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9/5/2008 − the current market sentiment
Fri, May 9 2008, 13:29 GMT
by Walid Salah El Din
The single currency is still well supported after Trichet comments inflation remain higher over a rather protracted period of time before gradually declining again. These comments came at the ECB press conference after its unchanged interest rate decision. Trichet has indicated that the ECB evaluation of inflation is still the same in spite of the drop of HICP to 3.3 in April from 3.6% in March. The ECB has not underestimated its growth forecast of the Euro zone which is1.7% this year in spite the recent April EU PMI manufacturing index figure hich came at 50.7 lower than the 52 of March following a disappointing IFO business climate figure of April which has fallen from 104.3 in March to 102.4 in April and increasing the possibility of contracting numbers below 50 next months. These data which have shown that the EU growth performance is negatively impacted by the weak demand and growth of US and the slump of US housing market which is still on giving back worries about the crediting market.Trichet has said that there are signs of an improvement in conditions in some financial markets but the money market is still in persisting tension. His speech has given a hope of a better growth performance latter this year and the high appreciation of inflation currently especially at these current oil prices above 120$ per barrel. The ECB is unlikely to lower rates as it says inflation is its top priority.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.comPublished on Fri, May 9 2008, 13:30 GMT
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