Darrell Jobman, Editor-in-Chief, TraderPlanet.com


The Euro was unable to hold above the 1.26 level ahead of the European interest rate decisions on Thursday and weakened back towards 1.2550.

As expected, the ECB cut interest rates by a further 0.50% to a record low 1.50% at the latest council meeting. There was a sharp downgrading of economic prospects in the updated staff projections with the economy expected to contract between 2.2% and 3.2% for 2009 with the bank not expecting significant growth in 2010.

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