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Central Banks rushing to 0% interest rates

Fri, Dec 19 2008, 16:42 GMT
by Guillermo Alcalá

FXstreet.com


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The week we leave behind we have seen Central Banks rushing towards the zero percent interest rate monetary policy. First to move was the Fed slashing interest rates by 75 basis points to 0.25%, a move that weighed the Dollar; the Euro Dollar rallied to 1.4720, the highest level since late September, while against the Yen, the Dollar dropped to the lowest levels in the last ten years.

The Bank of Japan was next and they agreed on Friday a 20 basis points rate cut to 0,10%, but the rate cut did not have the expected reaction on the Yen, which continues trading at historically high levels against the Dollar, around 89.0.

Next week will be somewhat shorter, because of the Christmas Days but there are some events to take in account, let´s have a look t them.

Sunday December 21

  • 21:45    New Zealand    Current Account - 3Q (Previous: -3.91B)

Monday December 22

  • 05:00    Japan    Bank of Japan Monthly Economic Survey
  • 21:45    New Zealand    Gross Domestic Product - 3Q (Ptrevious: -0.2%)

Tuesday December 23

  • 01:00    New Zealand    Westpac Consumer Confidence - 4Q (Previous: 104.8)
  • 09:00    European Monetary Union    Current Account n.s.a - October (Previous: -6B; s.a: -10.6B)
  • 09:30    United Kingdom    Current Account - 3Q (Previous: -11B)
  • 09:30    United Kingdom    Gross Domestic Product - 3Q (Previous: 0%)
  • 13:30    United States    Gross Domestic Product Annualized - 3Q (Previous: 2.8%)
  • 13:30    United States    Personal Consumption - 3Q (Previous: 2.1%)
  • 15:00    United States    Existing Home Sales - November (Previous: 4.98M)
  • 15:00    United States    New Home Sales - November (Previous: 433K)
  • 15:00    United States    Reuters/Michigan Consumer Sentiment Index - December (Previous: 55.3)
  • 15:00    United States    Richmond Fed Manufacturing Index - December (Previous: -38)
  • 23:50    Japan    Adjusted Merchandise Trade Balance - November (Previous: 175.6B)

Wednesday December 24

  • 13:30    United States    Core Personal Consumption Expenditure - Prices Index _ november (Previous: 0% m/m; 2.1% y/y)
  • 13:30    United States    Durable Goods Orders - November (Previous: -6.2%; ex-transportation -4.4%)
  • 13:30    United States    Personal Income - November (Previous: 0.3%)
  • 13:30    United States    Personal Spending - November (Previous: -1%)
  • 23:50    Japan    BoJ Minutes

Thursday December 25

  • 23:30    Japan    Jobless Rate - November (Previous: 3.7%)
  • 23:30    Japan    National Consumer Price Index - November (Previous: 1.7% y/y; ex-food & energy 0.2%)
  • 23:30    Japan    Tokyo Consumer Price Index - December (Previous: 1.1% y/y; ex-food & energy 0.2%)
  • 23:50    Japan    Retail Trade s.a - November (Previous: -0.6% y/y; ex-food & energy -0.6%)

Published on  Fri, Dec 19 2008, 16:44 GMT


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