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06.05.2011 10:45

EU focus: Euro jumps after Nowotny says ECB 'overinterpreted'

The euro jumped on Friday after ECB policymaker Ewald Nowotny said that markets had overinterpreted the central bank's stance on interest rates the previous day.
The single currency rose after Nowotny said the central bank's stance should not be interpreted as dovish.
Yesterday the euro plunged across the board on Thursday, on track for its worst day against the dollar since November, after comments from the head of the European Central Bank suggested interest rates were unlikely to rise next month.
ECB President Jean-Claude Trichet, in remarks after a policy meeting where the central bank left interest rates unchanged at 1.25%, failed to use the key words "strong vigilance" in his comments on inflation. In the past, the ECB regularly used the phrase to signal a rate hike was only a month away.
"Going into the meeting, the market was split on the issue of whether the next hike would be in June or July, but Trichet quickly made it clear that the ECB will not hike at the June meeting," said Frank Hansen, senior economist at Danske Bank.
Meanwhile, today's focus is on Payrolls report due at 12:30 GMT.
Payrolls rose by 185,000 workers last month compared with a 216,000 advance in March, according to the median forecast of economists. The jobless rate may have held at 8.8%.
The jobless rate dropped a percentage point over the four months ended March to reach 8.8%, the lowest level in two years. Estimates for April range from 8.6% to 9%.

06.05.2011 10:31

EUR/USD under pressure

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