Forex News
ECB’s Trichet has stated that policymakers are facing exceptional challenges but policy tools have been up to the challenge thus far.
The global economy is a demanding and unchartered territory though no systematically important institution has failed within Euro-zone. Unlimited liquidity auctions were necessary step to avoid threats to systemic stability.
He went on to say he sees a decline in H2 GDP to decrease, growth to resume by mid 2010.
Euro USD has pushed up to its high of 1.3980 on the back of these comments.
Trichet has also stated that economic activity is expected to continue declining for the remainder of this year, but significantly less severely than it did in the Q1.
He sees period of stabilization followed by gradual recovery and positve quarterly growth rates by mid 2010.
July 20th, 2009 at 11:20 am
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