USA
• The U.S. economy continued to weaken into 2009, a Federal Reserve
beige book report Wednesday showed, as consumers appeared unswayed by
deep holiday discounts. The employment market also softened, with some
regional Fed banks reporting pay freezes or even cuts in their districts,
especially among financial institutions where year-end bonuses are likely to
be down at least 20% to 30%.
• On Wednesday, the dollar declined to nearly a four-week low against the
yen on the release of disappointing U.S. retail data. The blow to risk appetite, coupled with an announcement from
Citigroup that it would sell a majority stake in its brokerage unit to Morgan Stanley, weighed heavily on U.S. stocks.
Figures out today:
1330 US Jan 10 Jobless Claims Weekly Jobless Claims Exp 513K vs Prev 467K
Change Exp +46K vs Prev -24K
1330 US Dec PPI Exp -2% vs Prev -2.2%
PPI Core Exp +0.1% vs Prev 0%
1330 US Jan NY Fed Empire State Survey Manufacturing Index Exp -26 vs Prev -25.76
1500 US Jan Philadelphia Fed Manufacturing Index
Business Activity Exp -36.1 vs Prev -36.1
Europe
Figures out today:
0800 `EU ECB Governing Council meeting
1000 EU Dec CPI Monthly Exp -0.1% vs Prev -0.5%
CPI Yearly Exp +1.6% vs Prev +2.1%
1245 EU ECB interest rate decision announcement Exp 2% vs Prev 2.5
1330 EU ECB Governing Council meeting press conference
• Euro Declines Toward Five-Week Low Before ECB Policy Meeting: Jan. 15 (Bloomberg) -- The euro fell,
approaching a five- week low against the dollar, on speculation the European Central Bank will cut interest rates by
at least half a percentage point at a policy meeting today. ECB policy makers meeting in Frankfurt will lower the
benchmark lending rate by half a percentage point to 2 percent, according to the median of 60 forecasts in a
Bloomberg News survey. That would match the lowest rate since the ECB took charge of monetary policy in 1999.
The bank will reduce the rate to a record low of 1.5 percent in March, another survey shows. Trichet said last month
there’s a limit to how far the ECB can cut rates and has refused to give any signal for January, suggesting he favours a
pause. At the same time, data show the economy of the 16 nations sharing the euro is slipping deeper into recession as
the global financial crisis hurts exports, damps spending and swells budget deficits across the region. The ECB
announces its decision at 12:45 p.m. and Trichet holds a press conference 45 minutes later. The ECB is lagging
counterparts such as the U.S. Federal Reserve, the Bank of England and the Swiss central bank, which have reduced
borrowing costs aggressively as the world’s largest economies slide simultaneously into recession for the first time
since World War II.
Russia
• Russia Devalues Ruble Fourth Time This Week, Bank Official Says: Jan. 15 (Bloomberg) -- Bank Rossii, Russia’s
central bank, devalued the ruble for the fourth time in five days, letting it weaken to a record low against the dollar, an
official said. The ruble’s trading band against the target basket of dollars and euros used to manage currency swings
has been widened, said the central bank official, who declined to be identified on bank policy. The currency was also
devalued Jan. 11, Jan. 12 and yesterday. Official trading for 2009 started Jan. 11.
Australia and New Zealand
• N.Z. Dollar Falls to 7-Year Low per Yen; Australian Bonds Gain: Jan. 15 (Bloomberg) -- New Zealand’s dollar fell to
the lowest since 2001 against the yen and Australia’s dollar dropped to the weakest in a month on concern the global
slowdown will worsen. Australian bonds gained. New Zealand’s currency slipped to the lowest in more than a month
versus the U.S. dollar after a government report showed house prices declined the most in three years last month,
adding to signs the nation’s recession is deepening. Australia’s 10- year yield fell to the lowest since at least 1969
after the statistics bureau said the unemployment rate rose to the highest level in almost two years...
www.tailoredhome.co.uk
Tailored Home Are UK & Overseas Property Finder For Best Selection Of Overseas Property, New Homes In UK, Listings Of UK New Home Developers and UK Property, Emigration Overseas, Relocation Services & More.
Shared Ownership |UK New Homes and Developers |First Time Buyers|
Emigration | Investment |Overseas Property |Downsizing |Equity release
www.mercury-
Mercury Foreign Exchange Ltd is a currency exchange service for corporates and private individuals. We’re based in the City of London and are a direct alternative to the banks for currency. We offer better-than-
Why not order your holiday money online and have it delivered to your office https://www.currency-
