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Tough morning for the Euro!
By Mike Conlon | June 24, 2009
The Euro is down this morning against all of the major pairs this morning except one, the Swiss franc (CHF), and Sean Hyman explained that situation in his blog yesterday. This morning, the EUR is falling because the OECD, the Organization for Economic Cooperation and Development called for an ECB rate cut to help fight off an estimated 4.8% growth contraction in 2009, and flat growth in 2010.
This comes a day after every member of the ECB committee said that rates were “appropriate” and that they were committed to keeping it unchanged throughout the rest of the year. Whether or not they will be able to maintain this stance is anyone’s guess but this wouldn’t be the first time that the ECB has caved to external pressure.
Stay tuned!
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