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Coeure: ECB prepared to cut again

FXstreet.com (Barcelona) - Following ECB’s decision last Thursday to cut the benchmark refinancing rate by 25bps to 0.5%, Executive Board member Benoit Coure said during the weekend that further reductions are possible, if the Eurozone economic outlook deteriorates.

In an interview for the French radio station France Inter, carried out on Saturday, Coeure assured that the ECB is prepared to cut rates further. "We will cut again if new indicators confirm a deterioration in the situation," he stated.

The ECB Executive Board member urged Eurozone national governments to join forces in order to boost growth in the area, continuing at the same time their efforts to reduce deficits. He stressed that stimulating growth doesn’t have to mean more spending. “Creating more debt is not going to solve the problem of growth in Europe,” he said.

Forex: EUR/USD in red around 1.3100

The euro is cling to the key mark at 1.3100 on Monday, despite the 0.1% monthly contraction of the EMU Retail Sales, dropping 2.4% over the last twelve months, exceeding the median at -1.9%...
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Forex: USD/CAD quiet ahead of Canada housing and PMI

Following Friday’s dive, the area at 1.0070/75 is being able to hold the downside and to allow a bouncing movement of the USD/CAD. However, the best it could do was to rise to as high as 1.0091 during the European morning. The economic calendar will have Canada data today, with building permits and Ivey PMI attracting attention.
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