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Day: May 7, 2014
May 72014
Koruna Weakens as Monetary Accommodation Persists
The Czech koruna fell today after the central bank kept interest rates unchanged and signaled that it will not drop its accommodative policy anytime soon. The bank also kept the cap on the currency. The Czech National Bank maintained interest rates the same, keeping the benchmark two-week repo rate at 0.05 percent. The central bank also kept the cap on the exchange rate that was introduced last year. Governor Miroslav […]
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May 72014
Polish Zloty Rises Following NBP Decision
The Polish zloty rose today even as the nation’s central bank left interest rates unchanged. Some analysts say that policy makers are reluctant to tighten monetary policy because they are afraid that geopolitical risks could derail Poland’s economic recovery. Still, the central bank’s outlook is relatively optimistic. The National Bank of Poland left its main interest rate at 2.5 percent, keeping other rates […]
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May 72014
Kiwi Struggles After Economic Data and RBNZ Comments
The New Zealand dollar is lower today, losing ground as the latest economic data disappoints, and with the latest comments from the Governor of the Reserve Bank of New Zealand. Many expect weakness to be the norm moving forward. Kiwi is falling almost across the board today, thanks in large part to the latest economic data release. The jobs data shows that the unemployment rate in New Zealand remains at 6.0 per cent — […]
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May 72014
Dollar Ekes Out Gains Ahead of Yellen
US dollar is still near record lows against some of its major counterparts, but it is eking out some gains ahead of Fed Chair Janet Yellen’s testimony in Congress today. The greenback has been struggling recently, thanks to concerns about how the Federal Reserve is likely to move forward on tapering its asset purchase program, as well as when interest rates are likely to rise. Today, […]
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May 72014
EUR/USD Drops Ahead of ECB
EUR/USD dropped today ahead of tomorrow’s policy meeting of the European Central Bank. The major reason for the drop was the comment of Federal Reserve Chairperson Janet Yellen who talked about “solid growth” of the US economy in the second quarter. Nonfarm productivity fell by 1.7% in Q1 2014 after rising by 1.8% in Q4 2013. This is compared to the consensus forecast of a 0.9% drop. (Event A on the chart.) US crude oil inventories decreased by 1.8 […]
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