Daily News | European Central Bank and Germany disagree

It is the middle of the week and the market is simply bustling with activity. There is also a ton of information to sift through, with much of it being white noise. Luckily, we are here to deliver the goods, with the most crucial data on offer. This Wednesday, we focused on the Japanese yen. From Monday to Tuesday, the currency fell from $0.00911 to $0.00909. The Nikkei slowed down its downwards spiral yesterday, as it steadied and trimmed most of its losses, with the impact of the fall of US technology shares easing. It went down ever so slightly by 0.05% to 19.898.75. We will continue to monitor the situation in Asia, but let us now turn to the euro. In the same period, the euro rose from $1.12029 to $1.12042. In spite of this, the German Finance Minister Wolfgang Schaeuble demanded from the European Central Bank that it changes its current monetary policy, as quickly as possible. Germany warned that very low interest rates were the cause of much of the economic problems in much of the world. It should be said that German economy is the largest in Europe, so when it urges the European Central Bank to scale back its monetary stimulus programs you can be sure that many will listen. We will see how this pans out, so be sure to follow us tomorrow!

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Author: Max Rothstein

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