The main point we should consider is that the morning Forex trades resulted in the certain growth of the Euro which was caused by the fact that European officials have taken another decision concerning the European Central Bank interest rates and they convinced the markets that there will be no rate cuts throughout this week.
The European Central Bank reminded the markets that one of the Central Bank’s main tasks is to prevent inflation and it will not accept rates cut with the intention to keep the present level of the economy growth. However the position of the European government is quite different. They stand for decreasing interest rates and weak currency to avoid any pressure on the exporters.
But the officials from Belgium, Luxemburg and France have another opinion and presume the inflation pressure is the main concern for the ECB and there is no need in interest rates cut at the moment.
As for the European Central Bank it is not going to repeat the fate of the Federal Reserve and the Bank of England when they have decreased interest rates.
Finally today’s Forex trading session results were as follows: Euro/USD growth to 1.5494 point, Euro/Japanese Yen growth up to the point of 163.01.