Not surprisingly, the European Central Bank raised interest rates by 25 bp to 4.25 per cent. What was more interesting was the fact that Mr Trichet did not indicate that interest rates will be raised at the next meeting in a month's time. This helped to bring about a fall in the EUR/USD rate, which is trading this morning at 157.15. As expected, oil which traded before the announcement at USD 145.15 a barrel, reacted to the ECB rhetoric and the strong dollar by shedding almost two dollars to Read More...

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