Interest and exchange rate forecast - August 2012

Interest and exchange rate forecast - August 2012

Great expectations dashed

Economic Analysis

03 August 2012

With the President of the European Central Bank (ECB) having recently stated that it was ready to do whatever it takes to save the euro, markets had great expectations for action ahead of August's meeting of the ECB Governing Council.

But those expectations were dashed when it became apparent that the elusive "big bazooka" to resolve the Eurozone crisis remains just that, elusive. The ECB made clear that it is for central governments, not central banks, to take the lead.

While the Bank of England and US Federal Reserve sat quiet this month, that is expected to change in the months ahead.

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