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Forex Flash: Price action is more about position adjusting than the news stream - BBH

News that S&P was changing its rating outlook for Portugal from negative to stable may have helped spur some euro buying, says the BBH team. "However, the wider-than-expected Australian trade deficit (A$1.057 bln vs. consensus of A$500 mln) did not stand in the way of the Australian dollar's recovery", they comment.
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EMU: ECB keeps policy unchanged, rate at 0.75%

The ECB decided to keep its interest rate at 0.75%, disappointing some analysts that were expecting a rate cut. “At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively”, said the statement.
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