Monday 22nd December 2008
Governments Adopt the Role of Hercules…..
… in an attempt to hold up the whole world (in a global economic sense). This weekend the sectors to receive further assistance were Banking and Automotive but judging by the weekend press, they won’t be the last.
A couple of ECB members were vocal on the future of interest rate policy and expressed doubts as to the potential benefit for current Eurozone woes of further swathing cuts in Euro interest rates. It seems unlikely that Euro deposit rates follow the path currently being trod by both Dollar and Yen rates, and likely to be pursued by Sterling and as such, has given the currency renewed buying interest.
Oil and gold follow their diverse trends - moves likely to be continued into 2009.
Very light on data today so little impetus to send rates either way.
Today Data:
14.15 gmt US industrial production (exp -0.6%)
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