Economy
The USA Dollar fell on Monday as investors became less risk averse, cutting positions for the greenback as well as the Japanese Yen. The Euro rose from lows near US$1.3869 to near US$1.3935, ending US trade near the highs. The Aussie Dollar rose from lows near US87.86c to US89.10c, ending US trade near the highs. And the Japanese Yen eased from 90.10 Yen per US Dollar to JPY90.85, ending US trade near JPY90.65.
Economic data was mostly positive. The US ISM manufacturing lifted to a 5-1/2 year high of 58.4 in January, well above forecasts centred on a result near 55.5. China’s PMI manufacturing eased in January to 55.8, a level that is still firmly in growth territory.
Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co.’s investment bank slashed their compensation in the 4th quarter, responding to political pressure that will probably persist as details of bonuses for their top executives emerge in coming weeks.
The three Wall Street firms set aside $39.9 billion for pay in 2009, below the 2007 record of $44.7 billion. The total fell short of the $46.1 billion five analysts expected this month and is almost $10 billion less than what some analysts estimated in October 2009.
The Bank of Japan starts its 2-day policy meeting today, the first of 2010, with the central bank coming under increasing pressure to attack deflation. Governor Shirakawa is on record pledging easy monetary conditions and there is a chance that the bank’s other options will come in to play...
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Currency Converter
Central Banks Interest Rates
| US | 0.25% |
| UK | 0.5% |
| EMU / EURO | 1% |
| Japan | 0.1% |
| Switzerland | 0.25% |
| Canada | 0.25% |
| Australia | 3% |
| New Zealand | 2.5% |
| Sweden | 0.25% |
