By David Schutz, THE TAKEAWAY: ECB sees stabilization signs -> SNB keeps rates, Euro ceiling unchanged The European Central Bank in its monthly report today said it sees signs of stabilization in the economy. Officials said that given these signs, the central bank will look to exit its current crisis measures in a timely manner. ECB official Nowotny at a press conference said he does not see any need for further ECB action “immediately,” and that a rate cut by the central bank is not “a point of discussion” right now. However, the ECB also warned of upside risks to inflation as economic growth starts to gradually pick up. The central bank said it expects inflation to remain above the ECB target rate of 2% in 2012. Meanwhile, the Swiss National Bank has left any policy changes on hold for the time being. The central bank today kept its interest rate unchanged at 0.00%, and reiterated its commitment to the much publicized 1.2000 floor for EURCHF. The SNB continued to stress thatuncertainty regarding the Eurpean debt crisis remains high, andadding it is prepared to act at any time should the situationdeteriorate. Central bank officials also noted that signs ofstabilisation have emerged.
DailyFX is the forex news and research arm of FXCM, Inc (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.