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.
Australia’s dollar, which fell below parity against its U.S. peer last week for the first time since June 2012, remains overvalued after a commodity boom, according to John Taylor, founder of currency-hedge fund FX Concepts LLC.
Dish Network Corp., which made a counter-bid for Sprint Nextel Corp. this week, asked the U.S. Federal Communications Commission to defer action on Softbank Corp.’s offer while the mobile provider decides which to accept.
Ever since the U.S. severed the last remnant of the dollar’s link to gold in 1971, economists have been searching for a new rule for monetary policy. The Great Inflation of the 1970s only reinforced the notion that rules trump discretion. But what sort of rule exactly?