National Bank of Romania

January’s Romanian Central Bank Rate Cut Reversed at this Month’s Review

October 5, 2021

The National Bank of Romania‘s has raised its monetary policy rate by 25 basis points to 1.5%. At the onset of the pandemic, the rate had been slashed during 2020 by 50 basis points in March, 25 bps in May and 25 bps in August. The easing culminated with a fourth cut in January to […] More

Dollar Strengthening after Solid U.S. Employment Report

August 6, 2021

The DXY weighted dollar index advanced 0.4% overnight but, at 92.58, remains well inside its 52-week range of 89.21 – 94.74. The dollar’s overnight advance has been broadly spread, with gains of at least 0.3% against the euro, yen, Aussie dollar, Swiss franc and sterling. The U.S. July employment situation improved more rapidly than anticipated, […] More

More European Data, More Covid Cases, and FOMC Minutes

July 7, 2021

The dollar shows modest overnight gains of 0.2% against the euro and sterling and 0.1% relative to the yen and Swiss franc. Larger advances have occurred against the Australian and New Zealand currencies and the Mexican peso. Equities closed down 1.0% in Japan, 1.5% in Singapore, 0.6% in South Korea, and 0.4% in Hong Kong […] More

Romanian Central Bank Rate Cut

January 18, 2021

The National Bank of Romania cut its key interest rate by 25 basis points to 1.25%. This reduction augments the full percentage point of cuts last year (50 bps in March and 25 bps each in May and August) and takes the rate level to its lowest point in the 21st century. A released statement […] More

Lower Bond Yields, Mixed Dollar and Softer Equities in Face of Relentless Covid

November 12, 2020

Covid cases in the last 24 hours exceeded 600k and 140k globally and in the United States. Global and U.S. deaths from the illness over the past two days averaged more than 10k and 1.45k per day. While vaccine development seems to be making good progress, a new worry is that Covid’s ability to mutate […] More

Romanian and Czech Monetary Policy Reviews

August 6, 2020

The National Bank of Romania enacted its third policy interest rate reduction of 2020. Following up on cuts of 50 basis points in March and 25 bps, the rate was reduced by another 25 basis points to 1.50%. In justifying this step, a released statement states that “given the transmission lags of the lower policy […] More

Dollar Extending Gains Against Commodity-Sensitive Currencies

February 7, 2020

The dollar rose overnight by a further 0.7% against the kiwi, peso, Russian ruble, and Aussie dollar and by 0.5% relative to the Chinese yuan. The dollar dropped 0.3% versus the yen and 0.1% vis-a-vis sterling but is unchanged against the euro. Intensifying concern about the spreading coronavirus epidemic provided an excuse for profit-taking in […] More

Dollar Firms Modestly; Equity Markets are Mixed

January 8, 2020

The dollar recorded overnight gains of 0.3% against the euro, 0.2% versus the yen and sterling, and 0.1% vis-a-vis the loonie. The dollar remains unchanged relative to the yuan, Swiss franc and kiwi. ADP estimates that U.S. private-sector employment increased last month by a robust 202k, beating November’s result and exceeding analyst expectations. There was […] More

A Steady Dollar

November 6, 2019

The dollar on balance remains near Tuesday closing levels. Gold is 0.3% firmer. The spate of recent increases in 10-year sovereign debt yields was reversed today with 3-basis point declines in U.S. Treasuries and British gilt yields and a dip of 1 basis point in the 10-year German bund yield. The Japanese 10-year JGB yield, […] More

Technical Recessions in Germany and U.K. and More Impeachment Drama in the U.S.

October 3, 2019

Composite purchasing manager surveys that embody non-manufacturing as well as manufacturing activity released for several countries in Europe by and large underperformed expectations. Most alarming were the reports for Germany and the U.K., each of which recorded slight contractions of real GDP in the second quarter. The German service sector PMI dropped 3.4 points in […] More

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