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ECB cut 0.5% as expected

ECB cut 0.5% as expected

In the market, the ECB did cut rates but only by the very minimum required and the President, M. Trichet then compounded the disappointment by implying that March would be the next ‘important' meeting and as such, no further rate adjustments would take place before then. The Euro slipped against all other currencies during the trading day.

Concerns were more directed towards developments in both the US Banking system, following the results from JP Morgan, and the UK where estimates of additional capital required by the major domestic Banks, combined to send Bank shares spiralling down and cause rumour after rumour of possible events over the weekend.

Today we really wait for inflation data from the US followed by industrial production and then the Michegan sentiment survey. Following a proliferation of comment from Fed Members last evening, the Dollar has started on the back-foot but ahead of the long weekend in the States expect little further action until 1.30pm.

No data expected from the UK but we expect an announcement from the FSA some time today lifting the ban on the short selling in financial stocks. That won't help the current slide in shares.

 

The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. Currencies Direct cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

 

The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. Currencies Direct cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

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