(On business trip over next few days. Commentary to resume Monday. Thanks for your patience.) Overview: Sweden’s Riksbank became the second G10
central bank to cut rates this year. The Swiss National Bank cut its deposit
rate in March. A couple other large central banks, including the European
Central Bank, and possibly the Bank of Canada, may cut rates next month. The
Swedish krona is the weakest of the G10 currencies today, off by about 0.45%,
but the Australian dollar and yen are down nearly as much. The market has taken
the dollar up by about 0.5% against the in each of the past two sessions and is
up by about the same amount today. Most emerging market currencies are softer
too, with the Indonesian rupiah and Turkish lira hovering around
unchanged. Japanese, Chinese, Hong Kong,
and
2024-05-08