That’s central bank parlance for “rates will remain unchanged at these high levels for some time to come so we can get inflation back to the 1-3% range it is required to be”.

So… Kiwi (NZD) will remain a high yielder. And as long as risk appetite is strong, the high yielders like kiwi, Iceland (ISK), and South Africa (ZAR) all get to bask in the warm glow of risk takers… But… As I’ve explained above, I don’t think this is anything to hang your strong currency hat on.

Norway’s Norges Bank did indeed hike rates 25 BPS, as I expected them to do, yesterday. But, this move didn’t help the krone (NOK) hold off the dollar’s move. But, when the dollar’s move gets turned around (that’s my opinion, and I certainly could be wrong), the higher interest rates, and wider interest rate differential in favor of the krone, will help propel it higher.

Today’s level in Norwegian krone certainly represents a much cheaper buying price than just two days ago… Wink and a nod.

Currencies today 4/24/08: A$ .9460, kiwi .7930, C$ .9850, euro 1.5755, sterling 1.9760, Swiss .9755, ISK 74.20, rand 7.7820, krone 5.0425, SEK 5.9025, forint 160.20, zloty 2.17, koruna 15.98, yen 103.50, baht 31.60, sing 1.3575, HKD 7.7925, INR 40.18, China 6.9875, pesos 10.48, BRL 1.6580, dollar index 72.25, Oil $116.04, Silver $17.01, and Gold… $898.48

That’s it for today… Almost didn’t make to work today, as I had a bad episode with my “bionic” leg and ankle yesterday. They swelled so much they looked like the Michelin Man’s leg… But I kept it up all night and stayed off it, and this morning it’s much better. No need to be alarmed, the doctors told me that swelling would be a problem for some time. Today is our Linda Lou’s birthday… Linda helped me while our little Christine was out last year on maternity leave. I don’t always know these birthdays, I just happened to hear “talk” yesterday! Time to go… Hope your Thursday is tremendous!

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