Friday, 8 February 2013

ECB and BoE leave rates unchanged

The two major European central banks left their monetary policies unchanged on Thursday.

The European Central Bank left its main interest rate at 0.75 percent. ECB President Mario Draghi told a press conference that the central bank will monitor the economic impact of a strengthening euro.

In the UK, the Bank of England left its main interest rate at 0.5 percent. It also decided to reinvest 6.6 billion pounds of bond holdings that mature in March and keep its gilt purchases at 375 billion pounds.

Economic data from Europe on Thursday had been positive.

In Germany, industrial production rose 0.3 percent in December after having fallen 0.2 percent in November.

In the UK, industrial production rose 1.1 percent in December following a 0.2 percent rise in November.

Economic data from Japan on Thursday were also positive.

Core machinery orders rose 2.8 percent in December after having risen 3.9 percent in November.

Japan's index of coincident economic indicators rose 2.5 points in December, according to a preliminary report. The index of leading economic indicators rose 1.4 points.

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