No bombshells – ECB & BOE leaves rates on hold

Both the ECB and BOE held steady their interest rates at .75% and .5% respectively and the BOE did not enlarge their QE programme. So far not much of a reaction from either currency as this was expected. However the Euro is still trading below last months lows and threatening some key support levels. Mario Draghi is currently speaking and so far has not said anything too controversial to stimulate a rally, merely reiterated his commitment to providing a safety net in the form of the OMT in case things start to get ugly again for government funding.

Elsewhere stocks sold off yesterday aggressively after the US elections was decided, things have stabilised a little for now awaiting the US cash open with most pundits pointing to worries over fiscal cliff and namely the potential for capital gains tax and dividend tax to increase so investments that have performed well over the course of the last year were suffering from “profit-taking.”

Otherwise all is quiet and just the usual concerns rolling around the market which is second nature to most investors by now, same stories different pictures.

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