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Singer: ECB easing should have a positive effect on the Czech economy

FXStreet (London) - - Speaking in Vienna, Czech Central Bank governor Miroslav Singer defended the decision to maintain the CZK27 cap, despite the cost of maintaining the level.

Singer stated that the reason for leaving the koruna cap in place until 2016 is to fight the deflation threat from the Eurozone. He added that deflation risk is not yet behind the the Czech economy and that the central bank is pushing towards its 2 percent target.

The Czech central bank governor added that he supports ECB monetary easing, saying that it should have a positive effect on the Czech economy. A weaker euro should benefit countries such as Germany and Austria – major trading partners to the Czech Republic.

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According to Jane Foley, Senior Currency Strategist at Rabobank, the ECB and PBoC have upped the stakes in the currency war by promising to take necessary steps to keep the value of the currency low.Key Quotes
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GBP/USD consolidating midrange – FXStreet

Valeria Bednarik, Chief Analyst at FXStreet, sees pound consolidating against USD and anticipates it to hold the 1.5590-1.5740 range until BOE’s statement on inflation this Tuesday .
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