Spreadex Market Update
Market participants remain wary
Adding to bearish sentiment was Thursday's report showing the number of Americans filing new claims for unemployment benefits hitting a four-month high last week, raising the risk of a weaker reading from Friday's payrolls data. An improving growth trend in the United States has been a key driver for investors taking on more risk.
European Central Bank President Mario Draghi claims that he is ready to act to boost the recession-hit euro economy. Claims that he is prepared for an interest rate cut as early as next month have surfaced. However, the general feeling that emerged from the conference was that it would be prudent to hold fire.
Over the course of the next few weeks, the ECB will closely monitor economic and monetary developments, and will assess the impact on the outlook for price stability. Draghi has made clear that steps other than classic rate moves, suchas government bond purchases or funding operations like the twin 3-year loans it offered banks just over a year ago, remains on the table.
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