2014/06/05

The Draghi Effect Has Completely Worn Off

By MYLES UDLAND

Markets have consolidated following the ECB's rate decision
The Dow is now up just 4 points, the S&P 500 is unchanged, and the Nasdaq is up just 5 points. 
The Euro is now stronger than it was ahead of the ECB meeting, trading near $1.362.
At his press conference, Mario Draghi announced programs to boost lending, and the Euro is softened against the dollar to near $1.353.
The European Central Bank earlier this morning cut its benchmark interest rate to 0.15%, and the deposit facility was taken into negative territory, to -0.10%.
The ECB also cut the marginal lending rate to 0.40% from 0.75%. 
Germany's Dax index, which broke 10,000 for the first time, is now back near 9,960. 
The U.S. 10-year Treasury's are near 2.6%. 
German 10-year Bunds are at 1.42% and U.K. 10-year Gilts are are 2.70%.
Attention now turns to U.S. nonfarm payrolls, scheduled for 8:30 tomorrow morning. 


Read more: http://www.businessinsider.com/markets-little-changed-after-ecb-cuts-rates-2014-6#ixzz33mU3bGAu

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