Swedish Riksbank
Amid Elevated Inflation, Another Swedish Interest Rate Hike Made, and It Won’t Be the Last
February 9, 2023
The Executive Board at the Swedish Riksbank hiked their policy interest rate to a 15-year high of 3.0% from 2.5%. The pace of the central bank balance sheet reduction will also be increased in April via outright selling of Swedish government bonds, and the Board’s statement includes forward guidance indicating ” that the policy rate […] More
Dollar Down in Pre-Open Trading
February 9, 2023
The dollar fell broadly overnight, dropping 0.9% against the Australian and New Zealand dollars, 0.7% versus sterling, 0.5% relative to the euro and in weighted terms, 0.4% vis-a-vis the Japanese yen and Canadian dollar and 0.2% against the Chinese yuan. Equity markets have strengthened amid favorable earnings reports and soothing remarks from President Biden touting […] More
Several Central Bank Policy Meetings Elsewhere on This U.S. Thanksgiving Day
November 24, 2022
With the U.S. observing its quintessentially most unique holiday, the dollar continued to back off from recent highs, dropping 0.3% on a weighted DXY basis overnight and extending its cumulative decline from peak to 7.8%. The dollar lost 0.9% against the yen today and 0.6% versus sterling but just 0.1% relative to the euro. Prices […] More
Swedish Interest Rate Hike Surpasses Expectations
September 20, 2022
Officials at the Swedish Riksbank today exceeded street expectations with a policy interest rate hike of a full percentage point to 1.75%. The Executive Board’s statement indicates more hikes are probable during the coming half year and revising projected inflation sharply higher to calendar year averages of 8.6% in 2022, 8.5% in 2023, and 2.2% […] More
Large Jump in European Long-Term Interest Rates
September 20, 2022
Today is the Astart of the FOMC’s sixth scheduled policy review in 2022. A third straight 75-basis point hike to a range of 3.0-3.25% is anticipated, with the announcement due Wednesday at 14:00 EDT (18:00 GMT). Meantime, officials at the Swedish Riksbank today exceeded street expectations with a policy interest rate hike of a full […] More
50-Basis Point Interest Rate Hike at Swedish Riksbank
June 30, 2022
As expected and in the face of its highest inflation in over 30 years, the Executive Board at the Swedish Riksbank intensified the speed of stimulus withdrawal. The policy interest rate, which from a negative 0.50% base, had been raised by 25 basis points each in December 2018, December 2019 and April 2022, was hiked […] More
Surprise Rate Hike in Sweden is First Increase since December 2019
April 28, 2022
The Swedish Riksbank announced a dramatic shift in its policy. The repo rate was raised from zero percent to 0.25%, defying a promise made as recently as the prior meeting in February not to raise such until well into 2024. Large global uncertainties and rapidly rising CPI inflation across a broad front forced this change […] More
New Multi-Year Highs in the Dollar
April 28, 2022
The weighted DXY dollar index has advanced 0.7% on balance today and touched a 19-year high of 103.93, which constitutes an appreciation of 43.3 in April 2008 during the subprime mortgage financial crisis. Overnight dollar highs included a 20-year peak of 131.01 against the Japanese yen and $1.0471 versus the euro. Compared to closing levels […] More
Several Central Banks Left Rates Steady, But Fresh Price Data Fan Concern
February 10, 2022
The Reserve Bank of India‘s repo and reverse repo rates were left unchanged at 4.0% and 3.35%. A released statement explains, “The MPC notes that inflation is likely to moderate in H1:2022-23 and move closer to the target rate thereafter, providing room to remain accommodative” And adds “the ongoing domestic recovery is still incomplete and […] More
Equities Trying to Rebound and Dollar Slips a Bit Ahead of Wednesday’s FOMC Announcement
September 21, 2021
The dollar is down 0.15% against the DXY weighted index. Dollar/yen is unchanged from Monday’s closing level, and the greenback lost 0.1% overnight against the euro and sterling and 0.4% relative to the loonie and Swiss franc. U.S. stocks had suffered their steepest daily loss on Monday since May, and share prices in other markets […] More
