The Euro surged
overnight following the release of a statement by the European Central Bank
calling for a slowdown in future interest rate cuts. ECB members are split as
to whether or not it should maintain its aggressive rate cutting.ECB President Trichet also voiced his concern
about low interest rates.He is not
comfortable with interest rates at current levels because of the fear of
The ECB also told
investors overnight that the Euro Zone is expected to begin a recovery during
the second half of 2009.This is another
reason why ECB members are reluctant to keep cutting rates.They feel that the drop in oil and food
prices have taken enough pressure off the economy so that it will have enough
power during the second half of 2009 to begin its recovery.The fear, however, is that if interest rates
continue to fall at a rapid pace then inflation will be in a position to
overtake any gains in the economy later on.
The EUR USD surged
on this news late in the overnight session. With the ECB now expected to cut
rates by only 25 basis points in January, traders who bought in anticipation of
a 50 basis point cut are scrambling to add on to their positions.Traders are also going after higher yields
this morning in anticipation of another rate cut by the Fed on December
16.In addition, the news that that U.S.
automaker bailout plan may not be passed by the Senate is also causing the
Dollar to lose its luster as a safe-haven investment.Look for higher prices throughout the day as
the Euro builds on its uptrend.
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