| Live Blog: | ECB coverage | (01/10/2008) Powered by: CoveritLive |
| 12:21 | Read FXstreet.com's previous information about the ECB decision |
| 12:22 | FXstreet.com (Barcelona) ' The European Central Bank faces a quite different scenario, with inflation running at 3.1%, well above the 2.0% upper boundary of the price stability margin, the ECB's president has recognised voices for a rate hike amid the Monetary Policy Committee in the latest meeting, as anchoring inflation is considered one of the most important tasks of the Bank. |
| 12:23 | A rate hike, does not seem very likely, taking in account the European currency's strong position against the Dollar, a further strengthening for the Euro could have negative consequences for European industry, this, and the persistent turnmoil, in credit markets seem reasons strong enough to keep the Bank away from higher interest rates. |
| 12:23 | We've prepared an special coverage for this event: Preview of Jan 10 meeting |
| 12:27 | you can also read the analyst comments on the event: |
| 12:28 | Holger Schmieding, economist at Bank of America: AFP - "After the ECB raised interest rates to a roughly neutral 4.0 percent in June, the strong euro and the lingering turmoil in money and credit markets will likely keep the central bank on hold until September 2008." |
| 12:29 | Julian Callow, economist at Barclays Capital: Dow Jones - "While the ECB will doubtless continue to emphasize both its independence and the independence of the euro area economy from the U.S., the fact remains that the euro area economy continues to be very sensitive to the global GDP cycle." |
| 12:29 | Niels-Henrik Bjorn, economist at Danske Bank: Dow Jones - "For inflation to fall below 2% in 2009, the ECB staff assumes no or very limited second-round effects along with wage moderation and a fall in the profit margin. These assumptions are questionable. Thus, (President Jean-Claude) Trichet is likely to remain hawkish and most likely at the second highest state of emergency before tightening policy -- that is, the ECB will monitor prices 'very' closely and 'stand ready to counter upside risks to price stability'." |
| 12:32 | Check Danske Bank's take on the release: ECB: Preview of meeting on 10 January by Danske Bank A/S |
| 12:33 | BHF-Banks agrees: ECB set to keep refi rate unchanged by BHF-Bank |
| 12:35 | [Poll] | What will be ECB interest rate decision? 4.00% 3.75% 4.25% less than 3.75% more than 4.25% |
| 12:37 | EUR / USD is looking like this right now: |
| 12:37 | [Image popup] | 13.37.png View |
| 12:40 | You can get the whole picture in our Currencies at a glance |
| 12:42 | 3 minutes left for the release! |
| 12:45 | ON HOLD! |
| 12:45 | ECB Leaves Refi Rate Unchanged At 4.00% |
| 12:46 | It seems the EUR/USD is steady as ECB holds rates as expected |
| 12:49 | The article at FXstreet.com: The ECB mantains interest rates at 4% FXstreet.com (Barcelona) ' The European Central bank voted today to maintain the official bank rate at 4% at their monthly monetary policy meeting. The focus is now at Trichet's news conference due at 13:30 GMT for further explanations about the outlook on the Bank' policy in a moment of high inflation, running above 3% year-on-year and well above the banks' band for price stability's upper limit, higher oil and food prices and the uncertainty derived from the U.S. credit crisis. |
| 12:50 | ECB is likely to keep rates on hold at the next meeting as well |
| 12:51 | Read the monetary policy decision data at ECB website |
| 12:53 | Here's Dow Jones story: ECB Leaves All Key Interest Rates Unchanged FRANKFURT (Dow Jones)--The European Central Bank kept interest rates on hold Thursday at 4.00%, as expected. The ECB didn't provide any rationale for the decision, but ECB President Jean-Claude Trichet will comment at a press conference set for 1330 GMT. All 50 institutions canvassed by Dow Jones Newswires unanimously had expected the ECB to keep rates unchanged Thursday. The poll also indicated that watchers are undecided on how the ECB will proceed from here, and they will be keenly watching for more guidance from Trichet's remarks. While some analysts predict up to two rate cuts this year, others foresee hikes. Most analysts in the poll see the ECB abiding by a steady rate of 4% over the next two quarters. |
| 12:54 | EUR / USD is looking like this right now: |
| 12:54 | [Image popup] | 13.54.png View |
| 12:56 | Here's the press release: 10 January 2008 - Monetary policy decisions At today's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.00%, 5.00% and 3.00% respectively.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. (CET) today. |
| 12:56 | Our advisor Tony Juste says: "EUR/USD not reacting much to the news, as decision was widely expected. Let's see what Trichet has to say. The unit is threatening on a break of the intraday support line for quite a few candles now." |
| 12:57 | Don't forget to bookmark our advisor's weblog, a thousand readers can't be wrong. |
| 12:58 | Follow the EUR/USD Live in the Streaming Forex Rates section |
| 1:00 | [Comment From Guest] How will this afftect Eur/Gbp cross ? |
| 1:00 | The EUR/GBP is overbought at the moment, and with the rate differential still way in GBP's favour, we think the cross should correct" a bit from the 0.75 levels. |
| 1:02 | Our advisor Tony Juste says: "GBP/USD collapses to 1.9560 after breaking 1.9590, also as expected (weak follow-through to BoE release, technical levels)." |
| 1:03 | Niels-Henrik Bjorn, an economist at Danske Bank: MarketWatch - "President Jean-Claude Trichet is likely to remain hawkish and most likely at the second-highest state of emergency before tightening policy -- that is, the ECB will monitor prices 'very' closely and 'stand ready to counter upside risks to price stability'." |
| 1:04 | Thomson's story is in: FRANKFURT (Thomson Financial) - The European Central Bank said it decided to leave its leading interest rates unchanged at today's governing council meeting. The minimum bid rate on main refinancing operations remains at 4.00 pct. The deposit rate remains at 3.00 pct and the rate on the marginal lending facility at 5.00 pct. The decision was in line with market expectations. |
| 1:05 | Keep on asking questions after the live Coverage to FXWizard in the Forum |
| 1:06 | Our advisor Tony Juste says: "EUR/USD - breaking intraday support line as expected as technicals weigh and EUR/CHF threatens 1.63. The pair has broken again the key 1.4660 support level after ECB decision." |
| 1:07 | This was our first live coverage of an economic event at FXstreet.com. We hope you've liked it. |
| 1:08 | [Poll] | Did you find this special coverage useful? Yes No Don't know |
| 1:09 | Thank your very much for your attention. Use the text box below this coverage to send us feedback. |
| 1:11 | This Live Blog has now ended. |
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