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ECB Comments From Jackson Hole Symposium

  • ECB’s Stark: “There is a risk that rates remain too low for too long a period of time”. He believes that firmly anchoring inflation expectations has been “a big achievement”.
  • ECB’s Trichet: sees signs that the economy is emerging from “free fall”, but he believes that they can not rule out a “very bumpy road ahead of us”.
  • ECB will unwind its emergency policy actions quickly once the economy improves.
  • He has no doubt that the ECB would keep prices stable, even during the economic crisis.
  • “The ECB has acquired a reputation for moving interest rates in a steady and persistent fashion over time.

French and German PMI

French PMI came in at 48.1, beating the 47.9 estimate.

German PMI came in at 45.7, better than the 45.2 expected.

These numbers should bode well for Eur/Usd as it is trading up about 10 pips at 1.4230.

Euro-zone PMI comes out in 5 minutes.

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