Forex Blog

March 3, 2014

South Korea Appoints New Central Bank Head

South Korea’s President, Park Geun-hye, has nominated former bank deputy Lee Ju-yeol to succeed Kim Choong-soo as governor of the Bank of Korea on 1 April.

Mr Lee, 61, is a veteran official who will have the job of leading Asia’s fourth-largest economy.

South Korea’s parliament will hold a hearing on his nomination in the coming days.

However, parliament does not have the power to veto Mr Lee’s appointment.

Mr Lee first joined the central bank in 1977 and most recently served as Mr Kim’s deputy at the central bank until retiring in 2012.

He is widely seen as an advocate for ensuring that the bank’s rate decisions remain independent from government policies.

via BBC

The post South Korea Appoints New Central Bank Head appeared first on MarketPulse.

Eurozone Manufacturing Dips in February

Manufacturing growth in the eurozone slowed for the first time in five months in February, a closely-watched survey has suggested.

The latest Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) dipped to 53.2 from 54.0 in January. A figure above 50 indicates expansion.

However, for the first time in almost three years output rose in the bloc’s four biggest economies.

The Netherlands performed the best.

“The dip in the manufacturing PMI, its first fall for five months, is a disappointment and a reminder of the hesitant nature of the region’s nascent recovery.” said Chris Williamson, chief economist at Markit.

However, Mr Williamson emphasised that the overall reading was the “second-strongest” that it had seen for almost three years.

The biggest four economies of Germany, France, Spain and Italy all saw output rise.

And three countries – the Netherlands, Republic of Ireland and Spain all reported a faster rate of expansion compared to January.

via BBC

The post Eurozone Manufacturing Dips in February appeared first on MarketPulse.

March 14, 2011

BOJ pumps $183b into Economy

The Bank of Japan poured a record amount of cash into the financial system and doubled the size of their asset-purchase plan to shield the economy from the effects of the nation’s strongest earthquake on record.

The central bank pumped 15 trillion yen ($183 billion) into money markets to assure financial stability amid a plunge in stocks and surge in credit risk. Governor Masaaki Shirakawa and his board also increased the program that buys assets from government bonds to exchange-traded funds to 10 trillion yen.

Policy makers said they were concerned corporate and household sentiment will worsen, with production set to decline in the aftermath of the temblor and an ensuing tsunami. The March 11 catastrophe killed an estimated number of more than 10,000 people, shut down factories, prompted rolling power cuts and sparked the risk of a meltdown at a nuclear power plant.

Bloomberg

June 29, 2010

Japan’s Unemployment on the Rise, Spending Decreases

Analysts were caught off guard today on news that Japan’s unemployment rose to 5.2 percent in May from 5.1 percent the previous month. It was expected that unemployment would actually fall slightly to 5.0 percent in May.

Household spending fell 0.7 percent in May when compared to May 2009. Again, this was a surprise as the forecast called for a 0.4 percent increase year-over-year.

“Today’s reports show Japan’s economy is clearly slowing down” after growing at an annual 5 percent pace in the first quarter, said Kyohei Morita, chief Japan economist at Barclays Capital in Tokyo. “Consumer spending is weakening because the impact from government stimulus measures is fading.”

Source: Bloomberg

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