Thursday November 6, 2008 - 12:41:26 GMT
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Forex News: ECB Up next. Expectation 50 BP but looking for more after surprise cuts
The BOE cut and SNB surprise cuts today have raised the expectation for a larger cut than 50 basis points. The surprising thing about the UK comments is that CPI inflation is last reported at 5.2% YoY. Yet despite that, the thought by the BOE members is the 2% bottom target is in jeopardy. The central bank is trying to avert a deflationary environment going forward and that demands the sharply lower rates.
Trichets comments will be of interest this morning whatever they do.
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