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The two huge fundamental events scheduled for today have not disappointed market participants. High volatility all across the board, send Gbp and Euro to test or even break key mayor resistances levels.
Through G20, world leaders summit a plan to increase international aid by $1.1 trillion to cushion the deepest global recession world is suffering since World War II and agreed to tighten oversight of the financial industry. They will channel $750 billion to the International Monetary Fund, $100 billion to the World Bank and provide another $250 billion in trade finance, the draft said. All hedge funds will have to register with national regulators.
ECB surprise market with a cut of just 0.25% points instead of the 0.50% economist were expecting, and it’s President, Jean Claude Trichet, said policy makers are ready to lower their benchmark interest rate further, while the deposit rate has probably reached its floor. “I don’t exclude that we could in a very measured way go down from the present level” of 1.25 percent, he add. The deposit rate is at “an extremely low level at 0.25 percent, and I don’t expect that we’ll move in the period to come.” Important notice, Trichet did not made any comments about unconventional monetary policy, giving Euro further support.
Wall Street is running up and optimism is spreading everywhere. Finally above the 8000 basis points, this could well be the begining of a mayor change. CVJ has just telling me that next important resistance there is around 8130.