NEWS / Foreign Exchange

European Market Update

• *** ECONOMIC DATA ***
• EU Government Debt/GDP Ratio: 68.6% v 69.0%e
• EU Government Budget Deficit/GDP Ratio: -1.5% v ??“1.6%e
• *** SPEAKERS/COMMENTS ***
• ECB Stark: Inflation risks have increased
• ECB Stark: Forex is important but is not the only factor affecting exports
• ECB Constancio: Recent days have not been positive for the world, but it is still not possible to draw any big conclusions
• ECB Constancio: The decline in the Dollar reflects the US economic slowdown
• ECB Qaden: Financial turbulence will have an limited negative impact on growth
• ECB Qaden: Moderate slowdown in growth could have a downside inflationary impact
• GE Banking Association: It is likely that there will be no overall tighter lending terms
• GE Banking Association: Sees little impact on the German economy from the US sub-prime fallout
• SNB Hildebrand: Credit crisis is likely to impact the Swiss economy
• SNB Hildebrand: Swiss economy remains in a good position to absorb some of the risks
• SNB Hildebrand: Sees a bunch of inflation risks
• *** FIXED INCOME/FX ***
• CZK hits a new all time high against the EUR overnight
• JPY: Lack of G7 comment on Dollar weakness this weekend prompted Yen purchasing across the board