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Day: February 19, 2013
February 192013
Turkish Lira Falls with Lower Interest Rates
The Turkish lira weakened today after the central bank reduced interest rates, spurring speculation that policy makers will subdue currency’s gains to support the economy. The Central Bank of the Republic of Turkey lowered its interest rates today, cutting both the borrowing rate and the lending rate by 25 basis points to 4.5 percent and 8.5 percent respectively. The tone of the central bank’s statement was rather positive: Domestic demand follows a moderate […]
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February 192013
German Economic Data Provides Only Small Support for Euro
German economic data has provided a bit of a boost to the euro today, but the gains are more modest than many might expect. Even though the macroeconomic picture appears to be getting better in Germany, it’s not quite enough to overcome the other problems in the eurozone. German economic sentiment improved, according to the latest ZEW survey of investors. The news has been helping European shares, and provided a small boost to the euro. Sentiment […]
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February 192013
BOJ Uncertainty Boosts Yen
Yen is higher today, thanks to some of the uncertainty surrounding what will happen next with the Bank of Japan. With government officials not agreeing on how hawkish the next BOJ governor will be, and with other policy statements made, yen is finding strength against its major counterparts. One of the big subjects of uncertainty — and speculation — right now is who the next governor of the Bank of Japan will be. […]
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February 192013
Aussie Strong After RBA Minutes
The Australian dollar strengthened after the minutes of the last Reserve Bank of Australia’s policy meeting have been released today. The minutes showed that the accommodative policy was positive for the economy, but additional stimulus remains probable. The RBA said that “global economic conditions had been a little more positive and the downside risks had abated somewhat”, while the domestic data “had been mixed”. The bank noted the positive effect of the accommodative […]
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February 192013
China Destroys Milk Powder, NZ Dollar Suffers
The New Zealand dollar retreated today on the news that China destroyed some imported milk powder. Milk products are one of the major New Zealand’s exports. There are reports that China’s quarantine administration destroyed three brands of milk powder. It is not yet clear how this will affect New Zealand’s exports and some experts say that the impact will temporary if any. China […]
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