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ECB Trichet Reiterates Growth Concern as Crisis Intensifies
Tuesday, 28 October 2008 07:03:43 GMT
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ECB's Trichet said lower inflation means ECB can cut rates. The central bank president said in a Spanish Radio interview that the ECB does what is needed to deliver prices stability. He added that the central bank said since the beginning of the turbulence what its monetary policy would have as its objective price stability and that as "we see that inflation pressure is diminishing, we can lower interest rates". The comments come after Trichet earlier yesterday indicated that a rate cut at next week's meeting is a possibility. We are now looking for a cut next week of at least 25 bp, as the ECB is struggling to contain the crisis. Meanwhile, Euro-Dollar (EURUSD) bounced back from intraday low of 1.2340 to 1.2550.
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