Norway: Less frontloaded than expected
As widely expected, Norges Bank slashed its policy rate at the monetary policy meeting today by 50bp to 4.75%. But we note that Norges Bank considered cutting rates by just 25bp. Norges Bank said that they expect the policy rate to be in the interval 4–5% in the period up to the publication of the next monetary policy report on March 2009 - unless the economy is exposed to more shocks. In other words they have taken the severity of the credit crisis into account. It indicates just one more rate
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China: Another 27bp interest rate cut
The Peoples Bank of China (PBoC) today cut the benchmark 1-year lending rate by 27bp to 6.66% and the benchmark 1-year deposit rate by 27bp to 3.60%. However, somewhat surprisingly, the reserve requirement ration was left unchanged. There is some speculation in the market that this is the first step in a series of coordinated international rate cuts coming this and next week. With the third interest rate cut in just six weeks PBoC is now easing aggressively. We expect another four 27bp
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Gaining an Edge with Sentiment Indicators - ITC 2008 presentation
Summary I. Trends – A Produce of Psychology II. Sentiment Indicators III. Elliott Wave Introduction and Setups IV. Speculation as a Fine Art V. Forecasts Jamie Saettele 's presentation at the International Traders Conference (ITC), held in Barcelona in October '08
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