ECB's Nowotny says ECB decision last week was right

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Wednesday, Dec 09 2015

ECB member Nowotny said that ECB decision last week was right. He said that Eurozone is significantly under inflation target, while US is in a different phase of growth cycle and must watch for side-effects like bubbles. He concluded that ECB will not let itself be influenced by markets. ECB's member Ardo Hansson said that inflation outlook and the economy were key factors in the ECB decision and that ECB measures will lower the yield curve. Hansson was on the list of those most likely to be against additional action.

Earlier today, German Trade Balance figures were released. Germany exported goods to the value of 106.2 billion euros and imported goods to the value of 83.8 billion euros in October 2015. The foreign trade balance showed a surplus of 22.5 billion euros in October 2015. In October 2014, the surplus amounted to 21.5 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 20.8 billion euros in October 2015.

Euro is currently being traded around 1.0930 area. Pair is likely to find support around 1.0880 handle and resistance above 1.0950 level. There will be no major data releases in the rest of the session.

More in this category: « China's CPI increased by 1.5%, PPI continues to fall Sterling higher despite no major data releases »

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