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Euro Holds Gains Following Smaller-Than-Expected ECB Cut

A smaller-than-expected ECB interest rate cut on Thursday morning has helped the euro move higher, but currency strategists are mixed as to whether the currency will see further gains in the short term.EUR/USD shot to session highs at 1.3493 USD following the interest rate decision and just ahead of ECB President Jean-Claude Trichet's monthly press conference. However, the gains were relatively short-lived, as markets dragged the cross back below 1.34 USD.There appears to be some hesitation in

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ECB's Trichet Says Everything Must be Done to Restore Confidence

Frankfurt - European Central Bank President Jean-Claude Trichet everything must be done to help boost confidence and return to the path of prosperity.Public authorities, executive branches, and central banks must do all they can to restore, preserve and foster confidence among households and corporations in order to pave the way for sustainable prosperity, Trichet said in Tokyo early Friday morning. This calls for a measured response to changing conditions.In his speech, Trichet also stressed the importance of not

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ECB's Bonello Says Governing Council Discussing Alternative Tools

The European Central Bank is discussing alternative monetary policy tools that it may unveil in May, Maltese central bank governor Michael Bonello said.Speaking at an event in Malta on Thursday, the central banker said the ECB's rate cuts are having an effect on financial conditions in the euro zone, echoing some of what has been said by ECB President Jean-Claude Trichet.Inflation rates in Europe are likely to fall into negative territory throughout the summer before returning to

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ECB's Papademos Says ECB May Extend Bank Loans

Frankfurt - The European Central Bank may look to extend the maturities of loans made to banks, ECB Vice-President Lucas Papademos said.Speaking at an event in Brussels on Thursday, Papademos added that the ECB's purchases of private-sector bonds in the secondary market may also be warranted to enhance liquidity in order to improve the cost of funding.While the ECB's Governing Council has stated on numerous occasions that discussions on non-standard measures are ongoing, no decisions have been taken,

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Trichet prévoit que la reprise économique mondiale aura lieu dès 2010

La reprise économique mondiale pourrait commencer dès 2010, dit le président de la Banque centrale européenne Jean-Claude Trichet, qui dit qu’il est sûr qu’un consensus mondial a été adopté quant au meilleur cheminement vers cette reprise.En entrevue avec la chaîne TV5, Trichet a aussi dit que la BCE commence à étudier des mesures non classiques pour rehausser l’économie en zone euro et que plus de détails seront émis lors de la prochaine réunion du comité de la

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ECB's Trichet Reiterates that Rates Could Fall Further

Frankfurt - The European Central Bank may once again lower its main refinancing rate and announce additional non-standard measures to spur lending and support economic growth, ECB President Jean-Claude Trichet said, echoing comments made at his press conference on Thursday.Speaking to reporters in Prague on Friday, Trichet says he does not exclude we could in a very measured way go down from the present level.On Thursday, the ECB Governing Council decided unanimously to reduce its key policy rate

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Sterling Stronger Ahead of U.S. Toxic Debt Plan Details

The pound sterling is stronger ahead the U.S. Treasury's press conference on Monday where details will be provided about its Public-Private Investment Program.The program will create subsidies to encourage private sector investments to purchase toxic debt and offset risk, Treasury Secretary Timothy Geithner has said, adding it will initially be worth $500 billion but could be expanded to $1 trillion. Meanwhile, European Central bank President Jean-Claude Trichet told the Wall Street Journal that he expects a gradual

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ECB's Rate Cut Takes Into Account Subdued Prices & Weak Demand, Trichet Says

Frankfurt - European Central Bank President Jean-Claude Trichet said the ECB's decision to lower its main refinancing rate to a record low 1.25% has taken into account expectations of price pressures remaining subdued and demand likely to remain weak over 2009.After today's decision, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households, Trichet said during his press conference following the central bank's rate announcement on Thursday.The Governing

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Europe to See Negative Inflation, but Not Deflation, Says ECB's Papademos

The euro zone will likely experience negative inflation, but deflation is not likely, according to European Central Bank Vice-President Lucas Papademos.While presenting the ECB's annual report to European parliamentarians in Strasbourg, France, on Tuesday, he said inflation will likely remain around 2%, falling into negative territory by mid-year. Such a phenomenon is expected to be temporary, driven mainly by base effects from past energy price developments, and would not constitute an episode of deflation, that is a

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ECB's Trichet Sees Confidence Improving in Money Markets

There are signs of increasing confidence and other improvements in money market functioning, according to European Central Bank President Jean-Claude Trichet.Speaking in New York on Monday, Trichet said actions taken to protect the banking system's access to liquidity have resulted in considerable expansion of the euro system's balance sheet, which he said reached a peak of 19% of GDP at the height of the crisis at the start of the year. Since then, we have seen liquidity

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