Tatsiana Ketrar
Jean-Claude Trichet, President of the ECB, said during yesterday’s press conference that the bank’s experts had downgraded the forecast for the eurozone’s economic growth from 1,5—2,3% down to 1,4—1,8% in 2011 and from 0,6—2,8% down to 0,4—2,2% in 2012, thus recognizing that the toughening of the ECB’s monetary policy was a failure. However, the rate of inflation is relatively balanced.
Therefore, Jean-Claude Trichet gave everyone to understand that the ECB was going to take a timeout in the “game” of interest rate hikes.
In April and July 2011 the ECB already increased the key interest rate after a prolonged downgrade (since 2008). In an interview with Bloomberg (Sep 6) Nouriel Roubini said: “The ECB made its biggest mistake in its history hiking rates this year. They’ve created more sovereign debt problems. They’ve created more banking problems…” Some other respected experts share his point of view.
FOREX.
According to the SRP Sub-department under the Department of Masterforex-V trading system , for EURUSD it is possible to consider the formation of the ABC retracement pattern of H1 with a chance of forming wave B H4 or elongating wave 5 H4.
For the 2nd scenario the closest target is 1.3809, with a chance of reaching 1.3751 and 1.3563.
To define the vector of the forthcoming movement we apply the SRP elements and other binary patterns by MF.
Tatsiana Ketrar
