ECB president Trichet speaks; Jobless claims up to 474K

Thursday, 5 May 2011 03:56

European Central Bank news conference about Interest Rates has started.  Trichet is giving a speech saying that 'underlying economic momentum remains positive' and that he sees an 'upwards pressure on inflation'.  Stating also that 'Risks to euro zone inflation remains on upside' and that inflation is to hike over 2% in the coming months, assuring that ECB is 'monitoring developements very closely'. 

Interest Rates announced earlier were left unchanged at 1.25%.

Jobless Rates jumped from 431,000 to this week's 474,000, while predictions estimated around 415,000.  The 43,000 difference was mostly filled by 'first-time claims for unemployment'.

Following the press release EUR/USD begun to drop and continues to drop as it is currently trading at 1.4693