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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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Aussie Dollar Weaker After Mixed Employment Report

The Australian dollar was weaker on Thursday in the aftermath of a mixed employment report, with the economy creating jobs, but the unemployment rate rising further than expected.According to the Australian Statistics Bureau, the employment sector created 1,800 jobs while the number of unemployed persons rose 47,100, boosting the unemployment rate to 5.2% from 4.8% last month. Economists were expecting a rise in the unemployment rate to 5.0% and 20,000 jobs lost.Data taken at 7:10 a.m. EDT,The

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Employment Concerns Hurting Canadian Dollar

Investors are reluctant to buy Canadian dollars ahead of Friday's employment report, which is expected to show a weakening labour market in Canada.The U.S. dollar is holding modest gains against the loonie, trading above 1.29 CAD. Although Thursday's economic data have increased volatility, the trend in USD/CAD is higher ahead of Friday's employment data.I definitely think what we are seeing today has more to do with a weak Canadian economy, said Sacha Tihanyi, currency strategist from Scotia

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USD Mixed After Promises to Loosen FX Controls On Yuan

The U.S. dollar is mixed on Thursday after an announcement Chinese officials will continue loosening currency controls.On Wednesday, People's Bank of China Deputy Yi Gang said the central bank will increase the flexibility of the yuan keeping it basically stable at a reasonable and balanced level.According to the Wall Street Journal on Thursday, General Motors has announced its intention to idle its U.S. operations for up to nine weeks in an effort to cuts costs and reduce

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Sterling Higher Against Majors After SNB Move to Weaken Franc

The pound sterling is stronger against majors following the Swiss National Bank's announcement on Thursday to purchase U.S. dollars and euros in a bid to weaken the Swiss franc.On Thursday, the central bank slashed its benchmark interest rate by 25 bps to 0.25% as expected, but shocked markets by embarking on the largest foreign exchange intervention since the Bank of Japan attempted to support the yen back in 2004.An article in the Financial Times suggests Thursday's developments

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Euro Mixed Following SNB Decision to Weaken its Currency

The euro is mixed against majors following the Swiss National Bank's announcement on Thursday to purchase U.S. dollars and euros in a bid to weaken the Swiss franc.On Thursday, the central bank slashed its benchmark interest rate by 25 bps to 0.25% as expected, but shocked the markets by embarking on the largest foreign exchange intervention since the Bank of Japan attempted to support the yen back in 2004.An article in the Financial Times suggests that Thursday's

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Trading Ideas - Boc (canada) Interest Rate Announcement, Fed's Beige Book, Gross Domestic Product - Sept 3rd

Hello,The forex market give us some nice trends. I hope you follow them Yesterday was an historic day, for the first time you were more than 20'000 to visit Mataf. Some interesting events in the calendar. The serie of Interest rate announcement continues.09:00 GMT: Gross Domestic Product. The Gross Domestic Product released by the Eurostat is a

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Higher Canadian Inflation Does Not Provide Much Support for Canadian Dollar

Rising Canadian inflation is not providing much support for the Canadian dollar on Friday as it remains under modest pressure against the greenback.Although the U.S. dollar is up on the day against the loonie, the cross has struggled to make gains through most of the session. USD/CAD has been unable to hold gains past 1.2150 CAD. Through most of the session the cross has bounced between support at 1.2065 CAD and resistance at 1.2158 CAD. The cross

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ECB Likely to Cut Further, Announce Additional Non-Conventional Measures

The European Central Bank has once again hinted that rates could fall further, while signalling that an announcement of other non-conventional measures will come in May.On Thursday, the ECB's Governing Council decided to reduce its main refinancing rate by 25 basis points to a record low 1.25%. However, with inflation well under the central bank's target of below but close to 2% and indicators hinting at an ongoing deterioration in the economy, economists had expected a more

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