G3 Recap 9-8-11

Main Items:

  • ECB left rates unchanged as expected. Trichet said inflation risks are now balanced. The 2011 Inflation forecast is 2.6%, and 2012 inflation forecast is unchanged at 1.7%. The vote was unanimous.
  • BoE left rates unchanged as expected.
  • US Initial jobless claims increased to 414k last week vs 405k exp and 409k prev. Irene was not cited as s special factor.

Overseas:

  • BoK left rates unchanged at 3.25% as expected.
  • Australian UE increased to 5.3% in Aug vs 5.1% exp and prev. Participation rate was unchanged.
  • Japan Eco Watchers Survey Outlook declined to 47.1 in Aug vs 48.5 prev
  • Swiss UE was unchanged at 3% in Aug as expected.

Commentary:

None

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