Bank of Russia

Numerous Inflation and Industrial Production Reports Released This Friday

September 10, 2021

There were also two central bank policy rate announcements, and each involved an interest rate increase: The Central Reserve Bank of Peru‘s Board of Directors hiked its policy interest rate twice as much as analysts were anticipating to 1.0% from 0.5%. This was the second straight increase after a hike of 25 bps in August, […] More

Dollar Rose Slightly

February 12, 2021

The dollar recovered 0.5% against the Mexican peso and New Zealand dollar, 0.3% relative to the Swiss franc and Australian dollar, 0.2% versus the euro, yen, and loonie, and 0.1% against sterling overnight. On a trade-weighted basis, the U.S. currency is up 0.2% and trading in the middle of today’s high-low corridor. Lunar New Year […] More

Last Meaningful Week of 2020 Drawing to Close

December 18, 2020

Ahead of the approaching year-end holidays, this week saw a rush of central bank policy reviews and data releases, many¬† coming a couple of days earlier in December than is customary in other months. Foreign exchange trading tends to lose some breadth and depth in the final weeks of December, making currency relationships prone to […] More

Russian Central Bank Interest Rate Cut as Expected

July 24, 2020

With a warning that “in the context of prevailing disinflationary factors, there is a risk that in 2021 inflation might deviate downwards from the 4% target,” officials at the Central Bank of the Russian Federation enacted their fourth one-week repo rate cut of 2020 to 4.25%. Together with reductions of 25 basis points in February, […] More

Confidence Hit by Concerns Over China, Coronavirus, and Economic Outlook

July 24, 2020

The last thing the world needs in the middle of a recession is an escalation of Sino-U.S. trade and foreign policy strains, but that became an even likelier prospect as Beijing officials closed down the U.S. consulate in Chengdu. The day’s coronavirus data have been again alarming, although not quite to the extent of the […] More

Good Trade News but Unsettling Covid Developments

June 19, 2020

Share prices got a boost from an overnight report that China will step up purchases of U.S. agricultural goods. This comes after Thursday’s revelation in the Bolton tell-all book that Trump had solicited a boost in Chinese purchases to voter reelection support from the mid-west. Several populous U.S. states like California, Florida, and Texas continue […] More

More Evidence of Deep and Global Economic Downturn

April 24, 2020

Dollar movements on the final day of the week have been comparatively modest and somewhat mixed against other major currencies. The price of West Texas Intermediate crude oil extended its rebound but is currently still down 7.6% since last Friday’s close. Gold is little changed. Further substantial declines of 9-10 basis points have occurred today […] More

Bank of Russia

March 20, 2020

The Bank of Russia had previously lowered its key interest rate from 7.75% prior to June 2019 to 6.0% after a 25-basis point cut in February. However, this easing cycle had to be put on indefinite pause this month because a tumbling ruble is likely to raise inflation above the 4% target in coming months. […] More

Dollar Down After Fed Expands Currency Swap Network.. Equities Up in Asia and Europe

March 20, 2020

The dollar fell overnight by 2.9% against the Australian dollar, 2.5% relative to the kiwi, 2.2% versus sterling, 2.0% vis-a-vis the loonie, 0.8% against the peso, 0.6% versus the yen and 0.4% relative to the euro and Swiss franc. The swap line arrangement that enables central banks to exchange on a temporary basis their own […] More

British Election Lifts Sterling… U.S.-Sino Phase I Progress Boosts Stocks

December 13, 2019

Boris Johnson’s Conservative Party won 365 parliamentary seats, clearing the majority threshold by 39 seats. The Conservatives won 43.6% of the votes to Labour’s 32.2% share. Sterling in response catapulted to an 18-month high of $1.3515 but has settled back to a still impressive 1.3% net overnight advance against the dollar. The greenback also touched […] More

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