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Day: November 7, 2013
November 72013
No Surprise from BoE, Monetary Policy Unchanged
The Great Britain pound fell today after the Bank of England kept its benchmark interest rate and the size of asset purchases unchanged. The currency erased its previous advance versus the Japanese yen, but trimmed losses versus the US dollar. The BoE announced today: The Bank of Englandâs Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock […]
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November 72013
Big Surprise: ECB Cuts Interest Rates
Today’s trading session brought a big surprise for Forex traders: the European Central Bank cut its interest rate. As one could expect, the euro slumped after the news. Yet it looks like the drop was overdone as the currency is recovering right now. The ECB cut its key interest rate (the interest rate on the main refinancing operations) by 25 basis points to 0.25 percent and the rate on the marginal lending facility by 25 […]
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November 72013
EUR/USD Slumps as ECB Shocks Forex Market
EUR/USD slumped today as the European Central Bank shocked the Forex market, cutting interest rates. Before the announcement, it was widely believed that the central bank will not add monetary stimulus so soon. Surprisingly enough, the currency pair started to recover after positive reports from the United States were released. US GDP expanded 2.8% in the third quarter of 2013, according to the first (advance) estimate, after growing […]
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November 72013
Zloty Remains Soft as NBP Pledges Keep Interest Rates Low
The Polish zloty was soft today after the nation’s central bank left interest rates at record low yesterday and pledged to keep monetary policy extremely accommodative for a prolonged period of time. The National Bank of Poland kept its benchmark interest rate at 2.5 percent yesterday. The policy statement was not particularly pessimistic: In Poland, industrial and construction output as well as retail sales in 2013 Q3 confirm low, yet accelerating economic […]
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