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Markets are quiet ahead of ECB rate decision – analysts expect a 50bp cut.
All eyes are riveted on the ECB announcement today, many expecting a 50bp cut on the back of continued weakness in global demand. German manufacturing sector has continued to weaken to levels which are already inconsistent with the latest growth projections. The S&P reduced Greece's sovereign credit rating and placed Ireland, Spain and now Portugal's credit ratings under review. Furthermore the unconfirmed news that Ireland was seeking IMF aid was staunchly refuted by both parties only fed the already dismal sentiment on the state of the European economy on a whole. The Euro continues to be under pressure as the EURUSD traded as low as 1.3094 yesterday before recovering somewhat – despite lackluster news from the U.S.
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