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ECB cuts base rate to 1.50% as Trichet warns further cuts could follow

Following the announcement of the BOE, the European Central Bank followed suit and reduced the base rate by 50 basis points (1.50%). As Inflation in the euro zone shows no sign of being an inmediate threat, Jean-Claude Trichet told reporters that economic growth would be less than in previous forecasts (up to a -3.2% contraction up from a previous -1%) and recovery could begin as early as 2010.

This rate cut leaves the base rate at its lowest point since the creation of the European Central Bank in 1999.

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November
20
Today’s Global
Market Events
8:30 am

CAD
Core Retail Sales m/m
0.5%
CAD
Retail Sales m/m
0.8%
10:00 am

USD
Existing Home Sales
5.57m
6:00 pm

AUD
CB Leading Index m/m
1.8%