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Trichet and Co. leave rates unchanged at +1%

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The ECB left interest rates at a record low as rising market borrowing costs and the sovereign debt crisis threaten to derail the region’s economic recovery.

Policy makers meeting in Frankfurt today kept the benchmark rate at 1 percent. Separately, the Bank of England left its key rate at 0.5 percent.

Trichet is under pressure to do more to shore up investor confidence in the 16-nation euro region as government spending cuts and concerns about the health of the banking sector cloud the outlook for growth. The International Monetary Fund said yesterday the ECB may have to step up its purchases of government bonds, which have already split the bank’s 22-member Governing Council.

Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
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