ecb policy may 2009

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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Fed's Kohn Says More Can Be Done to Restore Credit if Necessary

The Fed may have to do more to restore the flow of credit, Fed Vice-Chairman Donald Kohn said on Friday.U.S. policymakers and central banker must remain very flexible and open to policy actions that had no precedent, Kohn said, pledging that policy-makers would continue to adapt our policies as necessary to accomplish, a recovery of the financial system and consequently the broader economy.Nevertheless, many financial market sectors remain under considerable stress and much has to be done

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ECB's Nowotny Says Rates Below 1.00% "Open For Dicussion"

The view that interest rates in the euro zone should go below the 1.00% mark is open for discussion, but Austrian central bank governor Ewald Nowotny said he is personally against lowering rates below that threshold.Speaking in an interview with Bloomberg News on Thursday, Nowotny said the ECB must fight the crisis with all available tools, and that monetary policy needs to remain expansionary as the economic recovery remains weak.He also said that it would be sensible

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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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GBP/USD: Pound drops to 1.5050 after BoE monetary policy decision

FXstreet.com (Barcelona) ? BoE monetary policy decision has weighed on the Pound which has dropped to afresh intra-day low at 1.5050 from levels around 1.5065 before the Bank released its decisionOn the downside, if the Pound consolidates below 1.5070 previous intra-day low, next support level could come at 1.4980/90 (May 6 low); below there, 1.4945 (Apr 30 high). On the upside, resistance levels remain at 1.5165 (May 5 high) and above there, 1.5200 intra-day high and 1.5370.GBP/JPY has also dropped

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Forex: EUR/GBP rise above 0.8860 after ECB Cuts Benchmark Interest Rate

FXstreet.com (Barcelona) - EUR/GBP has reacted up after the ECB monetary policy decision, the pair has risen around 40 pips from 0.8825 to 0.8865 after the ECB cut its refi interest rate from 1.25% to 1.00%, the lowest level. Currently the pair is trading around 0.8850/60, 0.80% above today's opening price.The European Central Bank Monetary Policy Committee has decided to trim its key interest rate by 25 basis points to 1.0% after its May monetary policy meeting.For more information, read

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Dollar appreciates across the board after FOMC

FXstreet.com (Barcelona) ?The U.S Dollar has reversed previous weakness against the Euro and Pound , appreciating against all majors after the The Federal Reserve?s Monetary Policy Committee has decided to maintain the target range for the federal funds rate at 0% to 0.25% while observes a slowdown in the pace of economic contraction.EUR/USD rally has halted at 1.3340 high, the highest level seen since mid April and has returned to levels around 1.3250 (50% fib retracement of the 5-22 April

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ECB's Weber Says Rate Cut to !% "Warranted"

Frankfurt - European Central Bank Governing Council member Axel Weber said that cutting the main refinancing rate again is warranted and that 1% is a reasonable lower limit.Speaking in an interview with German newspaper Franfurter Allgemeine to be published on Monday, Weber also said that, while there is no deflation in the euro zone, he expects inflation to be negative in the coming months. However, the ECB will face the enormous challenge to avoid the materialization of inflation

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U.S. Preview: Fed May Jump on the "Green Shoots" Band Wagon, but Keep Status Quo (Repeat)

With the so-called green shoots of economic recovery dominating much of the rhetoric from U.S. officials over recent weeks, economists question whether the Federal Reserve will jump on board at its monetary policy meeting on Wednesday.After shocking the financial markets with an ambitious purchase plan for U.S. Treasuries in March, the Federal Reserve has continued to deploy an arsenal of unconventional measures to stimulate the ailing U.S. economy, and with only a portion of the stimulus unleashed,

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BoJ keeps rates at 0.10%

FXstreet.com (Jakarta) - BOJ raises economic assessment for 1st time in 3 years, while policy board votes unanimously to keep rates at 0.10%.Comes after economy suffered record contraction in 1Q; Economic conditions have been deteriorating, but exports and production are beginning to level out against a backdrop of progress in inventory adjustment both at home and abroad, BOJ says; speculation might grow now that bank could change policy stance before too long. BOJ also decides to start accepting foreign debt

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