Daniel Hewitt News
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Israel’s central bank needs to follow yesterday’s surprise interest rate cut and dollar purchase plan with more measures to succeed in stemming the shekel’s gains, the currency’s most accurate forecasters say.
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The forint weakened for a fifth day, set for the longest losing streak since January, as investors speculated Hungary’s central bank will cut rates for a ninth consecutive month today.
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The forint dropped the most in a month as central bank President Gyorgy Matolcsy signaled further measures to loosen policy and Goldman Sachs Group Inc. recommended selling the currency. Yields plunged at a bond sale.
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Israeli inflation remained below the mid-point of the central bank’s target range for a sixth month in March as growth moderates and global inflationary pressures remain subdued.
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Hungary’s bond yields fell the most in more than two weeks and borrowing costs plunged at a Treasury-bill auction on speculation the central bank will cut interest rates next week to counter the deepening recession.
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The Bank of Israel kept its benchmark interest rate unchanged for a third month, as policy makers focus more on climbing domestic home prices than on the pace of recovery in the global economy.
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Poland’s government may do more to reduce the budget deficit and debt than finanacial markets anticipate, Barclays Capital said, recommending investors sell its credit-default swaps.
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Israel’s posted a current-account surplus for a second consecutive quarter, as the balance of trade widened, the Central Bureau of Statistics said today.
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Romanian Prime Minister Victor Ponta’s newly won super majority in Parliament risks sharpening his feud with the president, hurting the Balkan country’s image further, said analysts from London to Bucharest.
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Hungary’s central bank will probably refrain from cutting the European Union’s highest benchmark interest rate because of accelerating inflation and possible delays in obtaining a bailout.
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