No expectation of interest rate changes as ECB meets

·       Markets concerned about further job losses (employment report will be released on Friday) and rising stock valuations.

·       ISM index of service industries improved less than expected.

·       VIX index back up to 31….volatilty returns!?

·       Gold recovers slightly following a steep drop from a high of $980. Currently trading at $967.

·       Crude oil also stable after a drop from $68.50. Supplies in the US unexpectedly increased which has pushed the price lower: now @ $66.80.

·       $ remains weak vs € : 1.4233. Some speculation that central banks and sovereign wealth funds may start to diversify away from the US dollar on concern over widening deficits.

·       ECB and Bank of England hold policy meetings today. Surveys show no expectation of interest rate changes.

 

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