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Euro Offers Protection Against FX Speculation, Says ECB's Nowotny

Even in Great Britain, the idea is no longer that far off, Nowotny said in an interview with Austrian newspaper Oberösterreichische Nachrichten, published on Wednesday.The central banker's comments mirror those of EU Monetary Affairs Commissioner Joaquin Almunia, who said he sees no chance of any country leaving the euro zone and that, conversely, the chances are high that some Nordic countries and the UK could join.Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.caCEP Newswires - CEP

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EU Preview: ECB Press Conference Likely to Hint at Cut in March

While ING Wholesale Banking senior economist Carsten Brzeski expects the ECB to decide to keep its refi rate unchanged, he is looking for clear hints that the central bank will resume its rate cutting cycle in March.However, such hints would likely not come during the introductory statement, but rather during the question and answer segment of the conference, when Trichet will try to give a clear indication of what the ECB will do in the upcoming month.Brzeski is also hoping

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EU Preview: ECB Expected to Leave Rates Unchanged at Thursday's Meeting (Repeat)

ECB President Jean-Claude Trichet has repeatedly said the Governing Council meeting in February is not considered

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USD/CAD Under Pressure as Markets Wait for Financial Bailout Plan

Domestic data had no impact on the Canadian dollar as FX markets ignored Friday's surprising drop in employment in January and Monday's soft housing starts report, also for January.Sentiment in the stock market remains relatively positive over Treasury Secretary Timothy Geithner's plans to save the financial system. His press conference, originally scheduled for today, was postponed until Tuesday. The USD/CAD ran into strong selling at just below the 1.3000 level in overnight trading and is struggling to hold on to

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Loonie Strengthens as Equities Extend Gains

As the cross pushes lower, it is unable to break new resistance levels and, in the last two days, has been reaching lower highs. Yesterday 1.25 CAD acted as resistance and this morning the USD/CAD was unable to hold gains past 1.24 CAD.This morning, the loonie continues to make gains with the USD/CAD relatively flat at 1.2287. As the cross remains under pressure, George Davis, chief technical analyst at RBC Dominion Securities, said 1.2350 CAD is going to act as

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Juncker Says EU Nations Must Tackle Toxic Asset Problem

Speaking to reporters at a summit of European finance ministers, Juncker said that although nations will approach the problem differently, each should proceed with caution. Plans to solve the toxic asset issue should not incur damage to public finances, nor affect competition, he said.On a positive note, Juncker said the financial position of European banks isn't as severe as American banks.Huge stimulus packages are no longer a priority for euro zone finance ministers, he said. He criticized the level of

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Tuesday's News Recap: Treasury Plan Unveiled, Bernanke Says Fed's Assets Safe

Treasury Announces Financial Rescue DetailsThe U.S. Treasury's financial rescue package includes up to $1 trillion in insurance financing for the purchase of toxic assets, and the expansion of a Fed lending facility (TALF) - backing up to another $1 trillion in consumer debt including mortgage backed securities. Under the program, the U.S. Treasury will enter into a private and public sector partnership where both sides will provide insurance financing on toxic debt.However, the final details of the toxic debt program

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UK Market Preview: Traders to Focus on BoE Monetary Policy Statement (Update)

Economists are unanimous in calling for the BOE to slash rates by at least 50 bps to 1.00%, a forecast shared by the Overnight Index Swap market (OIS) with a 76% probability. However, a bigger cut is not out of the question. The Sterling Overnight Index Average (SONIA) curve has traders pricing in a 84% chance of a 75 bps cut and a few economists warn about a possible 100 bps slash to 0.50%.The rate decision in itself should be

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Canadian Dollar Range Bound as Data Provides Little Direction

The USD/CAD traded in a fairly tight range overnight with 1.2382 CAD acting as initial resistance. This morning, the pair is relatively flat, up 8 pips to 1.2334 CAD.The U.S. dollar received a modest boost following the highest reading in weekly jobless claims since 1982. Risk aversion doesn't appear to be having much impact on currency markets as strategists have said they are expecting the U.S. labour market to remain weak.Although the short-term trend points to a weaker USD/CAD, currency

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ECB Monetary Policy Has Been "Too Light", Finland's Liikanen Says

The central banker, also governor of the Finnish central bank, said that zero rates are not necessarily the solution to the crisis, but noted that with the risks of deflation low in the euro zone, there is room to bring rates down. The comments come ahead of the central bank's monetary policy meeting on Feb. 5. Markets have priced in a 73% chance of a 25 bps rate cut to the 2.00% main refinancing rate. Up to now, ECB commentary

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