BOE, ECB and Trichet Speech coverage
Read the full BOE, ECB and Trichet Speech coverage we held on May 8th, 2008.
| BOE, ECB and Trichet Speech coverage |
11:45 |
Good morning, good evening and good night everyone. Welcome to today's live coverage of Interest Rates European central banks decision. |
11:45 |
During the next two hours we will be giving you LIVE the latest updated news, comments and market reactions to today's events. Our expert advisor Tatsuya Kawanishi will be offering all of you the latest price action of the main currencies. |
| 11:46 | [Poll] | Will BoE rise Interest Rates? No, they will keep them on hold Yes, it will raise 25 bp Yes, it will raise 50 bp No, it will hike 25 bp |
11:47 |
In words of our expert advisor, the markets expect that the BoE will hold the ongoing interest rate ( current 5.00 % ). Recently we have, however,  seen worse-than-expected economic data in the UK such as Industrial Production (0.2%), Manufacturing Production (0.6%) and  BRC Shop Price Index (1.2%). Today we might see a surprise cut by 25 or 50 bps.   |
11:48 |
Looking at the Eurozone, yesterday retail sales and German factory orders fell down by -1.6% and -5.0% respectively. These resuts made us become cognizant of the risks of a slowdown in the Eurozone. It is worth noting that current high inflationary pressure is a big headache. The ECB is expected to keep the current rate ( 4.00% ) unchanged. We have to see how the ECB considers the current situation. |
11:48 |
[Comment From Moses] Kindly could you give me the link to get almost real time update on the news |
11:49 |
Hi Moses, here you have the link of our Breaking Forex News section: http://www.fxstreet.com/news/ and also: http://www.fxstreet.com/news/forex-news/ |
11:49 |
[Comment From Isaac] Hey guys, it's cool to this from the calendar. |
11:49 |
Hi Isaac, Thanks for your comment!! |
11:49 |
[Comment From John F.] If they want to keep a lid on inflation I don't see what difference today will make. Introducing emergency legislation to cap energy companies price rised would be far more effective. |
11:49 |
[Comment From ahnasr] if they cut rate or hold , shall we sell or buy cable? |
11:50 |
Technically speaking, the GBP/USD daily chart clearly shows a bearish movement. |
11:50 |
[Comment From subhan] they will cut the 25b rates |
11:51 |
[Comment From richmanx] when is the decision coming out? |
11:51 |
The decision will be at 11:00 AM GMT |
11:51 |
[Comment From Moses] Just wondering how the market will respond if BOE keeps the rates on hold! |
11:52 |
Our expert analyst, Tatsuya, thinks that even if we see a surpise cut, movement of cable could be limited. technnically speaking key support level is 1.9500. |
11:53 |
[Comment From ahnasr] i mean i wana do sthng now , if u were me u will buy cable with stop loss on low or sell with stop on high, just wana take me chances |
11:53 |
[Comment From Houman] daily trend is bearish. but what is your idean strong rise this morning? |
11:54 |
Resistnace is seen at 1.9650 |
11:54 |
Let's review some comments of analysts from themain media: |
11:54 |
Vicky Redwood, UK economist at Capital Economics AFP - "We think that inflation concerns will trump at May's meeting, meaning that rates stay at five percent. However, we should only have to wait until June for another cut." Steve Pearson, currency strategist at HBOS Thomson Financial News - "Whilst weak activity data warrants a reduction in the Bank Rate, this is hampered by inflation concerns. This is likely to leave the MPC split on its decision today but a narrow majority could still push a rate cut through." Howard Archer, chief economist at Global Insight Scotsman - "While we suspect that a majority of MPC members will still be reluctant to enact back-to back interest rate cuts at this stage, the odds are stacked in favour of interest rates being down to 4.75 per cent by June." Lee Hardman, strategist at the Bank of Tokyo-Mitsubishi UFJ Reuters - "We think that there could be a rebound in sterling if the BoE keeps rates on hold as there is a one-in-four chance of a cut priced in, but we are still negative on the longer term outlook on the pound." |
11:54 |
[Comment From John F.] I think the Market Expects a hold. So maybe in releif the GBP/USD wil jump up a cent or so. If there is a cut I see GBP/USD falling below 1.94 |
11:55 |
We encourage you to send your comments, opinions, questions... I will be publishing them along the live coverage. Thanks! |
11:57 |
Our main news sources have been predicting what Central Banks will do Central Banks will, most likely, leave interest rates unchanged (FXstreet.com) Euro, pound steady ahead of key interest rate decisions (Thomson Financial News) Forex - Pound lower as speculation of a UK rate cut steps up (Thomson Financial News) |
11:58 |
All the information FXstreet.com has received and published from its main sources have been gathered under this special report our editors prepared: ECB and BoE: Preview of May 8 meetings |
11:58 |
[Comment From Dan] Should the rates stay the same, would the momentum bring the cable back up? |
11:58 |
[Comment From ahnasr] u know last cut it moves up all the day, then fall down al lndon close |
11:59 |
The oficial data will be published in a few seconds!!! Here you have the website: http://www.bankofengland.co.uk/ |
12:00 |
RATES HAVE BEEN UNCHANGED!!! |
12:00 |
The Bank of England decides to hold the ongoing interest rate at 5.00% as expected |
12:02 |
You can check all Central Banks data in our Interest Rates table |
12:03 |
Currencies reation by our expert advisor, Tatsuya Kawanishi: The cable is fluctuating just below the 1.9600 level. |
12:03 |
The EUR/GBP is showing low volatility around the 78.30 region |
12:04 |
The GBP/JPY is showing bullish momentum above the 204,00 level. Macd is positive and rising gradually |
12:05 |
First pieces of news coming from our editors team |
12:07 |
More comments about currencies: The GBP/JPY falls 20 pips down, currently at 203.86. |
12:08 |
[Comment From John F.] I think its good that this is out of the way for £/USD. Its been trading in quite a tight range prior to this announcement. hopefully we can get back to its normal volatility thru the rest of the week. |
12:09 |
Thanks John F. for your comment. Please, keep on sending your thoughts, we will publish them! |
12:10 |
The GBP/JPY falls 20 pips down, currently at 203.86. |
12:10 |
The markets still show low volatility. Looking at the USD/JPY , the pair has been moving up after hitting a weekly low at 103.65. currently at 104.30 |
12:11 |
[Comment From MS] When do u expect to hear some news coming out of ECB? |
12:11 |
ECB Interest rates decision will be published at 11:45 GMT |
12:12 |
About ECB, here you have what some important analyst have commented in the media today: |
12:12 |
Nick Kounis, senior economist at Fortis Reuters - "The ECB's job just gets tougher. We think that the most likely result will be continued tough talk from the central bank on inflationary risks combined with no change in interest rates. Indeed, we continue to see interest rates steady at 4 percent in 2008." Holger Schmieding, economist at Bank of America AFP - "For now, the ECB is firmly on hold." Aurelio Maccario, economist at Unicredit MIB AFP - "The conditions for entering an accomodating cycle will emerge, and that at the end of the year the central bank will start cutting rates." |
12:14 |
Some of our main contributors, like Danske Bank or Saxo Bank have also published some previews on the ECB decision: |
12:14 |
ECB: Preview of today's meeting by Danske Bank A/S |
12:15 |
Forex Trading Strategies - ECB meeting likely to trigger plenty of volatility by Saxo Bank |
12:15 |
[Comment From Raghu] is it profit to buy EUR/USD now or not ? |
12:16 |
In words of our technical Analyst, Tatsuya Kawanishi: The EUR/USD 60 minutes chart shows slightly bullsih momentum. Macd is negative but rising gradually. Â Immediate support is seen at 1.5282, while resistnace is seen at 1.5350. Â By looking at the daily chart., the pair clearly shows a downward movement. Â Â next support is seen at 1.5270. |
12:16 |
[Comment From Zee] Both of the link is "Page unavailable" |
12:16 |
[Comment From James] what happen to the chat room of fxstreet? |
12:17 |
Please, bear with us while we solve some technical issues that we are experiencing in the internet connection |
12:17 |
our IT team is working to solve the problem |
12:18 |
Our main contributors are sending us some pieces of news BoE keeps key Bank Rate on hold at 5.00 percent by Thomson Financial News |
12:18 |
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=3ab09032-4863-4517-b2cd-688602adab2d |
12:19 |
Back to EUR/USD: If the pair shows further downward pressure, 1.5100 region would be considered as a good target. |
12:19 |
The technical issue must be solved now and all the links may be working propperly |
12:20 |
[Comment From Guest] I find GBP/USD movements very very difficult to predict so I usually go for option straddles. Most times lately I have won. The only drawback with this strategy is that when we have a very volatile day such as yesterday and today a key announcement the option prices are very high. I took out an out of the money straddle just before the announcement whichare both currently worthless now due to current little movemebt . I'm surprised as I did expect GBP/USD to recover strongly to 1.97 or so if a hold on rates. Who knows maybe later ? Surprsingly option values failry low at the moment - may take out another closer to the money straddle as GBP/USD may "wake up" later in USA session. Current option values Call 19650 is 6.6, 19450 put is 7. |
12:23 |
[Comment From Houman] what is your idea about GBP/USD? I think its short-term ternd mixed |
12:23 |
technically speaking, the cable 60 minutes chart shows a strong support level at 1.9500. If the cable breaks it, next support is 1.9320 level. |
| 12:23 | [Poll] | Will ECB hike its Interest Rate? No, they will keep them on hold Yes, it will hike 25 bp Yes, it will hike 50 bp No, it will rise 25 bp |
12:24 |
[Comment From SH] Thanks for the great live coverage. |
12:24 |
Thanks to you for your comment!! |
12:25 |
Back to the GBP/USD: by looking at the daily chart. CCI ( Commodity Channel Index) just got out of the oversold condition area that cold indicate an upward movement. If we see futher bullish momentum. 1.9900 region would be considered a resitance area |
12:25 |
[Comment From Zee] EURGBP still show low volatility, I wonder how it will respond to ECB... |
12:26 |
[Comment From SH] Someone could tell me when the next ecb's interest rates decision will be (after today's) ? |
12:27 |
SH, you can check ECB next meeting and other Central Banks data on our Interest Rates table: http://www.fxstreet.com/fundamental/interest-rates-table/ |
12:28 |
Next meeting will be published shortly, it will be next June, 5th |
12:28 |
[Comment From Moses] Just wondering about GBPJPY, will it trend downwards for the next couple of days from now? |
12:28 |
Looking at the GBP/JPY daily chart. we can see a good uptrend line since Mid march. it seems that the pair keep following the trendline |
12:29 |
[Comment From ahnasr] i think if euro hold the rate it will go bullish if the us has bad news |
12:29 |
Some Analysts comments live from the main media: David Kern, BCC's economic adviser Thomson Financial News - "The MPC has missed a valuable opportunity to underpin business and consumer confidence and to limit the potential damage to the economy. Plunging consumer confidence, falling house prices, and worsening pressures on bank capital are a toxic mix that must be countered by a more pro-active policy stance." |
12:30 |
More pieces of news comming from Thomson Financial about BoE: BoE missed opportunity to underpin economic confidence - BCC |
12:30 |
[Comment From Guest] The good thing about GBP/USD is when it does start to move it really does. I think it really is just as likely to go from here to 1.85 as it is to 2.05 in the next 2 toi 3 months !!. BOE have signalled today they are frightened to cut rates due to inflation but I just cannot see it making 1 blind bit of difference. Inflation at the moment is being driven by high oil and energy prices. My "gut" feel is in the short term we may see GBP/USD back over 2.00 againbut medium/long term I see GBB/USD back in 1.80/1.90 range which is much more realstic I think historically. |
12:31 |
Back to the GBP/JPY: The support is seen at 202.33, while resistances are seen at 204.80 and 205.50 respecttively. |
12:33 |
More analyst comments from the main media: Ian McCafferty, chief economic advisor at CBI Thomson Financial News - "While the housing market and linked activities are very weak, activity elsewhere is slowing, but is well short of recession. Meanwhile, energy and raw material prices continue to climb, meaning inflationary pressures are intensifying as producers are forced to pass these on." |
12:34 |
Sorry, again we are experiencing some technical issues. they must be solved in a few minutes. |
12:35 |
[Comment From Guest] Buy the sterling short term |
12:37 |
More pieces of news from Thomson Financial News: BoE keeps key Bank Rate on hold at 5.00 percent UPDATE |
12:40 |
[Comment From Guest] I agree with Go long on GBP/USD short term. I think yesterdays fall was overdone. It can quite oftern happen after a big jump in ether directioni (150+ pips) we get a day or 2 of consolidation tight range trading. I suspect we may well see that for the rest of today. hoping so as it will make tomorrows options cheaper. |
12:41 |
UK housing sector disappointed at BoE decision to leave interest rates on hold bu Thomson Financial News |
12:41 |
More analyst comments taken from the media: |
12:42 |
Barry Naisbitt, chief economist at Abbey Thomson Financial News - "If the slowing in economic activity is interpreted as supporting lower inflation in the medium term, a further rate cut could be on the cards, possibly as soon as next month." Philip Shaw, chief economist at Investec Thomson Financial News - "This was in line with our own and market expectations but confounded some hopes of an easing arising from recent weak data, in particular the services PMI." George Buckley, chief UK economist at Deutsche Bank Thomson Financial News - "In the absence of a statement, upside concerns about inflation and a desire not to surprise the market with back-to-back rate cuts were probably the main reasons for the MPC voting for no change." |
12:43 |
Less than 5 minutes for the release of the ECB decision... What do you think they are going to do? Vote on the poll!! |
12:45 |
ON HOLD!!!! |
12:45 |
The ECB holds the ongoing rate at 4.00% as expected. |
12:47 |
The EUR/USD keeps showing bullish momentum. Macd is negative but rising ( 15 minutes chart). |
12:47 |
Resistance is seen at 1.5410. |
12:48 |
[Comment From Guest] Next Support is at 1.5381.let's see if it breaks today. |
12:48 |
[Comment From Jack] if i wanna watch the ecb live conference in 45 mins time, do know the link? |
12:49 |
Hi Jack, You should go to the ECB homepage: http://www.ecb.int/home/html/index.en.html and then click on the link: Live webcast: press conference |
12:49 |
[Comment From Guest] I do find it quite amusing and contradictory about the Housing sector !! Just as an example 2 years ago we bought 3 buy to let properties. We put down 20% deposits and got them at 5.18% 5 year fixed deals with quite a low arrangement fee. Our rents cover the mortgage costs. Its a long term investment. Today the latest 2 cuts have not been passed on by the Mortgage lenders. the best similar deal we could get would be about 1% more with a huge arrangment fee. This is a big disincentive to investors. So the Mortrgage lenders themselves are contributing to stifling demand. Long term I think property staying as it is or even falling 10/15% is a good thing as it gives more people chance to get on the housing ladder. New build builders like Redrow and Mcinerny have been far too greedy in the past and will have to give big incentives to fill theirdvelopments - all healthy in the long term. Less people moving has also proved historically to be quite healthy to local econonomies as people spend more on their existing properties. |
12:50 |
[Comment From NITIN GUPTA] IT LL NOT BREAK 1.5395 LEVEL |
12:50 |
[Comment From salmanspeaks] sell Euro at rise.....bearish in short term |
12:50 |
[Comment From Varun] Broken the 1.5381. |
12:50 |
[Comment From USMCdevildog] Where can i find the correlation between the GBP and the EUR? |
12:50 |
[Comment From Guest] where can i find the correlation between the GBP and the EUR? |
12:50 |
The EUR/GBP daily chart shows a kep support at 0.7800. |
12:52 |
[Comment From ahnasr] buy euro, the us cut rates , y u think euro is bearesh? |
12:54 |
[Comment From salmanspeaks] Data coming from US are quite encouraging...though it doesnt mean that dollar will recover substantially, still in short term it stands to recover some of the lost ground........ |
12:55 |
[Comment From Varun] EURO is in Very Over-Brought condition and Weak dollar is hurting EURO Economy |
12:55 |
[Comment From rocco] cnbc had mrs yamada on showing the dollar index 30 yr. support level at 80. even though it has broken that support she didnt expect the dollar to even break 75 on the upside. any comment? |
12:55 |
[Comment From salmanspeaks] Also, Fed is nearing a rate cut pause....Fed is not expected to go beyond 1.75%-1.5% mark |
12:55 |
[Comment From Guest] This is a big disappointment, was hoping this coverage would be full of facts instead of chatter |
12:56 |
Hi guest, we try to mix both, comments from our experts, pieces of news and stories comming from our sources and chat between the audience. |
12:56 |
[Comment From Guest] fed will start increasing rate from dec end |
12:57 |
Recently the EUR/USD shows a difficulty in moving upwards, Looking at fundamentals. Eurozone economic data is not good while US data has shown better results.. Thus, upward movement of the EUR/USD could be limited |
12:57 |
[Comment From salmanspeaks] In Daily chart, Eurois looking quire weak.... |
12:57 |
[Comment From Guest] i see EUR/USD Bullish |
12:58 |
[Comment From salmanspeaks] i also believe that Fed will be raising rates now |
12:58 |
[Comment From Jack] i agree the EZ economy is showing signs of slow down already.. |
12:59 |
[Comment From rocco] us cant raise rates while they are bailing water out of eveyones houses |
12:59 |
[Comment From kuifje] I think EuroZone data is still very good in comparison to the US data. For one there is no credit crunch and there is no problem with housing |
12:59 |
[Comment From Guest] no way not now but they will see what other economy doing and then they will react |
12:59 |
[Comment From salmanspeaks] $ 124 Crude is simply too much to handle....It is Fed's turn to get into inflation targetting mode!!!! |
12:59 |
[Comment From ahnasr] i think after cutting rates, trade as u feel, market may go any direction,maybe chatters much better than analysis, but tommorow analysis and facts lead the market more |
1:00 |
You can read ECB Oficial Data in the Central Bank's website |
1:01 |
More pieces of news are being published by Thomson News. Read an update about GBP |
1:02 |
Tatsuya Kawanishi is now watching the currencies' prices to offer us his view: |
1:02 |
the EUR/JPY is stay ing around  the 160.00 level.  Macd is positive but declining gradually. Support is seen at 159.50 |
1:02 |
[Comment From salmanspeaks] Earlier ,ECB was expected to continue with its hawkish stance.....but in some recent days, slighlty weaker data of Eurozone has softened its stand.... |
1:03 |
Analyst comments are being selected and published by our Editor in Chief, Sandra Garcia: Robert Howard, analyst at Thomson IFR Markets: "Cable elicited a ... knee-jerk boost from the unchanged BoE MPC base rate decision, as some short-term short pound positions were exited." Thomson Financial News |
1:05 |
Howard Archer, chief UK economist at Global Insight "The MPC is very aware of the downside risks to growth and a recent stream of weaker data and survey evidence relating to consumer confidence, retail sales, the housing market, the services sector and manufacturing activity suggest that the UK economic downturn is deepening and widening. It seems odds-on that the Bank of England will trim interest rates from 5.00 percent to 4.75 percent in June, thereby maintaining the trend of cutting by 25 basis points every two months." |
1:06 |
[Comment From salmanspeaks] Euro again on a downhill journey!!! |
1:06 |
Currencies movements update by Tatsuya: |
1:07 |
The AUD/USD ( 15 minutes chart ) shows a gradual upward movement. Immediate resistance is seen 0.9435 while support is seen at 0.9346. CCI jut got into the oversold condition area. Currently the pair is staying just above the 0.9400 level. |
1:08 |
[Comment From msl] euro has come off some 400 pips again yen in just two days ?!!! yet rates favour euro / dollar going up across the board yet economy is still really weak and thouhg dollar going up, oil price continues rising !! |
1:11 |
[Comment From Steiniteer] So how soon do we expect to see a cut? September? |
1:11 |
Both unchanged interest rates has not generated much volatility for the markets so far. Let's wait Trichet's speech. His speech is scheduled at 12:30GMT. |
1:12 |
[Comment From Npur Eldeen Al-Hammouri] Comment : BOE keep rates unhold and this is logic , because they cant cut the rate and the GBPUSD in a bad situation at this time and in a critical levels they will leave the rate unhold till next month and till then i think they must cut by 50 point not just 25 |
1:12 |
[Comment From kuifje] comment to msl. I often noticed that using logic in the marketplace is the wrong guide. Market makers decide and you can only try to follow in their footsteps. |
1:15 |
[Comment From Varun] Actually Seeing we need to wait for some more time to see which way the Dollar Index moves as Still the Economy seems to be in Consolidation. |
1:16 |
If we see further negative economic data from the Eurozone, the ECB might take an action earlier than we expect |
1:16 |
[Comment From msl] anyway thanks for coverage.this is great i wish you could cover all the main data in |
1:18 |
Hi Msl, thanks for your comment. We try to cover the Main data (banks decision, non-farm payrolls) using this tool. if you stay tunned to the Featured section on the homepage you will see next Live coverages announcements published there. |
1:18 |
[Comment From Npur Eldeen Al-Hammouri] ECB also hold its interest rate and they are very worried about the inflation risks i do think that the EURO will go to its support point 1.5220 then i think we will se a pull back toward new high record |
1:19 |
Our News sources keep on sending us Stories related to the BOE: BoE decision heaps further financial pressure on consumers, businesses - BRC by Thomson Financial News |
1:20 |
Another story abour Euro: Euro in focus before Trichet testimony by Thomson Financial News |
1:21 |
An interesting extract of the last story: Ashraf Laidi, chief FX analyst at CMC Markets, said: "We certainly do not expect Trichet to temper the bank's persistent hawkish stance as oil prices surge to new highs. "Instead, he may shed a little more attention on the emerging signs of weakness, such as euro zone retail sales," he said. Laidi predicted the euro would weaken even without a softer tone from Trichet, because markets are revising their expectations for euro zone interest rates going forward. |
1:21 |
Take a look at the NZD/USD daily chart. the pair just breaks 200 SMA. currently at 0.7700. |
1:22 |
[Comment From kuifje] response to Npur. That would make it a quadruple top at 1.60. Quite unique and frightening... |
1:22 |
[Comment From Steiniteer] Great move fxstreet. Have been trying to find a way to listen to speeches live- this is the first way I've found. |
1:23 |
Hi Steiniteer, Many thanks for your good feed-back!!!! We will try to cover more events. |
1:23 |
[Comment From rocco] if it goes to 1.60 again eur usd u would have to think it would break pretty easily |
1:23 |
[Comment From Guest] how low would it go NZD/USD??? |
1:24 |
For all those interested in NZD/USD, pleae visit our CAG profile for that currency: http://www.fxstreet.com/rates-charts/currencies-glance/pair.aspx?id=NZD/USD |
1:24 |
[Comment From salmanspeaks] FXStreet has done really a grerat job!!!!....thumbs up to FXstreet from India |
1:24 |
Thanks for your comment! |
1:27 |
Everything is ready now for Tricjet's speech... Analysts in the markets are awaiting his speech: |
1:28 |
Adarsh Sinha, currency strategist at Barclays Capital Reuters - "The market will wait to see if the ECB will be less hawkish than it has been. The euro could be boosted if Trichet is not as dovish as people expect given the recent data." |
1:28 |
Other Analysts are still focusing on GBP: |
1:28 |
Geraldine Concagh, economist at AIB Group Treasury Dublin Reuters - "There was a bit of a bounce in sterling as there was some talk of a back-to-back cut going into the meeting after a run of gloomy data over recent days. It's only a matter of time before they do cut again and we would expect the next move to come in June." |
1:28 |
[Comment From MeridianFX] EUR/USD is feeling the downward pressure now, the squeeze is on. |
1:29 |
Back to the NZD/USD, 0.7600 would be next support |
1:29 |
[Comment From salmanspeaks@gmail.com] any comment on possible G7 intervention in near future? |
1:30 |
[Comment From rocco] does fx street have a US dollar index chart somewhere? |
1:31 |
Hi Rocco, here you have: http://www.fxstreet.com/rates-charts/usdollar-index/ |
1:31 |
[Comment From Varun] Well About the G-7 Meeting i would say it won't have much impact |
1:33 |
You can watch now Trichet's speech live from ECB homepage: http://www.ecb.int/home/html/index.en.html |
1:33 |
Just go there and click on the link: Live webcast: press conference |
1:33 |
[Comment From Varun] Because actually seeing there is Growing Concern over Inflation all over the World..So evry Country has to take measures to curb Inflation. |
1:33 |
[Comment From naftula] what do you think about the EUR/JPY 1 hour chart |
1:34 |
In the EUR/JPY 60 minutes chart. the pair touched the upper bollinger band and is about to move away. Immediate resisntace is seen at 160.40, while support is seen at 159.20. CCI is geeting away from the overbought condition area. |
1:35 |
We are also listening Trichet and we are going to quote here some of the main points of his speech: |
1:36 |
Trichet concerns about further downward risk in the global economy. |
1:36 |
Thanks Varun, you are right... Sorry for the mistake  |
1:37 |
Also Short term inflationary pressure is considered. His comments seems more dovish side. the EUR/USD is moving down |
1:39 |
Tatsuya says Trichet is now giving a caution about hig oil prices and commoditiy prices. |
1:39 |
[Comment From Guest] Does anybody see EURUSD going back over 1.5366 before hitting 1.5164? |
1:40 |
[Comment From msl] his speech is really mixed so far |
1:41 |
[Comment From msl] and i feel this is still hawkish more than dovish |
1:42 |
Financial crisis has had an impact M3 in the Eurozone. |
1:43 |
The EUR/USD is pulling back. currently at 1.5339 |
1:45 |
the USD/JPY is moving down , challenging to break the 104.00 level |
1:45 |
[Comment From msl] anyone got the us data on jobless claim and continuing claims please |
1:45 |
About Jobless Claims: US Jobless Claims -18K To 365K In May 3 Week; Survey -5K |
1:46 |
Here you have the last headline from Dow Jones we got: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=47908b7b-b346-4cb7-87b4-7e40342e5e3f |
1:46 |
You can also take a look at the DJ Table Of US Initial, Continuing Claims: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=5541af9d-dc4e-4348-951c-a9a91f523b23 |
1:47 |
Let's back with Tatsuya who is watching the market's reactions to Trichet's Speech: |
1:47 |
The EUR/JPY is showing bearish momentume. the pair has moved down below the 160.00 level. |
1:47 |
[Comment From D] anyone can provide a link to Trichet's statement? |
1:48 |
The EUR/USD shows a nervous movement going up and down in a range of 50 pips |
1:49 |
Trichet's speech link is ready: http://www.ecb.int/press/pressconf/2008/html/is080508.en.html |
1:51 |
[Comment From Zee] EURGBP seems not moving, is it hard to intepret this Trichet's talking about? ^_^ |
1:54 |
[Comment From Jack] Trichet remains hawkish |
1:55 |
So far Trichet's comments are considered as a slightly hawkish side. we need see further interview. |
1:55 |
The EUR/USD is now above the 1.5350 |
1:56 |
Trichet is now answering questions so let's wrap-up today's Live Coverage |
1:57 |
Tatsuya is preparing his final words that I will offer you in a few seconds |
1:59 |
I would like to ask all of you to keep on enjoying FXstreet.com information on Economic events and on Currency pairs throught our Real Time Economic Calendar that has been recently improved. Â You can also watch the currency pairs with our Currenies at a Glance section. |
1:59 |
Last minutes to send your comments! |
1:59 |
[Comment From Varun] Euro has Crossed Resistance of 1.5384 |
1:59 |
[Comment From guest] stay out of trading during speeches wild spikes as you can see. |
2:00 |
[Comment From Anil] Eur/USd going up fast.. |
2:00 |
We are going to conlcude Live Coverage now, let's see last Tatsuya's comments: Both the BoE and ECB keep the ongoing interest rates at 5.00% and 4.00% respectively. Considering Trichet's speech, The ECB remainds slightly hawkish side. Thus, the EUR could be appreciated ( or move upwards) again. |
2:02 |
Thank you very much for your attending today this Live Coverage. Next events to be covered will be announced on the FXstreet.com homepage. To keep updated about news and economic events, visit our sections: http://www.fxstreet.com/fundamental/economic-calendar/ http://www.fxstreet.com/news/ |
2:02 |
See you soon!! |
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