{"id":288113,"date":"2011-03-03T15:09:12","date_gmt":"2011-03-03T15:09:12","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/03\/euro-rates-could-rise-in-april\/"},"modified":"2011-03-03T15:09:12","modified_gmt":"2011-03-03T15:09:12","slug":"euro-rates-could-rise-in-april","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/03\/euro-rates-could-rise-in-april\/","title":{"rendered":"Euro rates ‘could rise’ in April"},"content":{"rendered":"

\n \t\t
\n 3 March 2011<\/span>
\nLast updated at <\/span>10:09 ET<\/span>
\n<\/span><\/p>\n

The president of the European Central Bank has said that a rise in eurozone interest rates was “possible” at its next policy meeting in April. <\/p>\n

Jean-Claude Trichet said the ECB was “in a posture of strong vigilance” against rising inflation.<\/p>\n

He said the rate-setting committee may have to act in the light of recent “price shocks” due to the sharp rises in commodity prices. <\/p>\n

On Thursday the ECB decided to keep rates at 1% at this month’s meeting. <\/p>\n

Speaking at a press conference, Mr Trichet stressed that no decisions had yet been made. <\/p>\n

“We are never precommitted. The decision will be taken at the next meeting by the governing council,” he said. <\/p>\n

But analysts said it was a clear signal that a rate rise next month was likely.<\/p>\n

Jacques Cailloux, of RBS European Economics, said that the ECB appeared to have “pre-announced a rate hike for its next policy meeting.<\/p>\n

“This is a shock to us relative to our earlier expectation of ECB [rates] remaining on hold till September,” he said.<\/p>\n

Mr Trichet said that the ECB may need to act to prevent “secondary effects” from the current inflation shock sweeping the 17-nation eurozone. <\/p>\n

Second-round effects are wage and price rises, which could be discouraged by raising interest rates.<\/p>\n

Higher energy, food, and raw material costs have helped push up inflation throughout the world, and analysts are speculating that the UK will raise rates sooner rather than later.<\/p>\n

‘Prepared to act’<\/span><\/p>\n

Inflation in the eurozone rose to 2.4% in January, above the ECB’s target of just below 2%.<\/p>\n

Continue reading the main story<\/a><\/p>\n

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The bank has said it expects inflation to stay slightly above 2% for most of 2011, before moderating again in 2012.<\/p>\n

Mr Trichet said that the risk to prices were “on the upside” and that the whole governing council was “prepared to act in a firm and timely manner”.<\/p>\n

He added: “The continued firm anchoring of inflation expectations is of the essence.”<\/p>\n

The strength of Mr Trichet’s warning on inflation surprised the markets. The euro shot up around a cent to around $1.3950 while bond prices across the single currency zone fell.<\/p>\n

Analysts said that the markets were betting on an April rise in interest rates.<\/p>\n

Kornelius Purps, fixed income strategist at Unicredit, added: “We should now try to price in a steady rate hike cycle starting as soon as next month.”<\/p>\n

The ECB decision to keep rates on hold for March is the 22nd-consecutive month they have been kept at record low of 1%.<\/p>\n

The bank also kept two other rates, the marginal lending rate and the deposit rate, unchanged at 1.75% and 0.25%.<\/p>\n<\/p><\/div>\n<\/p>\n

Go here to read the rest:
\nEuro rates ‘could rise’ in April<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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