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The ECB left their benchmark rate unchanged at 1.00% as they maintained their accommodative stance as economic risks remain balanced. President Trichet stated that recent data has supported their previous assessment that interest rates are appropriate as inflation risks remain anchored.
Fundamental Headlines
• Deficit Complicates Push on Jobs – Wall Street Journal
• Retail Vacancies Hit Multiyear Highs – Wall Street Journal
• Obama under fire over falling dollar – Financial Times
• Commodities, Stocks Rally as Alcoa Earnings Top Estimates, Dollar Declines – Bloomberg
• Emerging-Market Stocks Climb to 13-Month High, Gold Paces Commodity Rally -Bloomberg
EURUSD- The ECB left their benchmark rate unchanged at 1.00% as they maintained their accommodative stance as economic risks remain balanced. President Trichet stated that recent data has supported their previous assessment that interest rates are appropriate as inflation risks remain anchored. The central bank has grown concerned that the recent strength of the Euro could threaten the region’s recovery, but Trichet chose to avoid any questions related to the subject of foreign exchange. Policy makers are expected to remain on hold through the first quarter of 2010 which may limit Euro strength going forward. Meanwhile, the economic union continues to show signs of growth with German Industrial production rising by 1.7%. Additionally, France saw business sentiment rise for a seventh straight month to 92 from 89. To discuss this and other ideas visit the EUR/USD Forum.
GBPUSD- The Bank of England left their discount rate unchanged at 0.50% and refrained from adding to their asset purchase program which currently stands at £175 bln. The central bank will reassess its efforts next month when the quantitative easing program is scheduled to end. Additionally, they will also receive the quarterly inflation report which will allow them to make an informed decision about future monetary policy. Former member David Blachflower, who predicted the recession, is calling for continued asset purchases and a change to the discount rate. To discuss this and other ideas visit the GBP/USD Forum.
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