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ECB's Nowotny Sees No Room to Cut, Euro-Dollar (EURUSD) Holds Above 1.47 ECB's Nowotny Sees No Room to Cut, Euro-Dollar (EURUSD) Holds Above 1.47
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Old 09-25-2008, 03:10 AM
DailyFx's Avatar
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Default ECB's Nowotny Sees No Room to Cut, Euro-Dollar (EURUSD) Holds Above 1.47
ECB's Nowotny said ECB sees no room to cut rates and last week confirmed its steady hand policy, even though he stressed that the bank is prepared to inject massive liquidity. Nowotny stressed that the ECB's mandate is to secure price stability even though he also admitted that the current crisis is the biggest since World War II. Comments confirm once again that the central bank is still far from contemplating rate cuts, even as growth slows down markedly. Meanwhile, after hitting an intraday low of 1.4609 yesterday, the euro-dollar (EURUSD) has bounced back to hold above 1.4700.
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