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Forex Flash: Monetary inaction ahead for ECB – RBS

By FXstreet.com,  January 08, 2013, 04:15:00 AM EDT

FXstreet.com (Barcelona) - In the immediate aftermath of the December policy meeting there was a groundswell of opinion that the Governing Council would start the New Year with a bang with a cut in rates. However, "we do not subscribe to that point of view. At the time we believed that the comments by President Draghi which attracted the market's interest ('a wide discussion' about rate cuts) referred to a cut in the main refinancing rate and not the deposit rate, and we remain of that view." notes the RBS Research Team. Moreover, "We continue to believe the Council is not ready to wade into the uncharted waters of negative deposit rates and envisage a period of monetary inaction in the months ahead."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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