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Outlook for BoE and Sterling

January 06, 2010
The two day meeting of the BOE's Monetary Policy Committee has begun. There is practically no chance of a change in rates or in its asset purchase program. Nevertheless the meeting provides a timely opportunity to review the outlook for UK monetary policy.
The last MPC meeting was December 9th-10th. With no dissent, it left the bank rate at 50…
Outlook for BoE and Sterling Outlook for BoE and Sterling Reviewed by magonomics on January 06, 2010 Rating: 5
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Euro Movers: Correlations Reviewed

January 06, 2010
There has been much talk in recent weeks that risk-on/risk-off trades, in which many instruments seemed to be highly correlated, may be breaking down. We have taken a fresh look at our correlation matrix. At a proxy we look at the correlations with the euro. We run our correlations on percentage change as we believe it is a more robust approach.
W…
Euro Movers: Correlations Reviewed Euro Movers: Correlations Reviewed Reviewed by magonomics on January 06, 2010 Rating: 5
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Taiwan Officials Getting Serious about FX Speculation

January 05, 2010
Taiwan officials have tried to discourage speculation on its currency, but to little avail. The Taiwanese dollar rose to its best level against the US dollar since Q3 2008 yesterday before pulling back a bit, amid some scattered talk of possible central bank intervention.
Today the central bank announced that foreign investors have a week to use f…
Taiwan Officials Getting Serious about FX Speculation Taiwan Officials Getting Serious about FX Speculation Reviewed by magonomics on January 05, 2010 Rating: 5
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Thinking About Fed Funds

January 04, 2010
The weighted (by volume) average of Fed funds on New Year's eve was 5 bp. The range that day briefly touched the lower end of the 0-25 bp target for the first time since the end of Q3. Throughout Q4 09, the effective Fed funds rate was very stable between 11 and 13 bp--the middle of the target range.
Recall that the Fed funds futures settle at…
Thinking About Fed Funds Thinking About Fed Funds Reviewed by magonomics on January 04, 2010 Rating: 5
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Latest Reserve Composition Data

January 04, 2010
The most authoritative source for data on the currency allocation of central bank reserves comes from the IMF and it is reported at the end of a quarter for the preceeding quarter. At the end of last week the IMF published Q3 reserve data.
Central banks held $7.5 trillion in reserves at the end of Q3 a $334 bln rise over the quarter and a $446 bln …
Latest Reserve Composition Data Latest Reserve Composition Data Reviewed by magonomics on January 04, 2010 Rating: 5
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