The Bundesbank showed it is keeping a downward bias on German interest rates by letting its variable repurchase rate, its target for overnight money rates, slip by 1 basis point to 4 . 02 percent yesterday.
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"In addition to the stronger-than-expected GDP numbers released Tuesday, the weakness in the yen and the strength of the Nikkei caused a downward bias in the market, " said Juli Collins-Thompson, an economist at Yamaichi International.
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In currency dealings, the peso was slightly lower against the dollar at midday on regional concerns, with its downward bias checked by weak corporate and interbank demand for the U . S . currency, traders said.
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The Bundesbank has also kept a downward bias on German interest rates by letting its repurchase rate, its target for overnight money rates, fall steadily from 4 . 50 percent to 3 . 97 percent last week.
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"Recent inflation data and perspectives for 2003 are favorable, but given a still-adverse economic environment, the committee decided unanimously to maintain the rate at 18.5 percent and introduce a downward bias, " the committee said in a statement.
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"If there is a ` Yes'vote, we would expect a period of severe turbulence in Canadian-dollar markets, with a strong downward bias in prices of all securities and the currency, " said Carl Weinberg, chief economist at High Frequency Economics.
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"Recent inflation data and perspectives for 2003 are favorable, but given a still-adverse economic environment, the committee decided unanimously to maintain the rate at 18 . 5 percent and introduce a downward bias, " the committee said in a statement.
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"If the downward bias in European and U . S . rates remains intact through the second quarter, the chancellor can continue to lower base rates through the 6 percent level, " said Brian Martin, a senior economist at Barclays Bank.
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THE Kuala Lumpur Stock Exchange's Composite Index will have to move over the 680 level to break the overall downward bias, while Thailand's Bangkok SET Index looks somewhat overstretched, according to UK-based technical analyst Mr David Fuller in his monthly newsletter FullerMoney.
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"We see some more sideways movement with a downward bias in the market, " said Russell Ong, senior analyst of Anscor-Hagedorn Securities Inc . Ong said regional and domestic developments will play a critical part in influencing the market in the next sessions.
