Recap 11-8-12




  • ECB kept policy unchanged as expected
  1. The risks surrounding the economic outlook for the euro area remain on the downside
  2. The possibility of a negative deposit rate had not been discussed at today’s meeting.
  3. “our priority is now to repair the monetary policy transmission channels so our policy will be able to work.”

BoE kept policy unchanged as expected

AU employment increased 10.7k vs 0.5k exp. Unemployment was stable at 5.4% vs 5.5% exp

French and Belgian governments said on Thursday that they would inject an additional 5.5 billion Euros into Dexia

Upcoming Data:

  • Fri: China IP, Retail Sales, US UMichigan Consumer Confidence, USDA Ag report
  • Mon: AU Business Confidence, BoJ Governor Shirakawa speaks,
  • Tue: French Payrolls, UK CPI, German Zew
  • Wed: UK Jobless Claims, BoE Inflation Report, US PPI, Retail Sales, FOMC minutes
  • Thu: UK Retail Sales, EU CPI, US CPI, Empire Mfg, Jobless Claims, Philly Fed