fed Chairman Powell assertion yesterday that, while the U.S. situation presents a challenging one to policymakers, the risk of a near-term recession […] More
First Filipino Interest Rate Hike Since November 2018
May 19, 2022
At the Central Bank of The Philippines, the overnight interest rate was lifted 25 basis points to 2.25% today. This was the first increase since November 2018 but leaves the rate level 175 basis points under its pre-pandemic level of 4.0%. Filipino CPI inflation rose from 3.0% in January and February to a 40-month high […] More
Reacting to Diverse Monetary Stances, Newly Heightened Ukraine-Russian Tensions, and Possible Enhanced World Oil Supplies
February 17, 2022
The dollar fell overnight by 0.4% against the yen and kiwi, 0.3% relative to the yuan, and 0.1% versus the Swiss franc. The dollar also advanced 1.7% against the Turkish lira, 0.2% vis-a-vis the Mexican peso, and 0.1% against the euro and Canadian dollar. U.S. equity futures point to a lower open. Equities closed 0.8% […] More
A Diversity of Central Bank Rate Decisions… Dollar and Equities Mixed
November 18, 2021
Central bank officials today cut Turkey’s one-week repo rate by 100 basis points, left record-low policy interest rates unchanged in the Philippines and Indonesia, and are widely expected to announce an interest rate hike in South Africa. This year’s unexpectedly sharp acceleration of inflation to multi-year and multi-decade highs around the world has overshadowed Covid […] More
Dollar Starting Week on a Rising Note, whereas Share Prices and Sovereign Debt Yields Move Lower
July 12, 2021
The dollar climbed 0.6% against the Mexican peso and New Zealand dollar, 0.5% versus the Australian dollar, 0.4% vis-a-vis the loonie, 0.3% relative to sterling an 0.1% against the yen but is steady versus the euro and yuan. Stocks in the Pacific Rim had closed up 2.3% in Japan, 0.9% in Taiwan, 0.8% in Australia […] More
Signs of Economic Recovery and Monetary Policy Patience
June 24, 2021
Overnight dollar movements were mostly down but slight in magnitude. The U.S. currency slid 0.4% against the Mexican peso, 0.3% relative to the New Zealand dollar, 0.2% versus the yen, and 0.1% against the euro, Aussie dollar, loonie and yuan. The dollar also rose 0.5% versus the Turkish lira and 0.3% against sterling. Relative to […] More
CPI Inflation Rose in April to 24-, 14- and 151-Month Highs Germany, France and the United States
May 12, 2021
Equity markets remain vulnerable to fears that higher inflation will compel central banks to raise interest rates sooner than forward guidance has been suggesting. Markets closed down today by 4.1% in Taiwan, 1.6% in Japan, 1.5% in South Korea, and 0.7% in Singapore and Australia. U.S. stock futures are somewhat lower, too. Share prices recovered […] More
Differentiated Growth and Covid Prospects According to Efficiency of Vaccine Roll-Outs
March 25, 2021
The dollar has been taking its cue lately from vaccine news. The United States has handled the roll-out much better the Europe. Britain had been getting vaccinated at a good clip, too, but now faces a possible EU ban of vaccine exports to the U.K.. Japan’s Covid spread has also picked up lately. The proliferation […] More
