Currency War Series

SNB on hold as expected

Dec 10, 2015 19:32 pm UTC| Commentary Central Banks

The Swiss National Bank (SNB) left policy rates unchanged, no surprise. It expects a weaker CHF over time, something that is also needed to support growth and to bring inflation closer to target. More easing from the ECB...

US CPI profile revised down on energy price assumptions

Dec 10, 2015 18:58 pm UTC| Commentary

US CPI forecast has revised from the last update on November 17. Since then, gasoline futures prices for delivery through September 2016 have moved higher, while longer-term futures prices have declined modestly. Futures...

BoE data depended rather than Fed-dependent

Dec 10, 2015 18:39 pm UTC| Commentary Central Banks

As expected the MPC members again voted 8-1 for keeping the rates unchanged and unanimously to maintain the stock of purchased assets at the 9 December MPC meeting. This was the fifth time in row that the MPC member Ian...

CBR to keep rate on hold following disappointing inflation

Dec 10, 2015 18:34 pm UTC| Commentary Central Banks

Russian macroeconomic conditions have soured again just as the Bank of Russia (CBR) approaches a rate decision on Friday 11 December. It is a familiar sequence of events. Global oil prices have declined to new lows,...

Emerging Market Crisis Series

South African markets likely to remain on the back foot

Dec 10, 2015 16:33 pm UTC| Commentary Economy

The sell-off in South African markets on Thursday was probably a sign of things to come. The yields on 10-year government bonds rose more than 100bp, to leave them above 10% for the first time since 2008. That added to a...

US import prices declined less than expected in November

Dec 10, 2015 16:10 pm UTC| Commentary

Total US import prices declined 0.4% m/m in November, much less than both forecast and consensus expectations (-0.8%). Nonpetroleum import prices fell 0.3% m/m (Figure 1). The y/y rate of decline for total import prices...

US Q3 GDP tracking 1.8% after Quarterly Services Survey

Dec 10, 2015 16:04 pm UTC| Commentary

The Census Bureaus Quarterly Services Survey (QSS), released this morning for Q3 15, showed slightly less spending on services and software than the BEA had assumed in its second estimate of Q3 GDP. The BEA uses data on...