Central Banks: ECB

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Preview of Oct 2 Meeting
Thu, Oct 2 2008, 08:03 GMT
by Marina Schiaffino
FXstreet.com
ECB's Monetary Policy Committee is expected to keep rates on hold at
4,25% later today among fears of financial crisis spreading into
Europe, which have increased considerably the odds for a rate cut
before the end of the year.
Although most analysts share the
opinion that the ECB will hold rates today, recent events from the US
have changed the whole economical context. Some of the biggest names in
Wall Street have failed while the whole financial system is threatening
with a meltdown of historical proportions and uncertain consequences.
As usual after the decision we will have the very expected Jean-Claud Trichet's speech. Analyst will be focused on any sign of softening in his tone and thus for assessing the possibility and timing of rate cut from ECB.
Check the effect that the meeting will have over the pairs in our Rates and Charts Section or compare the movements of the different banks in our World Interest Rates Table. And remember that you can attend to our special live coverage: "ECB Interest Rates decision Live Coverage with Rob Booker" on Thursday October 2, at 11:15 GMT, both from FXstreet.com home or from the proper event in the Economic Calendar.
In-Depth Analysis
Related News
Analysts' comments
- Padhraic Garvey, rate strategist at ING
"He (Trichet) made no direct comments on rates, and this in itself is a concern for those hoping for an ECB rate cut from this week's council meeting. He usually likes to pre-announce his stance, so the best we can hope for is for the pre-announcement process to happen on Thursday. And even that may be a step too far. There is little indication at this point that rate cuts would actually solve anything with respect to the banking crisis." - Reuters
- Jean-Claude Trichet, European Central Bank president
"The ECB will continue to support solvent banks' access to liquidity and the functioning of the money market for as long as necessary. The ECB makes a clear separation between, on the one hand, the determination of the monetary policy stance and, on the other hand, its implementation using liquidity operations. The monetary policy stance is determined so as to serve the primary objective of the ECB, namely the maintenance of price stability." - Reuters
Published on
Thu, Oct 2 2008, 09:53 GMT
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