BoE and ECB Interest Rates Decision Live Coverage

Read full BoE and ECB Meetings coverage we held on August 7th 2008, with Rob Booker.

BoE and ECB Interest Rates Decision Live Coverage

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11:31

FXstreet.com -  Hello everyone all over the world. Welcome to the LIVE NEWS AND MARKET COVERAGE of the 2 Major Central Banks. I am pleased to have Rob Booker taking part in this live event today as a co-presenter. He will be giving us a direct picture of the market action while we follow the news and comments sent by our main sources and published by our Editors on FXstreet.com.

11:32

FXstreet.com -  Rob is a foreign currency trader. He is the author of Adventures of a Currency Trader and the Currency Trader's Handbook, and was featured in Millionaire Traders, the best-selling book about every day traders who are beating the market. His radio show for traders at TraderRadio.net is heard by zillions of home-based investors around the world every day. He also gives a monthly webinar "Support and Resistance at FXstreet.com and has recently produced the first issue of FXstreet.com DVD Series: Support and Resistance Trading.

11:32

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11:33

FXstreet.com -  Rob was a key speaker at the first FXstreet.com International Traders Conference in October 2007 - Barcelona. He will be back at the ITC 2008 - October 29-31!

11:33

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Enthusiastic and entertaining coaching by Rob Booker Play

11:33

Rob Booker -  Good morning, everyone.   Happy to be here and excited that we'll be covering the interest rate decisions live..

11:34

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11:34

FXstreet.com -  Sorry for the incovenice. the link i gave is not wokring. Please acceess to this one

11:35

FXstreet.com -  Our editor's team prepared a BoE and ECB news and reports preview selecting the best research from our main sources and contributors Go to the Fundamental Section to view it http://www.fxstreet.com/fundamental/

11:35

Rob Booker -  Mike, asks about the odds for a rate cut.   I am guessing Mike is wondering about the odds for a rate cut from the European Central Bank.

11:35

FXstreet.com -  Alright, i would like to ask your opinion on the BoE rate decision. Let's Vote!

11:35

[Poll]

Is the BoE about tho leave interest rate unchanged at 5%? Yes the MPC will stay on hold. ( 70% ) No, they will rise it by 25bp. ( 13% ) No, they will cut it by 25bp. ( 17% )

11:36

FXstreet.com -  Welcome to Today's live coverage! Mr. Rob Booker.

11:36

[Comment From Millward] Hi Rob

11:37

Rob Booker -  The odds of European CB cutting rates is like 1%.   It would be a massive shock if this were to happen.   The EUR/USD would fall at least 200 pips in one day.   In one hour!

11:38

FXstreet.com -  Rob , how about the EoE? stay hold?     about 70% of the audience vote "unchaged"

11:39

Rob Booker -  It's hard to imagine the Bank of England doing anything but cutting rates or holding steady. I actually think they are far more likely to cut rates than the ECB. Â

11:40

Rob Booker -  Does anyone have any trades currently?   I am short EUR/USD, and have been since 1.5650 or so.   I am holding this position, and another short at 1.5450 (which is barely unprofitable right now).

11:41

[Comment From Nick] I'm long gbp/usd, so hoping that they won't cut rates. You seem to think it's likely they will Rob?

11:41

Rob Booker -  I think the major problem here, for England, and for the US Fed, is that they are trying to make both sides happy: the inflation hawks and the growth worriers. Â

11:42

Rob Booker -  And these two sides are in direct conflict with each other.

11:42

Rob Booker -  There has been criticism that the US Fed has basically done whatever the market wanted them to do, whatever Hank Paulson (US Treasury Sect'y) wanted them to do.

11:43

Rob Booker -  And there is some truth to that.   The Fed probably panicked more than anyone in the last year.   If they were currency traders, you have to think they would have margin called.

11:43

[Comment From Eduardo Andrade] I'm long in EUR/USD but have a hedge order in case of a fall. I expect some bullish mood on EUR after this news

11:44

[Comment From Millward] were you surprised with the fed dovish talk

11:44

Rob Booker -  And it's true that the Bank of England and the ECB probably want to avoid the same criticisms.

11:44

Rob Booker -  Eduardo, be careful!   Make sure you have experience with hedging, and you don't get trapped!   :)

11:45

Rob Booker -  Milward, thanks for your comment.   Not surprised at all.   The Fed's dovish talk was a long time coming.   I mean, the economy is going into the toilet; it's about time they admit it.

11:45

[Comment From MIKE] ANY STATEMENT FROM THE BOE IS EXPECTED?

11:45

Rob Booker -  on that note, it's going to be REALLY interesting today to see if Trichet in particular admits any of this -- if he is more dovish.   If he is, the EUR/USD is going to struggle mightily!

11:46

Rob Booker -  Nick, I don't think it's LIKELY that the BOE cuts rates, just more likely than the ECB.

11:46

[Comment From Millward] Yeah ECB day of reckoning is coming for sure

11:46

[Comment From Mohamed] I am short on EUR GPB at 79.35 and waiting for the BOE minutes.

11:46

Rob Booker -  And Nick, the GBP/USD has suffered plenty in the past 2 weeks! Â

11:47

[Comment From michelle] do you see a correction for the USD coming soon?

11:48

Rob Booker -  Perhaps the downward movement in the GBP and the EUR over the past week+ is due to the fact that traders have expected the BOE and the ECB to be more dovish, to not be so hawkish about inflation, to be more concerned about growth, and to admit that there are some severe economic problems all over the banking world.

11:49

[Comment From NAMBIAR] I expect a big hike will be after realesing BOE, ECB dicision  for EURO and GBP

11:51

Rob Booker -  Nambiar, that's interesting.   I would not be surprised to see the EUR and the GBP jump upward today.   For me, it would be more of a selling opportunity if the EUR got to 1.5600 again. Â

11:51

[Comment From Eduardo Andrade] Rob, do you think that t's time to the EUR/USD bullish trend to resume? Or there's more downside potential?

11:52

Rob Booker -  I was just saying on TraderRadio.net that today is probably not the day to stake a big claim on the next big move for the EUR or the GBP.   By the time the news comes out, so much movement has already happened.

11:53

Rob Booker -  Eduardo, that is a brilliant question.   I think it is very unlikely that the EURUSD upward trend will continue.   Let me be clear:

11:54

[Comment From Millward] Rob you think we might have seen enough movement this week allready if there is no change?

11:54

Rob Booker -  THE EUR/USD could spike upward today, for sure.   It can get to 1.5600 all over again, and do so very quickly.

11:54

[Comment From MIKE] WHAT IS THE LIKELY GBP/USD REACTION ,TO A HOLD?

11:54

Rob Booker -  But I do not forsee a resumption of the EUR/USD uptrend.   At all.   Not this year.   I am bearish on the EUR.

11:55

Rob Booker -  Milward, you are right on!   Absolutley.   The statements do matter, but we have already seen so much movement, that a NO DECISION on rates is likely to only force things up and down and create confusion and delay, as Mr. Toppemhat would say.

11:56

[Comment From ahnasr] if plz, what about euro/jpy?

11:56

FXstreet.com -  BoE rate decison will be released in 4 minutes

11:56

Rob Booker -  Mike, likely reaction to a rate hold: volatility in both directions.   Confusion.   Delay.   Cross station masters, traders, central bankers, investment bank trading desks.

11:57

[Comment From NAMBIAR] A drastic up side move expected in EURO and GBP PAIRS with in 2 hours .Be carefull upward SPIKE may come in these two pairs.BUt after spiking up in those pairs, be carefull .drastic fall expecting in both

11:57

Rob Booker -  Usually, I am asleep right now.   So this is fun to be here when the decision is made.   I do not trade directly after the news -- so this is fun to watch.

11:58

Rob Booker -  Nambiar, are you reading tea leaves?   Dowsing the market?

11:58

Rob Booker -  http://dowsingfordollars.com/tutread.php?id=7

11:58

Rob Booker -  If you read that link above, it's hard to imagine that it's real.

11:59

[Comment From josh hamilton] why do the economists say that the us is in a recession...isn't the definition 2 consecutive quarters of negative gdp growth? i do not understand

11:59

FXstreet.com -  1 minute to go

12:00

[Comment From MOhamed] I agree with you no trade after the news

12:00

Rob Booker -  Josh: the REAL definition is what you say.

12:00

FXstreet.com -  Unchanged 5.00%

12:00

Rob Booker -  There are "softer" definitions of a recession, based on job losses, consumer confidence, and the like.

12:01

Rob Booker -  Bank of England Maintains                       Bank Rate at 5.0%

12:01

FXstreet.com -  The Bank of England has decided to hold the ongoing interest rate at 5.00%

12:01

Rob Booker -  The Bank of Englandâ��s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.                 The Committeeâ��s latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 13 August.                 The minutes of the meeting will be published at 9.30am on Wednesday 20 August.

12:02

[Comment From Anto] Hi. What do you think the Interest Reate will be at the end of 2010 in the UK and Europe ?

12:03

Rob Booker -  So, we're seeing what we thought we would see: nothing.   No real reaction here to the decision.   And we have to wait like two weeks for the minutes to get any real information about the basis for their decision.   The ECB decision will most likely get more of a reaction.

12:04

Rob Booker -  I think the market is really much more interested in the ECB decision today than the BOE decision; there is far more speculation about the intentions of Trichet and the Europeans -- the reason is that the EUR has appreciated so much, and never really come off the highs until this week.

12:04

Rob Booker -  On the other hand, the GBP already had its huge fall.   The GBPJPY got whacked, the GBPUSD got whacked -- in the last year, we already saw that.

12:05

Rob Booker -  The EUR/USD, the EUR/JPY, those are the "tall poppies" that are ripe for whacking.   And traders are ready to really beat on those pairs in particular if the European Central Bank seems weak on inflation.

12:05

[Comment From Aby David] Can i ask with the EUR falling so heavily, how has the EURJPY managed to hold such high's ?

12:05

Rob Booker -  The EUR/JPY holding on to such highs is fairly simple:

12:06

Rob Booker -  The EUR/JPY is a combination of the EUR/USD and the USD/JPY.   You simply multiply the current exchange rates for those two pairs to arrive at the rate for the EUR/JPY.

12:06

Rob Booker -  And the US DOLLAR

12:06

Rob Booker -  is the winner on both of those two component pairs.

12:06

[Comment From Millward] Looks like we have to wait for trichets speech for any major move if any hey?

12:07

Rob Booker -  The Dollar is stronger against the EUR and the JPY ... so the USDJPY has gone up A LOT -- and that is keeping the EURJPY up.     The US dollar has really been making a comeback!

12:07

Rob Booker -  Milward, you are right!   Trichet's speech, the statement, those are the big deals this morning.   For sure.

12:08

[Comment From prince fielder] is the eur/jpy basically a derivative or can it be considered?

12:09

Rob Booker -  Prince, I suppose you can call it a derivative, but that's a stretch.   But it's really just the combination of two other pairs.

12:10

Rob Booker -  Anto, the interest rate in 2010 will be 1%.

12:10

[Comment From Millward] talk about whacking what about the aussie

12:10

Rob Booker -  I actually have no idea, so we can all say whatever we want.   Tat, could we do a poll about that?   What will the UK interest rate be in 2010?

12:12

Rob Booker -  When I think about interest rates in the next 12-18 months, I think about the question:

12:12

Rob Booker -  Will the UK economy likely be stronger or weaker in 2010 than it is now?

12:13

Rob Booker -  It's hard to imagine the UK economy being stronger -- maybe the same, but stronger?   I guess it's possible.   But more likely that we've seen a decline in home prices, some job losses, oil prices still high enough to cause problems.

12:13

[Poll]

What will the UK interest rate be in 2010?  No idea ( 28% ) 6.00% ( 16% ) 5.00% ( 6% ) 3.00% ( 41% ) 1.00% ( 9% )

12:13

Rob Booker -  For me that would mean that we have lower interest rates in 2010 than we do now.

12:13

Rob Booker -  Wow...the answers are all over the place!

12:13

Rob Booker -  Make sure you vote!

12:14

[Comment From Stars] Rob, do you think EURUSD can drop below 1.5 this year?

12:16

Rob Booker -  Stars, oh yes!   Definitely yes.   On TraderRadio.net we are listening right now to S.O.S. by Abba, and I think this is the new national anthem of the Bank of England.

12:17

Rob Booker -  And for the European Central Bank.

12:17

Rob Booker -  I think it is possible for the EUR/USD, in the next 6-12 months, to get down to 1.4500, and to 1.4000.

12:17

FXstreet.com -  Â Bank Of England Leaves Bank Rate Unchanged At 5.0% by Dow Jones

12:17

[Comment From Nick] 1% are you serious? surely that could cause some of the same problems that we've had this past couple of years. i.e. another credit crunch, or some other problem relating to low lending rates.

12:19

Rob Booker -  Nick, it's of course the case that none of us have any idea where rates will be.

12:20

Rob Booker -  However, it's totally possible for rates in the US, England, or anywhere, to be at 1% in 2010.   The US is at 2% -- that's pretty low, right?   That is not causing any kind of expansion or bubble right now.   In fact, the rate cuts have been completely ineffective so far and have had no result economically.

12:21

[Comment From paul tudor jones] where do u think the gbp/usd will be in 2 years..

12:22

Rob Booker -  And Nick, it's not the low interest rate alone that caused all the credit crisis.   Here is where I think the blame goes, in order:

12:22

FXstreet.com -  Okay! Now let's go to the polls to vote on the ECB decision matter!   The ECB rate decision will be released in 20 minutes. Â

12:22

Rob Booker -  1.   Massive expansion of derivatives trading that supposedly eliminated risk from bond transactions.   This is at least 50% responsible.

12:23

[Poll]

Will the ECB low it's interest rate? Yes, they will cut it 25bp ( 15% ) Yes, they will be more aggressive and cut it 50bp ( 2% ) No, they will hike it ( 11% ) No, the will stay on hold ( 72% )

12:23

Rob Booker -  2.   1% interest rate in the U.S. for too long.   A low interest rate is fine for a while, but too long creates HUGE problems.   25% responsible.

12:23

Rob Booker -  3.   Liza Minelli.   10% responsible.

12:24

[Comment From tim] Rob, thanks for the CAD/JPY move the other day . Tim from North Branch MN, GO VIKINGS

12:24

Rob Booker -  4.   Unbelievable expansion of debt in the U.S. This took the credit markets to new highs -- rapidly expanding the trading desks, the machine to sell and buy the debt, to repackage it.   We are a hugely indebted society.   This will catch up with us.   15% responsible.

12:25

Rob Booker -  Tim, I hope Favre goes to the Vikings.   That would be cool to watch.

12:25

Rob Booker -  Next reason for the credit crisis:

12:25

Rob Booker -  What other reasons do you see?   What are the other factors?

12:26

[Comment From michael marcus] u are seriously the most entertaining trader teacher out there. trader radio by the way is pretty awesome also

12:26

Rob Booker -  5.   Cheap money worldwide: Japan's ZIRP created cheap money around the world for 5 years.   This is a huge culprit.   50% responsible.   We now are more than 100%, which makes this entire discussion so much more fun.

12:27

[Comment From blur] EURUSD edging up

12:29

[Comment From jim simons] what is ur view about eur/aud

12:30

Rob Booker -  My view about the EUR/AUD -- so glad you mentioned this.   I shorted that pair last night.

12:31

[Comment From paul tudor jones] what is your opinion about any significant move with a currency pair nobody is watching?

12:31

Rob Booker -  Let me give you some price targets for the EUR/AUD.   It will just take me a moment.   We are listening to Sheryl Crow on TraderRadio.net "Get Real Gone..."   and that's where I think the EUR/AUD will be in the next few days.

12:32

Rob Booker -  My target for the EUR/AUD in the next week to 2 weeks is 1.6600, or just slightly above that number.

12:33

Rob Booker -  I think that pair is terribly overbought, like just insanely high.   So massively overdone that people have lost their minds.

12:34

[Comment From george soros] can aud/usd go even lower and if so how much longer do u think it could go?

12:35

Rob Booker -  So, on TraderRadio, we're listening to Brad Paisely sing about silver lining in the clouds -- and I think there is hope for the AUD to rise back up just a bit in the next week or so. Â

12:36

Rob Booker -  I think that people who have been scared out of that pair will realize that they may have overreacted.

12:36

Rob Booker -  In the longer term, the AUD/USD will probably go to .8500 by the end of the year.   But it could jump back up 200 pips in the next week MAYBE.

12:36

[Comment From su25] Rob: twin deficits, sub prime, inflation, china policy, etc. have been cited by fundamental traders for usd weakness. how much do you weightage do you give to fundamentals in your trading. Your two-trendy / grand canyon trading style beats the rest!!! thanks for sharing it with us.

12:37

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12:38

Rob Booker -  Su25, thanks for your comments. Â

12:38

[Comment From musari oloade] wat do you think wil happen to the euro interest after the gbd retained theirs

12:38

Rob Booker -  I am a huge economic junkie.   I love following this stuff, and talking about it.   To answer your question, I am playing "Come What May" from Moulin Rouge on TraderRadio, because this is how I feel about economic reports:

12:39

Rob Booker -  Let them come.   Let the econ reports / numbers say what they want:   I'll take the charts, and support and resistance, any day. Â

12:39

[Comment From richard dennis] are people successful trading only technicals and not using fundamentals at all only to avoid the market at big time news releases?

12:39

Rob Booker -  I don't generally let the economics get in the way of my trades.   If I am bullish on a pair, because of technical reasons, I don't let the economics get in the way.

12:39

Rob Booker -  I have found, in particular, that over the last 12 months, so much of the economics is priced in way before the report is released, anyway.   So it's hard to follow economics in the short term as a trader.

12:40

FXstreet.com -  The ECB rade decision will be announced in 5 minutes.

12:40

Rob Booker -  Musari,   I don't know what will happen today: but if the EUR/USD jumps up, watch for a return to the 1.5600 area or just below that.

12:41

Rob Booker -  Richard, as a famous trend trader, you should already know the answer to that.

12:41

[Comment From john arnold] who is your favorite famous trader and which one is your style similar too. thanks

12:42

Rob Booker -  But I'll answer anyway:

12:43

FXstreet.com -  2 minutes to go.     ECB rate desicion.

12:43

[Comment From david] what do u think trichet comments will be if euro rate remains unchanged

12:43

Rob Booker -  If you are a technical trader, then trade based on what you have tested: and I don't think that avoiding economic releases makes any sense, with the exception of the NFP. Â

12:43

Rob Booker -  Which is like the entire trading world goes on crack cocaine and presses every button on their computers.

12:44

Rob Booker -  John, my favorite famous trader is not a trader: it's Buffett.   I love his patient approach.   I love the annual letters he writes.   We did a series of radio shows about our favorite Buffett statements. Â

12:45

FXstreet.com -  The ECB has decided to hold the ongoing interest rate at 4.25%.

12:45

[Comment From balaji] i think trichet will be as always hawish with vigilance on inflation

12:46

Rob Booker -  And what a reaction!   [NOT]

12:46

Rob Booker -  If you give me a moment, I am going to post a bunch of info about Buffett in the TraderRadio blog.   Hold on.

12:48

[Comment From Tmal] No reaction cause everybody is waiting for Trichet speach...

12:48

Rob Booker -  Yes.   Or no reaction because everyone is sleeping.

12:51

Rob Booker -  Ok, I posted the summary of Buffett's wisdom here:

12:51

Rob Booker -  http://www.traderradio.net/

12:51

[Comment From balaji] rob any idea on the future of eur/nzd pair

12:52

Rob Booker -  EUR/NZD:   The battle of the two terrible currencies.   I expect them both to be weak; I wouldn't expect a huge amount of movement from this.   If anything, I'd maybe think we could see it fall.

12:53

[Comment From Nora Tangau] Rob any idea on the USD/JPY pair

12:54

Rob Booker -  Nora, thanks for your question!   I am generally bearish on that pair now -- let me look up some numbers.

12:55

Rob Booker -  Down to 109.20 sometime this morning, then down to 108.00 or just above that in the next week.

12:56

[Comment From Guest] IN WHICH DIRECTION - EURO/USD MOVES AFTER THIS

12:56

Rob Booker -  It's too bad we haven't seen more movement this morning; I am playing the Rolling Stones' "You Can't Always Get What You Want" to commemorate our spending this time together!

12:56

Rob Booker -  Guest, which direction is the EUR moving?   Well, it's certainly not moving up or down.

12:57

Rob Booker -  In the next week, I can see the EUR/USD rising a bit.   But overall I am bearish on the EURUSD.

12:57

Rob Booker -  I think it's important to mention that no matter what I think, you need to make sure that you always backtest anything that you trade.

12:57

[Comment From musari oloade] what do think about cad news for 1.30

12:57

Rob Booker -  So: short term, EUR/USD possibly rises.   Medium term, it falls again.

12:58

Rob Booker -  Building permits at 8:30 EDT?   Let me take a guess: I think building permits will be issued in Canada.   Generally.

12:58

Rob Booker -  Musari, are you long or short USDCAD now?

1:00	[Comment From shariq] i am on usd/cad at 1.0430 , and i think that we might see some strength in CAD at this rate ? any suggestions

1:00	Rob Booker -  So much of economic reports are priced in before the reports these days -- that we see very little movement sometimes after a release.

1:01	Rob Booker -  Shariq, you are on the USD/CAD!   Well, I'm going to take a look at that. Give me just a moment.

1:01	Rob Booker -  On TraderRadio.net we are listening to Jackie Moon sing "Love Me Sexy", dedicated to the USD/CAD.

1:02	Rob Booker -  I think that pair is way overbought.

1:03	Rob Booker -  If the pair gets down to 1.0460, I'd like to sell it, and target 1.0430.   A short term trade.   Maybe a move to break even at 1.0430 and hold on longer, down to the round number 1.0400.

1:03	Rob Booker -  Could it go up?   Sure!   But the trend is reaching an extreme.   So I'd be wary of initiating new long trades.

1:04	Rob Booker -  Marcelo, I'd be happy to look at the CAD/JPY for you.   I just exited a buy trade on that pair yesterday.

1:05	[Comment From azhar] hi rob im new here im having a long on eur/jpy what dou think the trend is now?

1:06	Rob Booker -  Marcelo, I am bearish short term on the CAD/JPY...might get down to 104.00

1:06	Rob Booker -  Azhar, you're long EUR/JPY, you must have made a lot of money!

1:08	Rob Booker -  Anyone else have trades?   Or opinions about the market?

1:09	Rob Booker -  Nora mentions that she is in a losing trade on the USDJPY.   One thing to remember is to never risk losing more than 1% or so of your account on any trade.   Never do anytthing to risk losing much money.

1:09	[Comment From Bimo] Hi Rob, I think EUR/CHF is ready to go down and I want to take short position, is it good?

1:10	Rob Booker -  Bimo, let me take a look at that!

1:11	Rob Booker -  I am nearly short USD/CAD by the way.

1:11	Rob Booker -  Bimo, sure the EURCHF could fall.   down to 1.6300 or so.

1:11	[Comment From Tmal] I'm long at 1.5410 from yday :-))) If the speach will be neutral I predicate sideway trading, perhaps EUR weaking.

1:13	[Comment From Bimo] Thanks a lot, I just short it now with 50 pips stop loss..

1:15	Rob Booker -  Tmal, i agree.   Sounds reasonable.

1:16	[Comment From paul] hi rob, whats ur view on nzd/usd? is it due for a rebound up?

1:16	Rob Booker -  Let's take a look at that one.   Happy to look at the NZD.   Just need a moment.

1:17	Rob Booker -  Yes, ready for a rebound.   If it can get to 7190 I'd be happy to buy it, with a target of 7230 to start.   And maybe all the way to ...

1:17	[Comment From Ster] I'm Long on NZD/USD and it's going pretty good

1:18	[Comment From zack] Hello Rob, what do you think about the volatility of EUR/USD after the speech given? how many pip you think it will be?

1:18	Rob Booker -  all the way (on the NZDUSD) to 7280.

1:19	Rob Booker -  Zack, if the EURUSD goes up after the speech, I think it gets to: 1.5500 but it could be hard work getting there. Â

1:19	Rob Booker -  If the EUR/USD goes down, then I think it will go easily down to 1.5350 by the end of the day.

1:19	[Comment From jefd] what is your favorite pair to trade?

1:19	Rob Booker -  But we are seeing that so much of what traders think is priced in before the report.

1:20	Rob Booker -  Jefd, my favorite pair to trade right now is ....

1:20	Rob Booker -  AUDUSD, EURAUD, EURUSD, CADJPY, and USDCAD.

1:21	Rob Booker -  I guess I said more than one pair.

1:21	[Comment From jerry] how do u see usd/cad for short term dt think it would break above 1.0520

1:22	Rob Booker -  Jerry, are you in a buy trade?   That is not doing well?

1:23	Rob Booker -  For the USD/CAD, I am going short at 1.0460.   I think the short-term trend is nearly exhausted.   But of course, don't do anything based on my opinion.

1:23	[Comment From jerry] tp at 1.0420   ima currency trader myself  fren

1:23	[Comment From john] stupid question here, but what technical indicators/signals do u use on quick intraday trades?

1:24	FXstreet.com -  We have 5 minutes left.   The live coverage will be finised in 5 minutes.

1:24	Rob Booker -  JOhn, for a look at what indicators I use (virtually none) you can see here:

1:25	Rob Booker -  http://postcards.fxstreet.com

1:25	Rob Booker -  Everyone, I have been very happy to spend time with you this morning.   I will continue coverage and discussion of the ECB stuff at: http://www.TraderRadio.net -- to listen, just click on the red banner at the top of the page that says "click here to listen"

1:27	FXstreet.com -  If you also like to watch Trichet's speech, please acceess to theECB home page  and then click on Live Webcast Conference

1:27	[Comment From blur] Rob: Thanks for the article on Buffet wisdoms .. greate stuffs!

1:27	Rob Booker -  Blur, you're welcome!

1:28

FXstreet.com -  It's time to sum up Today's live coverage. Both The BoE and the ECB have decided to hold the ongoing interest rates at 5.00% and 4.25% respectively. The markets have not shown a big reaction so far. We would like to thank to Rob booker for his participation today. It has been a great pleasure to have you today with us Rob!

1:28	FXstreet.com -  Rob, final Word,please.

1:28	[Comment From Meer] thanks Rob

1:29	[Comment From Marcelo] Great Morning, thanks for your help and have a nice trading day!

1:29	[Comment From Jonathan] Thanks

1:29	[Comment From Darryl] Thanks Rob

1:29	[Comment From Millward] thanks rob

1:30	[Comment From Rectum Guy] Thanks

1:30	Rob Booker -  just as we end it starts moving

1:31	[Comment From Ruskers] Thanks Rob!

1:31	[Comment From Nick] cheers rob

1:32