Currency War Series

Emerging Market Crisis Series

Currency War Series

Brazil decision to keep rates on hold raises questions of independence

Jan 21, 2016 18:01 pm UTC| Commentary Central Banks

Banco Central do Brasil (BCB) surprisingly left rates unchanged at 14.25% at yesterdays monetary policy meeting. The expectation had been for a rate hike of 50bp. The decision raises questions regarding the central banks...

Currency War Series

Central Bank’s of Hungary and Poland likely to cut rates in March Meeting

Jan 21, 2016 12:02 pm UTC| Commentary Central Banks

Hungarys policymakers have suggested that there is no requirement for further rate cuts, as unconventional easing is unlikely to bring major benefits when it comes to supporting growth. The central bank estimates 1.7%...

Currency War Series

PBoC seen maintaining accommodative monetary policy stance

Jan 21, 2016 10:13 am UTC| Commentary Central Banks

PBoCs recently increased its liquidity as it injected CNY600bn via medium-term lending facility (MLF) on Tuesday, followed by another CNY150bn liquidity injection via short-term liquidity operation (SLO) and CNY400bn via...

Currency War Series

Central Bank of Brazil likely to start easing policy by August 2016

Jan 21, 2016 07:21 am UTC| Commentary Central Banks

The Central Bank of Brazil kept the Selic rate unchanged at 14.25%. The majority of the board voted to leave the rate unchanged, while two members voted for a rate hike by 50bp. According to the board, the decision to keep...

Currency War Series

Russia ready to resume rate cuts after easing pause extended

Jan 20, 2016 23:21 pm UTC| Commentary

Since October 2015, Central bank of Russia has kept the interest rate steady at 11%. More complete data provided further evidence that the recession bottomed out in Q2 2015 and began to show signs of stabilization in Q3....

Currency War Series

A second rate cut from Bank Indonesia likely in March

Jan 20, 2016 17:09 pm UTC| Commentary Central Banks

Bank Indonesia (BI) cut its policy rate by 25bp to 7.25% on 14 January, as widely expected. Earlier markets expected BI to cut in February, given the governors recent concern over financial volatility. But renewed downward...

Currency War Series

A dovish BoK tilt adds downward bias for KRW

Jan 20, 2016 15:26 pm UTC| Commentary Central Banks

The Bank of Korea held the policy rate at 1.5% in January, as expected and revised lower the official growth and inflation forecasts for 2016 to 3% (from 3.2%) and 1.4% (1.7%), respectively. The statement that followed had...