9th September 2011
The markets were little shocked yesterday as BOE and ECB held rates at 0.50% and 1.50% respectively. Investors predicted that both would hold rates for the foreseeable but as always the press conference with Mr Trichet from the ECB was pivotal to find direction for the future. A defensive Jean Claude hit out when questioned that Germany would have been better under the mark than the euro.
Euro is still under severe pressure and the departure of Mr Trichet might get some well-deserved applause from many market pundits. Interest rates put aside it was Ben Bernanke's statement to congress that the market was waiting for, more stimulus was hinted at but not inferred as a definite. The markets didn’t get the positive comments they wanted and equity markets dipped off their highs of the month. Weather forecasters predict September to be a wet one let's hope the markets aren't so damp.
Posted by Andrew Johnston
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