National Bank of Romania
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
Yuan Sinks to 11-Year Low and Depresses Global Stocks & Sovereign Debt Yields
August 5, 2019
It’s been a chaotic day in financial markets, with America seemingly at war on several fronts and non-manufacturing PMIs down in the U.S., Europe, Japan and China. The dollar rose 1.6% against the yuan and 1.3% relative to the peso but fell 1.7% against the euro, 1.0% relative to the Swiss franc, and 0.5% vis-a-vis […] More
Independence Day 2018
July 4, 2019
Financial markets this Thursday barely moved in the absence of U.S. participation. A few more purchasing managers surveys from June were reported. The global composite PMI stayed at May’s three-year low level. The global services PMI recovered 0.3 points to 51.9 from May’s 33-month low. Hong Kong’s private manufacturing PMI signaled a contractionary trend for […] More
National Bank of Romania
May 15, 2019
Board members of the National Bank of Romania did not raise their monetary policy rate further despite enumerating several concerns. Inflation has risen to 4.1%, and officials project that such will “remain above the variation band of the target during the next three quarters and thereafter return to and stay in the upper half of […] More
U.K. in Greater Danger of a No Deal Brexit
April 2, 2019
The British House of Commons still cannot find sufficient agreement on the terms of withdrawing from the EU. Faced with binary scenarios of withdrawal without a deal or a lengthy delay in leaving, the first option is looking more and more likely. The 10-year British gilt yield dropped five basis points in response overnight, but […] More
Decision Day in America
November 6, 2018
Market behavior today has been unremarkable, as investors around the world wait to see which vision of America has prevailed. The dollar has dipped 0.1-0.2% against the euro, Swiss franc, yuan, and Canadian, Aussie and New Zealand dollars. there’s been a 0.3% drop against the peso and sterling but a 0.1% uptick relative to the […] More
National Bank of Romania
May 7, 2018
Romania’s central bank Board hike the monetary policy rate by 25 basis points today to 2.50%. This action followed an initial 25-bp increase done in January. These two moves reverse half the total one percentage point rate reduction that occurred previously during the first five months of 2015. In a released statement, the move is […] More
National Bank of Romania
April 4, 2018
Following back-to-back quarter percentage point hikes in Romania’s monetary policy rate, now 2.25%, during January and February, central bank officials left the rate unchanged at today’s review. The 1.4 percentage point acceleration of Romanian CPI inflation between December and February had been along lines that officials had anticipated. The latest assessments reconfirm the outlook for […] More
National Bank of Romania
February 7, 2018
NBR Board members agreed to a second straight monthly monetary policy rate hike of 25 basis points to 2.25%. The moves in January and now February represent a directional shift. The rate had been reduced seven times starting in August 2014 to 1.75% by May 2015. Rate reversal comes against the backdrop of strong consumption-led […] More
