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ECB's Trichet Leaves Door Open for Further Rate Cuts

With European Central Bank President Jean-Claude Trichet leaving the door open for further rate cuts on Thursday, economists say the bank's key policy rate could hit another record low as early as April.Earlier in the day, the Governing Council voted to cut the main refinancing rate by 50 basis points, as was widely expected, bringing it to 1.50%. Since October, the ECB has lowered its key interest rate by a total of 275 basis points.Following the announcement,

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ECB May Turn to "Unconventional Policy" If Rates Reach Limit, Wellink Says

Frankfurt - The European Central Bank may take unconventional measures if its key policy rate hits its lower boundary, ECB Governing Council member Nout Wellink said on Thursday.The ECB could use unconventional monetary policy, on top of the unusual expansion already implemented, if the interest rate instrument can't be used further because of [almost] reaching the zero-rate limit, Wellink said in the Nederlandsche Bank's annual report.The policy maker also said that months of negative price growth could not

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BOE's Bean Says Quantitative Easing is the Next Step

(CEP News) - Bank of England Deputy Governor Charles Bean said Monday that quantitative easing is the next logical step now that rates are so low.Speaking in Birmingham, England, he said the bank made its first buy under the asset purchase facility as of Friday. He also said the monetary policy committee may have to act to avoid undershooting mid-term inflation goals. The bank's target rate currently sits at 1.00%. The bank's next meeting is on March 5.Bean

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BOE's Barker Says UK Recovery Could Take Longer Than Expected

The Bank of England's low interest rates will help the economy recover, but the recovery could take longer than expected, Bank of England Monetary Policy Committee member Kate Barker said on Wednesday.Speaking in an interview with Northern Echo newspaper, the central banker said the UK is experiencing a deep recession, which is being fought with powerful policies at the monetary and legislative levels.Although growth may not resume until the end of this year, a decline in the

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Forex: USD/CAD collapses after BoC policy report

FXstreet.com (Barcelona) - CAD is rising against the USD after BoC report which didn't contain immediate measures about quantative easing or credit conditions. USD/CAD has fallen around 140 pips from 1.2380, break 1.2330 support and reach to 1.2238, intra-day low. Currently the pair is trading around 1.2275/85 after falling 0.90% so far today from 1.2392 opening price.Valeria Bednarik, FXstreet.com collaborator, comments related to the BoC report: The Bank of Canada present their monetary policy report, announcing additional easing measures,

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Sterling Mixed After Sharp Fall in Inflation Expectations

The pound sterling is weaker against majors on Thursday, except against the euro, in the aftermath of sharp declines in consumer inflation expectations and warnings from a Bank of England policy-maker about possible deflation.According to the Bank of England, consumer inflation expectations fell 4.2% in the three months to February from 4.9% previously, reflecting the sharpest decline in inflation measurement in at least a decade. Furthermore, the central bank reported that the one-year inflation outlook fell to

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UK Nationwide Housing Prices decrease 0.4% in Apr, -15% YoY

FXstreet.com (Barcelona) For more information, read our latest forex news.

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BOE's Besley Says Monetary and Fiscal Policy Still Have Work to Do

(CEP News) - The Bank of England's Tim Besley said Tuesday that monetary and fiscal policy still have a long way to go in getting the UK's banking system back on track.Speaking at the London School of Economics, Besley said keeping in line with an inflation target is difficult right now, given the weak economy and falling commodity prices.However, he said inflation should be pushed higher by the current weakness in the sterling.As for policy action, Besley said it's impossible

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ECB's Trichet Says Alternative Policies Possible

The European Central Bank is able to adopt non-conventional monetary policy measures if needed, said European Central Bank President Jean-Claude Trichet speaking in Frankfurt on Tuesday.The comments echo those made by Bundesbank President Axel Weber and Christian Noyer of the Bank of France, both of whom affirmed that the ECB was examining the possibility of buying corporate paper as a means of stimulating euro zone economies. Nevertheless, Trichet declined to comment further on monetary policy, given the

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Canadian Dollar Still Weak as Risk Aversion Remains Strong

The Canadian dollar remains under pressure against the greenback on Monday, but traders are waiting for a strong close before calling any further gains in USD/CAD.USD/CAD hit session highs at 1.3064 CAD, but was unable to hold those gains and is hovering around 1.30 CAD.A weak Canadian housing report and rising risk aversion helped the USD/CAD hit a five-year high. The pace of new housing starts in Canada fell for the sixth straight month, posting a 12.3%

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