FX : EUR/USD: Euro eases to 1.4285 after Trichet's Speech
FXstreet.com (Barcelona) - The Euro has pulled back from intra-day high at 1.4348 to test support at 1.4285 on the back of Trichet call to patience and prudence, on his Press release after the Bank announced its decision to keep its benchmark interest rate at 1.0%.
Trichet has affirmed that we are about to see a very "gradual" and "uneven" recovery, while warning that uncertainty about the economic outlook remains very high.
According to The ECB, growth expectations for the Euro area in 2009 and 2010 have been revised up. The GDP will contract at a 3.8% 'pace, revised from the 4.4% pace, while Gross Domestic Product is expected to grow 0.9% in 2010 instead of the 0.5% contraction previously estimated.
